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.
Increasing diabetic population is one of the major concerning factors globally. With the growing awareness and information regarding preventive measures for diabetes, consumers are opting for diabetic food along with medicines. The proportion of diabetic population is increasing due to busy lifestyle and consumers’ preference for junk food. In addition, number of youth population and children diagnosed with juvenile diabetes is also rising due to the lack of proper healthy diet and physical activity. With the rising health consciousness globally, consumers are showing strong preference for low calorie food products. Furthermore, manufacturers have expanded their product portfolio to include diabetic food products, in order to attract their target consumers.
Some of the major food manufacturers have started using artificial sweeteners such as Aspartame, Acesulfame K, and Neo-tame instead of sugar. The food manufacturers offer a vast array of diabetic food products, which can be categorized into dietary beverages, low fat dairy products, low calorie ice cream and jellies. In addition, food manufacturers are expanding their product portfolio to include diabetic confectionery and baked products among others.
The global diabetic food market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The scope of the report also offers an insight into diabetic food preferences in these regions, based on revenue (USD million). In addition, current and future trends in the diabetic food market are also covered in the report.
The report provides an insight into region and country wise preferences for diabetic food products. North America dominated the diabetic food market globally in 2013, followed by Europe and Asia Pacific. Rising disposable income and increasing consumer expenditure on diabetic food is having a positive impact on the growing demand for diabetic food globally. Increasing concern for maintaining a healthy lifestyle is boosting the demand for diabetic foods in RoW. U.S. dominates the diabetic food market in North America. Increasing health complexities caused by rise in blood glucose and growing aging population are generating a positive impact on the diabetic food market in U.S. The U.K. and Germany dominated the diabetic food market in Europe. Rising awareness about healthy lifestyle, in turn, is also leading to increase in demand for diabetic food products across Europe. China and Japan leads the market for diabetic food across Asia Pacific.
Increasing consumer awareness and knowledge regarding the benefits associated with diabetic foods is one of the major factors fueling the demand for diabetic food in this region. Latin America and Middle East dominates the market for diabetic food in Rest of the World. Rising disposable income and growing consumer interest toward maintaining healthy food habits are the major factors boosting the demand for diabetic food products in this region.
Improving standards of living is having a positive impact on the demand for diabetic food market in Africa. In addition, the gradual flow of information regarding the life risks associated with diabetes is boosting the diabetic food market in Middle East and Africa.
In the diabetic food industry, distribution channels play a crucial role in market penetration and product availability. Widening distribution channel is one of the major factors behind the growth of diabetic food market. Manufacturers are concentrating on creating strong distribution channels in order to cope with the growing competition and increasing consumer demand for diabetic food products globally. Supermarkets and hypermarkets, specialized health food store play an important role in showcasing new low fat food products to the consumers.
Manufacturers are keen on introducing new low calorie food products with sugar substitutes and less oil, in view of the increasing consumer interest toward healthy eating. Furthermore, food manufacturers are also concentrating on strengthening and widening their distribution channels for ensuring better accessibility of diabetic food products to consumers globally. Some of the major diabetic food manufacturers in North America, Europe, Asia Pacific, and RoW include Unilever Plc, Nestle S.A., PepsiCo Inc., The Coca-Cola Company, Cadbury plc, Kellogg Company, Mars, Inc., Fifty 50 Foods, Inc., and David Chapman\'s Ice Cream Limited.