In
recent times, diabetes has emerged as one of the most challenging
health conditions across the world. According to the WHO, a total of
415 million cases of diabetes were reported globally in 2015. The
count is rising at an alarming rate and is expected to reach 642
million in the next 25 years. Till now no medication has been found
that can completely cure diabetes. It can only be controlled to an
extent with specified diet, which includes sugar-free and low-calorie
food.
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The
high prevalence of diabetes has increased concerns among people
across the world, leading to a massive shift in consumer preference
towards diabetic food. According to a study by Transparency Market
Research (TMR), the global market for diabetic food, which stood at
US$7.4 bn in 2013, is likely to witness a robust rise at a CAGR of
5.90% from 2014 to 2020 and reach US$11.1 bn by the end of 2020.
In
this blog post, analysts at TMR answer important questions about the
worldwide market for diabetic food:
What
are the defining trends in the global market for diabetic food?
There
are quite a few trends that have been instrumental in shaping the
global market for diabetic food. Primary among them is the change in
food preferences, owing to the increased awareness regarding health
and fitness. As a precautionary measure, consumers are increasingly
replacing their regular diet with low-sugar and low-calorie diabetic
food, significantly driving the market. The enhancement in the living
standards of consumers, thanks to their rising disposable income, is
also fueling the demand for low-calorie diabetic food across the
world.
On
the flip side, the market is likely to be flustered with a strong
hike in prices of diabetic food products in the coming years. The
lack of well-developed distribution channels is anticipated to hamper
the availability of diabetic
food products, resulting in increased product prices.
What
are the key trends seen in the competitive landscape of the global
diabetic food market?
The
global market for diabetic food demonstrates a fragmented landscape
due to the presence of a large pool of participants, which also
signifies the intense competition within the market. Producers are
aggressively focusing on building distribution networks with food
product vendors in a bid to expand their reach.
Looking
forward, partnerships with leading pharmaceutical companies is likely
to emerge as a key trend among diabetic food producers in order to
enhance their brand value.
How are the regional markets for diabetic food performing?
North
America has emerged as the leading market for diabetic food across
the world and is expected to remain dominant in the near future. The
rising prevalence of diabetes, propelled by the increasing base of
the geriatric and obese population, especially in the U.S., is the
key driving force behind the swelling demand for diabetic food in
this region.
Led
by the strong demand in the U.K. and Germany, Europe has acquired the
second position in the worldwide market for diabetic food. The
growing consumer awareness about diabetes and related precautionary
measures are expected to support the region to retain its position in
the forthcoming years.
China,
India, and Japan are driving the market for diabetic food in Asia
Pacific. The unmet medical needs of consumers in these countries are
providing untapped opportunities for key vendors of diabetic food.
The increasing western influence thanks to globalization and the
escalating disposable income of consumers is likely to keep the
demand for diabetic food high in Asia Pacific over the next few
years.
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