The rise in the geriatric population around the globe is expected to augment the demand for low-calorie food. According to the World Health Organization, during 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Moreover, in 2050, 80% of older people will be living in low- and middle-income countries. Thus, the growing geriatric population around the globe will favor the market growth of low-calorie food.
Developing regions such as China and India have a high number of diabetes patients, which is creating a huge demand for low-calorie food. For example, low-calorie food products such as Glucerna SR, Sugar-Free, and Splenda tablets are high in demand among diabetic patients. Also, Asian countries are experiencing rapid urbanization and increasing disposable income of the consumer which is further expected to act as a major growth opportunity to the market of the low-calorie food over the forecast period.
Increasing awareness regarding the side-effect associated with the consumption of artificial sweeteners is expected to restrict market growth. Few studies have reveals that artificial sweeteners are one of the major causes of cancer. Such claims create a negative impact on the mindset of consumers. However, according to the National Cancer Institute, there is no scientific evidence relating cancer to any of the sweeteners approved for use in the U.S.
On the basis of product type, sucralose dominated the global low-calorie food market in 2019 with around 38% of market share in terms of revenue, followed by aspartame and saccharin, respectively.
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Growing demand for stevia due to shifting preferences of the consumer towards naturally sourced food products is expected to bolster the market growth of the low-calorie food. Rising demand for tabletops products such as mayonnaise, salad dressings, and margarine tops is also expected to foster the market growth of the low-calorie food over the forecast period. Growing awareness regarding the health benefits of consuming low-calorie food products across consumers of the developing region is further expected to augment the market growth.
Acquisition and mergers among manufacturers is a major trend in the market and this is expected to augment the market growth over the forecast period. For instance, in September 2019, US-based ice cream manufacturer Wells Enterprises has acquired low-calorie ice cream brand Halo Top from Eden Creamery for an undisclosed figure. Halo Top produces a wide range of low-calorie ice creams and was one of the first major brands to build a strong presence in the low-calorie ice cream space.
Global Low-Calorie Food Market - Impact of Coronavirus (Covid-19) Pandemic
Key players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. The demand for low-calorie food is expected to observe a surge in demand owing to rising consumption of healthy food by consumers in order to reduce the risk of diseases. Consumers are now focusing on ingestions of immunity boosting food products. This scenario is expected to continue to fuel the demand of low-calorie food products across the globe in response to the Covid-19 pandemic.
Key players are operating in the global low-calorie food market are PepsiCo, Inc., Nestle SA, The Coca-Cola Company, Groupe Danone, Abbott Laboratories, Bernard Food Industries, Inc, Zydus Wellness Ltd., Dr. Pepper Snapple Group Inc., McNeil Nutritionals LLC, Cargill, Incorporated, and Ajinomoto Co., Inc
Few Recent Developments
In October 2019, PepsiCo has expanded its better-for-you snack portfolio with the launch of Smart50, a ready-to-eat popcorn that promises consumers a popcorn full of flavor for 50 calories or less. The line-up product includes two flavors: Sea Salt and White Cheddar, offering 40 calories per cup and 50 calories per cup, respectively.
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