Diabetic Foods Market:
Executive Summary
The global diabetic foods market is expected to grow from $10.9 billion in 2019 and to $11.1 billion in 2020 at a growth rate of 1.78%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $13.92 billion in 2023 at CAGR of 7.81%.
The diabetic foods market consists of sales of diabetic foods and related services that are used in supermarkets and hypermarkets, stores or pharmacies, grocery stores, and online stores. Diabetic Food products are dietary products which include reduced carbohydrate content and sugar content that help regulate blood glucose increase. Diabetic Food also contains low calorie sweeteners, diet beverages, etc.
North America was the largest region in the diabetic foods market in 2019. Asia Pacific was the fastest growing region in the diabetic foods market in the forecast period.
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Labeling food is a key factor hindering the growth of the diabetic foods market. There has been a concern for some time that labeling food as ‘ diabetic ‘ could confuse people with diabetes into believing that food is important or at least especially necessary. Improvement in food policy ensures that companies would not be able to label food as ‘ diabetic ‘ or ‘ made for diabetics ‘. Diabetes UK reacted furiously and has been fighting for the removal of the labels for over 30 years, which wrongly suggests a health advantage for people with diabetes and are seen as important to conventional alternatives. Therefore, labeling food is expected to restrict the growth of the diabetic food market.
Product Innovation is the key trend in the diabetic foods market. The introduction of various items such as low-calorie sweet beverages, sugar-free jellies, diabetic bakery items, low-fat ice cream, and other dairy goods are attracting more customers towards diabetic foods. For instance, companies like Coke, Pepsi, Thumps Up and Sprite introduced new beverages such as protein shakes, good-for-good beverages and functional waters that are gradually making their presence felt in retail stores and contributing to faster growth in the overall beverage category. With an annual growth rate of 7%, the carbonated soft drinks (CSD) industry in India was pegged at Rs 25,000 in 2018. Coke’s biggest segment in the US, Diet Coke, and Coke Zero Sugar contributed to an 8% rise in retail sales growth last year for the brand of non-calorie sparkling soft drinks, it reported a 5% organic global growth overall for the year.
In July 2019, Ferrero SPA, an Italian based company, manufacturer of branded chocolate and confectionery products acquired Kellogg Company for an undisclosed amount. Through this acquisition, Ferrero SPA further strengthened its position in North American market by adding iconic brands. Kellogg Company, an American based company, leading producer of cereal and a leader in snacks production.
Increasing cases of juvenile diabetes among children and youth is a key factor driving the growth of the diabetic foods market. Incidences of diabetes are growing all over the world, and therefore diabetes among children is quite common, most children have type 1(juvenile) diabetes during childhood. About 90% of young people with diabetes suffer from Type 1. For People with type 1 diabetes, the Mediterranean diet plan is recommended because it is full of nutrient-dense foods, including plenty of fresh vegetables, some oranges, plant fats such as olive oil and nuts, fish such as sardines, and occasional meat and milk. In 2018, 34.2 million Americans have developed diabetes or 10.5% of the population. Almost 1.6 million Americans suffer from type 1 diabetes, including about 187,000 children and teenagers. Therefore, the Increasing cases of juvenile diabetes among children and youth is expected to drive the growth of the diabetic foods market.
Major players in the diabetic foods market are David Chapman’s Ice Cream Ltd., Fifty 50 Food Inc, Nestlé SA , Unilever Plc., Mars Incorporated, The Coca-Cola Company, PepsiCo Inc., Kellogg Co., Cadbury Plc., and Zen Health Japan Co. Ltd.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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