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. 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.
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.
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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.
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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.