Diabetic food manufacturing companies are consistently introducing new product range and entering into various market segments. Some of the products segments are low-calorie sugar, low-fat dairy products, diabetic baked products, jellies and ice creams, dietary beverages & snacks, and confectionery. Launch of new product range is projected to present new growth avenues for the global food diabetic market in coming years.
Among all the diabetic food segments, dietary beverages has emerged as one of the leading application segment. The segment is estimated to hold prominent position in the global diabetic food market in coming years, owing to growing demand for low-calorie and sugar-free beverages specifically in Europe and North America.
On the other hand, ingredients used to prepare diabetic food can result in various problems associated to health such as headaches, tumor, and cancer. As per market analysts, these factors are likely to limit the adoption rate of the diabetic food. Hence, growth curve of the global diabetic food market is likely to flatten.
Global Diabetic Food Market: Overview
As per WHO, the number of people afflicted with diabetes has increased from 108 million in 1980 to 422 million in 2014 and its prevalence among adults has risen from 4.7% in 1980 to 8.5% in 2014. This has resulted in savvy food purveyors coming up with specialized food, called diabetic food, to cater to the needs of the rising diabetic population in the world. Such diabetic food usually is comprised of dietary beverages, dairy products, and confectioneries having less calories and oil. They help to control blood glucose level.
The market for diabetic food is slated to grow on account of the growing awareness about a healthy lifestyle and also because of the rising instances of obesity worldwide. In addition, nutritious diabetic food helps increase metabolism and this is expected to up their sales further along with the increasing spending capacity of people worldwide.
A report by Transparency Market Research forecasts the global diabetic food market to rise at a 5.90% CAGR during the period between 2014 and 2020. At this rate, the market is expected to become worth US$11.1 bn by 2020 from US$7.4 bn in 2013.
Dietary Beverages See Swift Uptake due to Numerous Varieties
In the global market for diabetic food, the major players are seen to be supplanting sugar with artificial sweeteners, namely Acesulfame K, Aspartame, and Neo-tame. Besides, a wide array of diabetic foods are being purveyed in the market by food manufacturers. They can be broadly categorized as dietary beverages, low calorie ice cream, low fat dairy products, and jellies. Among them, dietary beverages are a major contributor on account of different varieties available in the market and massive consumption of beverages worldwide. Dairy products is another key category that will likely see its demand soar substantially on account of its probiotic properties.
Manufacturers wanting to tap into a greater market base are expanding their product portfolio. Diabetic confectionery and baked products could be their next big hit as the segment seems primed for growth at a healthy pace.
In order to progress in the market, the key players have also been leveraging mergers and acquisitions and agreements and collaborations, besides product development. Some such prominent players in the market are Uniliver, Nestle Golden Farm Candies, Cadbury, Kellogg, Mars, and PepsiCo.
North America, Powered by U.S., Leads Market
Geographically, the key segments of the global market for diabetic food are Europe, North America, Asia Pacific, and the Rest of the World. At present North America, powered by the U.S., accounts for a leading share in the market. Factors responsible for pushing significant growth in the U.S. market is the rising complicacies resulting from an increase in blood glucose and an increasing pool of elderly.
North America is trailed by Europe and Asia Pacific in the global market for diabetic food. While the U.K. and Germany, are at the forefront of driving growth in Europe, Japan and China are main engines for driving expansion in Asia Pacific. Overall, in Europe, the ever-increasing thrust on following a healthy lifestyle has led to the growth in the market. In Asia Pacific, it is both the growing consciousness about a healthy lifestyle and the increasing disposable income that have positively impacted the trajectory of the market. The Middle East and Latin America are key regions in the Rest of the World in terms of share in the diabetic market.