SEATTLE, Dec. 15, 2021 - According to Coherent Market Insights, The global diabetic foods market is estimated to account for 16.5 Bn in terms of value, witnessing a CAGR of 5.8% by the end of 2027.
A diabetic diet is a special diet designed to help people with diabetes and elevated blood sugar. A diabetic diet focuses on food that will minimize the symptoms of diabetes and the potential complications of a long-term elevation in blood sugar. Moreover, it is also very low in fats, carbohydrates, and salt. Increasing number of people with diabetes is driving the growth of this industry. A rise in awareness of diabetes and lack of physical activities among children and adolescents is also contributing to the market growth. Moreover, consumers are increasingly aware of the benefits of taking steps to prevent the onset of the disease. Thus, companies are developing a variety of diabetic food products with a wide range of flavors, textures, and prices to meet the needs of a diverse consumer base.
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Market Drivers:
Rising awareness regarding diabetes and the easy availability of diabetic food products is driving the growth of the diabetic foods market. Moreover, the growing use of artificial sweeteners such as aspartame, acesulfame potassium, and neo-tame as a substitute for sugar is again anticipated to propel the growth of the market. Furthermore, increasing disposable income and rapid urbanization around the globe have further boosted the growth of the diabetic foods market in recent years.
The growing prevalence of diabetes is fostering the growth of the diabetic foods market. According to the American Diabetes Association, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. The percentage of Americans age 65 and older remains high, at 26.8%, or 14.3 million seniors (diagnosed and undiagnosed).
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Market Opportunities:
Diabetic food manufacturers are introducing various products such as low-fat dairy products, jellies, and ice creams, low-calorie sugar, diabetic baked products, dietary beverages & snacks, and confectionery is expected to bring new opportunities. Also, the increasing prevalence of juvenile diabetes among children and youth due to lack of physical activity is again fostering the growth of the market. Additionally, the hectic lifestyle and growing geriatric population are increasing the prevalence of diabetes. This will further provide enormous opportunities to the market for diabetic foods.
Increasing investment in the R &D by key players in order to cater to growing demand around the globe is expected to provide profitable opportunities for the market. For instance, in June 2020, Medtronic has increase research and development (R&D) funding in its diabetes group through an agreement to receive $337 million of funding from funds managed by Blackstone Life Sciences. The investment is aimed at advancing new, innovative products specially designed to reduce the burden of diabetes management.
Market Trends:
Increasing consumption of sugar-free and low-calorie beverages particularly in North America and Europe is a growing trend. People are shifting their preferences to adopt a healthy lifestyle which is creating demand for sugar-free and low-calorie food products. Key players are introducing low-calorie bakery products for consumers. This is again facilitating the growth of the market. In September 2020, Kirin and FANCL launched functional drinks. The new products include a non-alcoholic ready to drink a beverage with a Food with Function (FFC) claim for reducing the absorption of sugar and fat.
Increasing spending on food products by consumers is one of the emerging trends in the market. According to the United States Department of Agriculture, in 2019, food spending by U.S. consumers, businesses, and government entities totaled $1.77 trillion. Increasing food manufacturing industry across developing economies such as China, India, and Brazil is also anticipated to accelerate the growth of the diabetic foods market. The growing aging population across these emerging economies is further creating demand for such functional food which again augmenting the growth of the diabetic foods market.
Competitive Landscape:
Key players are operating in the global Diabetic foods market are Nestle S.A., Unilever Plc, PepsiCo Inc., Cadbury Plc, The Coca-Cola Company, Kellogg, Company, Fifty 50 Foods, Inc., Mars Inc., Newtrition Plus Health and Wellness Pvt. Ltd, and Herboveda India.
Market segmentation:
Global Diabetic Foods market, By Application:
Dietary beverages
Ice cream and jellies
Dairy products
Confectionery
Baked products
Others
Global Diabetic Foods Market, By Region:
North America
By Country:
U.S.
Canada
Europe
By Country:
U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe
Asia Pacific
By Country:
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific
Latin America
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East & Africa
By Country:
GCC Countries
Israel
South Africa
Rest of Middle East & Africa
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