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Market Research states that the competitive landscape in the global diabetic
food market is highly fragmented due to presence of several
players. The low entry barrier and ever-growing consumer base has created a
mammoth demand for diabetic food items. Growing number of regional players that
are investing making a variety of diabetic food items that are suit the needs
of diabetics belong to varied cultures and tastes. In the coming years, vendors
operating in the global diabetic food market are expected to focus on better
marketing and branding strategies to reach out to a mass audience in various
parts of the world. Some of the leading players operating in the global
diabetic food market are Cadbury Plc., PepsiCo Inc., Mars Inc., The Coca-Cola
Company, Nestle S.A., and Kellogg Company.
According
to the research report, the global diabetic food market is expected to be worth
US$11.1 bn by 2020, as the market surges at a CAGR of 5.90% between the
forecast period of 2014 and 2020. Out of the many products available in the
global market, the dietary beverages segment is expected lead the pack as their
consumption remains the highest. Geographically, the global market will be led
by North America due to higher awareness and availability of these products in
the regional market.
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Unfortunate Rise in Number of
Diabetics Drives Diabetic Food Market
The growing
number diabetics across the world is the very reason for the rapid expansion of
diabetic food market in recent years. Furthermore, the unfortunate rise in the
number of juvenile diabetics and growing incidences of Type 2 diabetes have
augmented the demand for artificial sweeteners such as aspartame, acesulfame K,
and neo-tame. The growing acceptance of these artificial sweeteners have directly
supplemented the demand for diabetic food items in recent years. Continuous
efforts by market players to expand their product portfolio through product
innovation has had a positive impact on the overall market.
The demand
for diabetic food items is also expected to rise as amongst the
health-conscious people. Food items made with artificial sweeteners are low in
calories and fats and thus help in maintaining weight. Furthermore, they help
in managing blood sugar levels. In light of all of these reasons, several
health enthusiasts are opting for diabetic desserts, bakery items, and
beverages. Increasing availability of diabetic food items at retail stores,
hypermarkets or supermarkets, and e-retail shops have also stoked the growth of
the global diabetic food market.
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High Cost of Diabetic Food Items
Limits Market Growth
On the
downside, the global diabetic food market is expected to face numerous
challenges. The present challenge for the global market is the high price of
these food items as compared to the regular items. This is the very reason why
diabetic food items haven’t gained enough popularity in price-sensitive regions
of the world. Furthermore, the awareness about the health hazards of consuming
artificial sweeteners are also discouraging consumers from buying diabetic food
items. Lack of availability of diabetic food items in developing parts of the
world has also limited the scope for growth for the overall market in recent
years.
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