Diabetic Food Market is Estimated to Witness High Growth Owing to Rising Demand for Foods That Help Control Blood Sugar Levels
The diabetic food market comprises various products such as bakery products, dairy products, confectionery, beverages, snacks, and spreads that are specially formulated for consumers with diabetes. Diabetic foods aim to control blood sugar levels and help manage diabetes. They contain dietary fibers, healthy fats, and low-glycemic carbohydrates that help control the rise in blood glucose levels over an extended period. With rising health consciousness and growing diabetes prevalence worldwide, the demand for healthier food options that do not compromise on taste has increased considerably.
The global diabetic food market is estimated to be valued at US$ 15.11 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising demand for foods that help control blood sugar levels presents a major market opportunity. The growing diabetes patient pool is increasingly focused on managing their condition through dietary changes and healthier food options. The market currently lacks sufficient product offerings that can effectively fulfill this demand while also appealing to consumer palates. Formulating diabetic foods with natural ingredients, novel taste profiles, and on-the-go packaging could capture this largely untapped market opportunity. Offering varied product lines across food categories like snacks, spreads, beverages etc. will help address the need for convenient and tasty food alternatives. Manufacturers focusing their research and development on such product innovations can gain an edge in the lucrative diabetic food market.
Porter's Analysis
Threat of new entrants: Low due to complex, regulated nature of business. High investment is required for R&D, manufacturing and distribution network.
Bargaining power of buyers: High as diabetic food market has many established players with variety of product options for consumers to choose from.
Bargaining power of suppliers: Moderate as key raw materials like proteins, grains are commoditized but suppliers still have reasonable influence over pricing.
Threat of new substitutes: Moderate as newer low-carb, low glycemic foods continue to emerge but substitutability remains limited for managing diabetes.
Competitive rivalry: Intense due to large number of regional and global brands competing on the basis of product variety, pricing and innovation.
SWOT Analysis
Strengths: Wide availability of product range tailored for diabetes management. Established brands enjoy high customer loyalty and trust.
Weaknesses: High research and production costs. Storage and supply chain challenges for perishable products.
Opportunities: Growing diabetic population globally. Rising health awareness augmenting demand for specialized foods.
Threats: Stricter regulatory norms governing product labelling and formulations. Threat from bio-similars and cheaper private label brands.
Key Takeaways
The Global Diabetic Food Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global diabetic food market is estimated to be valued at US$ 15.11 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Regional analysis indicates that North America currently dominates the market due to high diabetes prevalence and regulatory support for innovative products. Europe follows in terms of market share on back of rising health consciousness. Asia Pacific is recognized as the fastest growing regional market owing to growing diabetics population, increasing healthcare expenditure and westernization of diets in major countries like India and China.
Key players in the diabetic food market include established brands like Waifair LLC, Westminster Teak Inc.,Polyteak, Bajanusa Furniture, Frontgate, Gloster Furniture GMBH, Nusantara Teak, Teak Heirlooms, Raft Furniture, Wihardja, Artisera, Teak & Mahogany, Dania Furniture, Danish Teak Classics, Casateak Teak wood furniture, Teak Vogue Sdn Bhd, CV.Jepara Crafter Furniture, Wisanka Indonesia, Kalingga Jati Furniture, Republic Furniture Group. Key players are focusing on new product launches, expanding online sales networks and strategic partnerships to gain market share in this lucrative space.
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