Global
Diabetic Food Market: Overview
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.
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.
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.
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.
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.
North
America is trailed by Europe and Asia Pacific in the global market
for diabetic food. While the U.K. and Germany, are at the forefront
of driving growth in Europe, Japan and China are main engines for
driving expansion in Asia Pacific. Overall, in Europe, the
ever-increasing thrust on following a healthy lifestyle has led to
the growth in the market. In Asia Pacific, it is both the growing
consciousness about a healthy lifestyle and the increasing disposable
income that have positively impacted the trajectory of the market.
The Middle East and Latin America are key regions in the Rest of the
World in terms of share in the diabetic market.
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