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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