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.
Transparency Market Research states that the competitive landscape in the global diabetic food market is highly fragmented due to presence of several players. The low entry barrier and ever-growing consumer base has created a mammoth demand for diabetic food items. Growing number of regional players that are investing making a variety of diabetic food items that are suit the needs of diabetics belong to varied cultures and tastes. In the coming years, vendors operating in the global diabetic food market are expected to focus on better marketing and branding strategies to reach out to a mass audience in various parts of the world. Some of the leading players operating in the global diabetic food market are Cadbury Plc., PepsiCo Inc., Mars Inc., The Coca-Cola Company, Nestle S.A., and Kellogg Company.
According to the research report, the global diabetic food market is expected to be worth US$11.1 bn by 2020, as the market surges at a CAGR of 5.90% between the forecast period of 2014 and 2020. Out of the many products available in the global market, the dietary beverages segment is expected lead the pack as their consumption remains the highest. Geographically, the global market will be led by North America due to higher awareness and availability of these products in the regional market.
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Unfortunate Rise in Number of Diabetics Drives Diabetic Food Market
The growing number diabetics across the world is the very reason for the rapid expansion of diabetic food market in recent years. Furthermore, the unfortunate rise in the number of juvenile diabetics and growing incidences of Type 2 diabetes have augmented the demand for artificial sweeteners such as aspartame, acesulfame K, and neo-tame. The growing acceptance of these artificial sweeteners have directly supplemented the demand for diabetic food items in recent years. Continuous efforts by market players to expand their product portfolio through product innovation has had a positive impact on the overall market.
The demand for diabetic food items is also expected to rise as amongst the health-conscious people. Food items made with artificial sweeteners are low in calories and fats and thus help in maintaining weight. Furthermore, they help in managing blood sugar levels. In light of all of these reasons, several health enthusiasts are opting for diabetic desserts, bakery items, and beverages. Increasing availability of diabetic food items at retail stores, hypermarkets or supermarkets, and e-retail shops have also stoked the growth of the global diabetic food market.
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High Cost of Diabetic Food Items Limits Market Growth
On the downside, the global diabetic food market is expected to face numerous challenges. The present challenge for the global market is the high price of these food items as compared to the regular items. This is the very reason why diabetic food items haven’t gained enough popularity in price-sensitive regions of the world. Furthermore, the awareness about the health hazards of consuming artificial sweeteners are also discouraging consumers from buying diabetic food items. Lack of availability of diabetic food items in developing parts of the world has also limited the scope for growth for the overall market in recent years.
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