DIABETIC FOODS MARKET ANALYSIS
Diabetic Foods Market, By Application (Dietary beverages, Ice cream and jellies, Dairy products, Confectionery, Baked products, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Diabetic food products are dietary food products that are low in sugar and carbohydrate contents that help to control the rising sugar level in the blood. Diabetic food also includes low-calorie sweeteners, diet beverages with low-calorie sweeteners such as lactitol, aspartame, and sorbitol.
The global diabetic food market is projected to surpass US$ 16.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.8 % during the forecast period (2020 to 2027).
Drivers
Rising cases of diabetes around the globe is a prime factor augmenting the market growth of diabetic food products. According to The International Diabetes Federation, in 2019, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million worldwide. Moreover, 1 in 5 of the people who are above 65 years old have diabetes. Thus, growing prevalence of diabetes is projected to foster the market growth of diabetic food.
Growth in the aging population around the globe as they are highly prone to diabetes is expected to accelerate the market growth of diabetic food products. According to the World Health Organization, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2050, 80% of older people will be living in low- and middle-income countries.
Regionally, North America dominated the global diabetic food market in 2019, reporting 37% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.
Figure 1. Global Diabetic Food Market, Revenue Share (%), By Region, 2019
Market Restraints
The high cost of diabetic food due to use of low-calorie sweeteners and other healthy ingredients increase the overall cost of the food product. Thus, the high cost of this food is expected to hinder the market growth of diabetic food.
Lack of awareness regarding the health benefits of diabetic food among consumers is hampering the demand for the food. Hence, the lack of awareness regarding the food product across rural areas is expected to restrict the market growth of diabetic food in the near future.
Market Opportunities
Expanding retail industry especially in Asia Pacific region is expected to serve major growth opportunities to the market of diabetic food. According to the India Brand Equity Foundation, the retail industry reached US$ 950 billion in 2018 at CAGR of 13% and expected to reach US$ 1.1 trillion by 2020. Online retail sales are forecasted to grow at the rate of 31% year-on-year to reach US$ 32.70 billion in 2018. Revenue generated from online retail is projected to grow to US$ 60 billion by 2020.
The increasing focus of manufacturers on establishing new R&D centers for expanding their presence in the market is expected to offer potential opportunities to the market of diabetic food. Moreover, changing lifestyle coupled with the rising demand for functional food among health-conscious consumers is also expected to foster the market growth of the diabetic food over the forecast timeframe.
Figure 2. Global Diabetic Food Market – Opportunity Analysis
Market Trend
Consumption of baked products with sugar substitutes around the globe is a growing trend in the market. This trend is expected to foster the market growth of diabetic food. For instance, in October 2018, Ultimate Baker launched a range of Kosher-certified naturally colored xylitol baking accessories for the diabetic market. Xylitol is an FDA approved sugar substitute that has a very low glycemic index and does not spike blood sugar or insulin. Ultimate Baker xylitol is produced from 100% plant fiber and is designed specifically for use by diabetics.
Increasing expenditure on healthy food products by consumers due to the rising health wellness trend in the market is expected to augment the market growth of diabetic food. Improving lifestyle coupled with the growing disposable income of the populations is expected to fuel the market growth of diabetic food. Furthermore, growth in the population coupled with the rising prevalence of juvenile diabetes among children is further anticipated to accelerate the market growth of diabetic food.
Figure 3. Global Diabetic Food Market, Revenue Share (%), By Application, in 2019
On the basis of application, dietary beverages dominated the global diabetic food market in 2019 with around 29% of market share in terms of revenue, followed by dairy products and ice cream and jellies, respectively.
Global Diabetic Food Market - Impact of Coronavirus (Covid-19) Pandemic
There have been unprecedented variations in the global sales of food products owing to the changes in purchase patterns among consumers. Rising trends of bulk buying and stockpiling of perishable foods has led to certain foods being in very limited supply, which in turn has led to price fluctuations in global diabetic food market. This scenario is expected to hinder the growth rate the market till the early months of 2021.
Competitive Section
Key players are operating in the global Diabetic food market are Nestle S.A., Unilever Plc, PepsiCo Inc., Cadbury Plc, The Coca-Cola Company, Kellogg, Company, Fifty 50 Foods, Inc., Mars Inc., Newtrition Plus Health and Wellness Pvt. Ltd, and Herboveda India
Few Recent Developments
Nestle S.A.
1. In January 2020, Nestlé and Merit Functional Foods enter joint development agreement to scale pea and canola protein supply.
2. In December 2019, Caelus Health, a developer of food supplements and pharmaceutical products for the prevention and management of cardio-metabolic diseases, has entered into a strategic collaboration with Nestlé Health Science (NHSc). The aim is to further develop and ultimately commercialize food supplements based on specific microbiota for the purpose of early intervention and nutritional management of diabetes and liver disorders.
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