February 28, 2024

Growing Diabetic Population Expected To Drive The Growth Of Diabetic Food Market

Market Overview:

Diabetic food products are specially formulated and designed food items suitable for consumption by people with diabetes. These foods have controlled sugar, salt, and fat content to help manage blood sugar levels. Some common diabetic food items include low-sugar breakfast cereals, whole wheat bread, low-fat dairy products, baked snacks made from nuts and seeds, etc. Consuming a balanced diet made of diabetic foods help manage appetite and reduce the risk of complications associated with diabetes.

Market key trends:

One of the key trends in the diabetic food market is the launch of new product innovations. Major players are developing food items with natural sugar substitutes like erythritol, stevia, monk fruit etc. to provide sugar-free options. They are also introducing foods fortified with supplements like vitamins, minerals, fibers etc. to offer additional health benefits. Growing awareness about diabetes management through diet is also fueling the demand. The market is witnessing increased spending on diabetes-friendly ready-to-eat meals and beverages to address the need for convenient options. Rising health-consciousness and focus on preventive healthcare further drives the market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate since it requires a significant capital investment for building a manufacturing base and distribution channels for diabetic food products. However, there are low switching costs for customers.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and as buyers have a wide range of options from various manufacturers in the market.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material suppliers have marginal switching costs and can supply to competitors as well.

Threat of new substitutes: The threat of new substitutes is moderate as there are alternative food options available including dietary and balanced food choices for diabetic patients.

Competitive rivalry: High as the key players compete on the basis of varied product portfolios, pricing, and branding.

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 awareness regarding diabetes management and benefits of consuming diabetic foods.

The North America region dominates the diabetic food market holding the largest market share due to growing health concerns and increasing prevalence of diabetes. Meanwhile, Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to rising obese population, growing health expenditures and increasing number of diabetic patients in the region.

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 players are focusing on new product innovations and launches to cater to the evolving needs of diabetics.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it