The global market for diabetic food features a largely fragmented and an intensely competitive vendor landscape, booming with a large number of regional and international players, says Transparency Market Research (TMR) in a recent report. The massively rising target consumer of diabetic food across the globe has added fuel to research and development activities in the market, led to the entry of a number of new players with niche operations, and has compelled a large number of renowned F&B companies to enter this sector.
Some of the leading companies operating in the global diabetic food market are The Coca-Cola Company, David Chapman’s Ice Cream Limited, Cadbury plc, Nestle S.A., Unilever Plc, PepsiCo Inc., Mars Inc., Fifty 50 Foods Inc., and Kellogg Company.
Transparency Market Research projects that the global diabetic food market will expand at a promising CAGR of 5.90% over the period between 2014 and 2020, rising from a valuation of US$7.4 bn in 2013 to an opportunity of US$11.1 bn by 2020.
Dairy Products to Witness Promising Rise in Demand in Diabetic Food Market
Of the key areas of applications of diabetic food, the segment of dietary beverages is presently the most lucrative owing to the vast variety of diabetic beverages, in terms of flavors and compositions, available in the market and the high consumption of beverages across the globe. Over the report’s forecast period, the segment of dairy products is expected to witness growth at a promising pace owing to the probiotic benefits of dairy products.
In terms of geography, North America and Europe are the leading consumers of diabetic food products owing chiefly to the rising population of diabetics, high disposable incomes of the population, and the presence of a large variety of diabetic food products in these regions. While Asia Pacific is a lucrative market for diabetic food looking at the massive and rapidly rising population of diabetics, issues such as the high cost of these products, availability of fewer product options compared to developed regions, and lack of awareness among the population continue to dampen the growth prospects of the regional market to an extent.
Rising Awareness among the Massive Patient Pool to Drive Demand
The alarming rise in the prevalence of diabetes across the globe has emerged as one of the key factors driving the global market for diabetic food. According to the World Health Organization, the prevalence of diabetes has witnessed a worrying rise from 4.7% in 1980 to 8.5% in 2014 among adults over the age of 18 years. The total number of people suffering from the condition has jumped from 108 mn to 422 mn over the same period globally. The rate at which diabetes is spreading has outlined the pressing need for taking active measures aimed at preventing or delaying the onset of type 2 diabetes and avoiding the consequences of other types.
Attempts are being made by government and private healthcare bodies to raise awareness about the prevention and proper management of the disease. The resultant rise in consumer awareness about proper management of diabetes has led to a substantial rise in the consumption of functional foods such as diabetes foods and nutraceuticals worldwide. To cater to the rising diabetic population, the healthcare industry is also ramping up with its collection of food products especially made for diabetics, which are low in calories and use sugar substitutes. These factors, in combination with the rising consumer base, are collectively boosting the overall diabetic food market.
This review of the global diabetic food market is based on a recent market research report by Transparency Market Research, titled “Diabetic Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020.”
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