Global Low Calorie Food Market to Expand at 5.9% CAGR owing to High Incidence of Lifestyle Diseases
Greater healthcare awareness and high incidence of lifestyle diseases is contributing to the growth of the global low calorie food market. People these days make a conscious effort to avoid consuming fattening and calorie-dense food. Conditions such as diabetes and obesity are stimulating the demand for low calorie foods. Another prominent factor driving the global low calorie food market is the growing geriatric population.
The value of the global low calorie food market in 2013 had exceeded US$7,400 million. Growing at a CAGR of 5.9% between 2013 and 2019, this market is anticipated to reach a value of US$10,414.7 million by the end of the forecast period. As per the World Health Organization, the global population of overweight children in 2010 was registered at 42 million. Obesity amongst children is becoming a major cause of concern all over the world today.
Developed Countries: Largest Contributors to the Global Low Calorie Food Market
The problem of obesity is by far the highest in the U.S., where more than 35% of the total population is obese. With an obese population of 28.3% of the total, Australia is the leader in Asia Pacific. The demand for low calorie food in emerging markets such as Brazil, China, and India is on the rise owing to high incidence of diabetes in these regions.
The U.S. is the largest market for low calorie food, followed by Europe and emerging markets of Asia Pacific, which are likely to exhibit rapid growth over the next couple of years. The global low calorie food market derives much of its revenue earnings from the developed world, since the expansion of this market in the Rest of the World and Asia Pacific regions is hampered by the steep prices of low calorie foods. As a result, the performance of the global low calorie food market relies immensely on the demand for low calorie food from developed economies.
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Some of the prominent companies in the global low calorie food market are Cargill Incorporated, Groupe Danone, McNeil Nutritionals LLC, Nestle SA, Bernard Food Industries Inc., Ajinomoto Co Inc., and the Coca-Cola Company.
Stevia: Dominant Product in the Global Low Calorie Food Market
The global low calorie food market is segmented on the basis of product, application, and geography. On the basis of product, this market is categorized into saccharin, aspartame, cyclamate, stevia, and sucralose. Aspartame is the most extensively consumed artificial sweetener in the overall market. However, the market is currently witnessing surging demand for sucralose as well.
Greater inclination towards natural food products is driving the market for stevia. The high demand for stevia can be attributed to it being a 100% natural sweetener. This is creating stiff competition for intense sweeteners such as sucralose, saccharin, and even aspartame. It is, however, anticipated that the market for sucralose will expand rapidly during the forecast period.
Application-wise, the global low calorie food market is segmented into tabletop, healthcare, food, and beverages. Ongoing market trends indicate that the use of low calorie food products will mainly be seen in the beverages market and will increase at a CAGR of 5.9% in the forecasting horizon.
The adverse health impacts of artificial sweeteners and the taste factors associated with low calorie foods, hamper the growth of the global low calorie food market.