The
global market for diabetic food features a largely fragmented and an
intensely competitive vendor landscape, booming with a large number
of regional and international players, says Transparency Market
Research (TMR) in a recent report. The massively rising target
consumer of diabetic food across the globe has added fuel to research
and development activities in the market, led to the entry of a
number of new players with niche operations, and has compelled a
large number of renowned F&B companies to enter this sector.
Some
of the leading companies operating in the global
diabetic food market are The Coca-Cola Company, David
Chapman’s Ice Cream Limited, Cadbury plc, Nestle S.A., Unilever
Plc, PepsiCo Inc., Mars Inc., Fifty 50 Foods Inc., and Kellogg
Company.
Transparency
Market Research projects that the global diabetic food market will
expand at a promising CAGR of 5.90% over the period between 2014 and
2020, rising from a valuation of US$7.4 bn in 2013 to an opportunity
of US$11.1 bn by 2020.
Dairy
Products to Witness Promising Rise in Demand in Diabetic Food Market
Of
the key areas of applications of diabetic food, the segment of
dietary beverages is presently the most lucrative owing to the vast
variety of diabetic beverages, in terms of flavors and compositions,
available in the market and the high consumption of beverages across
the globe. Over the report’s forecast period, the segment of dairy
products is expected to witness growth at a promising pace owing to
the probiotic benefits of dairy products.
In
terms of geography, North America and Europe are the leading
consumers of diabetic food products owing chiefly to the rising
population of diabetics, high disposable incomes of the population,
and the presence of a large variety of diabetic food products in
these regions. While Asia Pacific is a lucrative market for diabetic
food looking at the massive and rapidly rising population of
diabetics, issues such as the high cost of these products,
availability of fewer product options compared to developed regions,
and lack of awareness among the population continue to dampen the
growth prospects of the regional market to an extent.
Rising
Awareness among the Massive Patient Pool to Drive Demand
The
alarming rise in the prevalence of diabetes across the globe has
emerged as one of the key factors driving the global market for
diabetic food. According to the World Health Organization, the
prevalence of diabetes has witnessed a worrying rise from 4.7% in
1980 to 8.5% in 2014 among adults over the age of 18 years. The total
number of people suffering from the condition has jumped from 108 mn
to 422 mn over the same period globally. The rate at which diabetes
is spreading has outlined the pressing need for taking active
measures aimed at preventing or delaying the onset of type 2 diabetes
and avoiding the consequences of other types.
Attempts
are being made by government and private healthcare bodies to raise
awareness about the prevention and proper management of the disease.
The resultant rise in consumer awareness about proper management of
diabetes has led to a substantial rise in the consumption of
functional foods such as diabetes foods and nutraceuticals worldwide.
To cater to the rising diabetic population, the healthcare industry
is also ramping up with its collection of food products especially
made for diabetics, which are low in calories and use sugar
substitutes. These factors, in combination with the rising consumer
base, are collectively boosting the overall diabetic food market.
