The Diabetic Food Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Diabetes
The global Diabetic Food Market is estimated to be valued at US$ 13.11 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diabetic food products include substitutes for sugar, bread, pasta and others. These food products are specially formulated to manage blood glucose levels for consumers with diabetes. They provide balanced nutrition and are easier for diabetics to digest. The products include cookies, biscuits, snacks, desserts and beverages made from ingredients such as all-purpose flour, oats, cornflour, ragi and wheat bran.
Market Dynamics:
The global diabetic food market is primarily driven by rising prevalence of diabetes across the globe. According to IDF Diabetes Atlas, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Furthermore, growing health awareness and focus on preventive healthcare among consumers are also expected to fuel the market growth during the forecast period. However, high cost of branded diabetic food products compared to normal food items may hamper the market growth to some extent over 2023-2030.
SWOT Analysis
Strength: The diabetic food market offers a wide range of product options for consumers suffering from diabetes. These include low-sugar cereals, snack bars, noodles, bread etc. The growing health awareness among people has increased the demand for such specialized food products. Manufacturers focus on using natural ingredients and customized formulations to control blood sugar levels.
Weakness: The production cost of diabetic food is higher compared to regular food due to the extensive research and quality checks required. Also, certain substitute products in the market claim similar benefits but may not be as effective. These alternatives pose pricing pressure on established brands.
Opportunity: With rising diabetes prevalence globally, the target consumer base for these products is expanding rapidly. Manufacturers can explore new product categories and focus on convenience foods. Additionally, opportunities exist in untapped emerging markets through customized affordable offerings.
Threats: Stringent regulatory norms and certification processes for new product launches may delay time to market. Also, the lack of uniform dietary guidelines across regions poses compliance challenges for multinational companies. Changing consumer preferences and emergence of alternative therapies can reduce long-term demand for such specialized food categories.
Key Takeaways
The Global Diabetic Food Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing health consciousness among consumers and growing diabetes prevalence worldwide. According to estimates, around 7.7% of the global adult population suffered from diabetes in 2019.
Regional analysis- North America dominates the global diabetic food market currently. This can be attributed to early adoption of healthy diets and sizable health-savvy consumer base in the region. However, Asia Pacific is projected to exhibit the fastest growth through 2030 on account of improving living standards and rising obesity in high population countries like India and China.
Key players operating in the 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. These established companies focus on new product launches, partnerships, and geographical expansions to strengthen their market position.
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