Published on : May 11, 2016
The rising consumer awareness on diabetes and the increasing aging population are amongst the major factors boosting the growth of the diabetic food market. In addition, the increasing rate of obesity and other health-related ailments have also augmented the growth of the market. The market for diabetic food was valued at US$7.4 bn in 2013 and is predicted to reach US$11.1 bn by 2020, by rising at a 5.90% CAGR between 2014 and 2020.
The major trends in the market have been elaborated as under. These trends are poised to further strengthen the development of the market for diabetic food.
- Increasing health complexities and Enhance living standards: The increasing diabetic population and the development in the occurrence of complications related to diabetes are amongst the major factors boosting the demand for diabetic food globally. The enhancement in the standard of living is also having a positive impact on the demand for low-calorie diabetic food owing to the fact that people are able to afford these comparatively expensive food products.
- Change in eating habits: In addition to the shift in eating habits of consumers, there is also a lot of change seen in the food preferences of consumers as consumers are opting for healthier option in general.
- North America dominates with U.S on Top: North America held the largest share in the market in 2013 and is predicted to maintain its superiority in the coming years. In North America, the U.S. leads the market for diabetic food. This is owing to the increasing health complexities related to diabetes and the rising aging population in the U.S.
- Asia Pacific to exhibit the swiftest growth, Germany and UK lead in Europe: The region of Asia Pacific is predicted to exhibit the swiftest growth rate in the market for diabetic food in forthcoming years. In this region, the nations such as that of Japan and China lead the market. On the other hand, the UK and Germany led the market for diabetic food in Europe. This is due to the rising awareness on healthy eating in the European region.
Kellogg Co., Cadbury plc. Nestle S.A., PepsiCo Inc., Mars Inc., Fifty 50 Foods Inc., David Chapman's Ice Cream Ltd., The Coca-Cola Co, and Unilever Plc., among others are the prominent players dominant in the global diabetic food market.