The
global diabetic food market has a very highly fragmented market
landscape and also boasts of an intense competitive outlook,
flourishing with a big number of regional as well as international
companies. The hugely increasing target customer for diabetic foods
across the world has only added more fuel to the ongoing activities
of research and development in the global market. This has also
resulted into the emergence of a number of new entrants in the global
market for diabetic foods with a niche operational structure, and has
thus enforces a big number of established companies in the foods and
beverages sector to enter in the market.
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Some
of the key companies in the global market for diabetic food include
names such as PepsiCo Inc., The Coca-Cola Company, Mars Inc., Kellogg
Company, David Chapman’s Ice Cream Limited, Nestle S.A., Cadbury
Plc., Fifty 50 Foods Inc., and Unilever Plc. among others.
The
global market for diabetic food is estimated to reach an overall
valuation of US$11.1 bn over the course of the given forecast period
of 2014 to 2020. This growth of the global diabetic foods market is
expected to be achieved with the help of a steady CAGR of 5.90%
during the given forecast period.
From
a geographical standpoint, the global market for diabetic foods is
being currently being dominated by Europe and North America. This
growth of these regions can be chiefly attributed to the wide range
of diabetic food products backed by increasing spending power of the
urban population in these regions. On the other hand, Asia Pacific
market is expected to witness a high growth rate in terms of sale of
diabetic food product over the coming years of forecast owing to
increasing population with diabetes, lesser costs of products, and
easy availability of these products.
Increasing
Cases of Diabetes to Drive Market Growth
The
alarming increase in the occurrence of diabetes across the world has
come up as one of the major factors responsible for the growth of the
global market for diabetic
foods. According to a report by the World Health
Organization, the occurrence of diabetes has experienced an alarming
rise to 8.5% in 2014 from 4.7% in 1980 amongst adults over 18 years
of age. The overall number of people suffering from diabetes has
spiked up to 422 mn from 108 mn across the globe in the same period.
The rate at which the disease is spreading has highlighted the
requirement for taking up active measure in delaying or preventing
the onset of the Type 2 of Diabetes and also avoiding the other
consequences.
There
are numerous attempts being made by both private healthcare
organization as well as the government to create more awareness about
the prevention and detailed management of diabetes. As a result,
there has been a significant rise in the overall awareness about the
management of diabetes with the help of consumption of diabetic foods
and nutraceuticals. In order to meet up with the increasing diabetic
population, the global healthcare industry is also stepping up with
its storage of food products specifically made to tackle diabetes.
All these factors are expected to drive the overall growth of the
global diabetic foods market.
High
Cost of Diabetic Foods to Hamper Market Growth
The
global market for diabetic foods is expected to be negatively
impacted by the high cost of such products. This high cost is due to
heavy investment in developing quality products and research and
development activities.
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