Major players in the diabetic foods market are David Chapman's Ice Cream Ltd., Fifty 50 Food Inc, Nestle SA, Unilever Plc., Mars Incorporated, The Coca-Cola Company, PepsiCo Inc., Kellogg Co., Cadbury Plc., and Zen Health Japan Co. Ltd.
The Global
Diabetic Foods Market is expected to grow from USD 10.9 billion in 2019
and to USD 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 USD 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.
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.
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