Demand for Diabetic Food to be fueled by Growing Concerns over Alarming Increase in Prevalence of Diabetes
In recent times, diabetes has emerged as one of the most challenging health conditions across the world. According to the WHO, a total of 415 million cases of diabetes were reported globally in 2015. The count is rising at an alarming rate and is expected to reach 642 million in the next 25 years. Till now no medication has been found that can completely cure diabetes. It can only be controlled to an extent with specified diet, which includes sugar-free and low-calorie food.
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The high prevalence of diabetes has increased concerns among people across the world, leading to a massive shift in consumer preference towards diabetic food. According to a study by Transparency Market Research (TMR), the global market for diabetic food, which stood at US$7.4 bn in 2013, is likely to witness a robust rise at a CAGR of 5.90% from 2014 to 2020 and reach US$11.1 bn by the end of 2020.
In this blog post, analysts at TMR answer important questions about the worldwide market for diabetic food:
What are the defining trends in the global market for diabetic food?
There are quite a few trends that have been instrumental in shaping the global market for diabetic food. Primary among them is the change in food preferences, owing to the increased awareness regarding health and fitness. As a precautionary measure, consumers are increasingly replacing their regular diet with low-sugar and low-calorie diabetic food, significantly driving the market. The enhancement in the living standards of consumers, thanks to their rising disposable income, is also fueling the demand for low-calorie diabetic food across the world.
On the flip side, the market is likely to be flustered with a strong hike in prices of diabetic food products in the coming years. The lack of well-developed distribution channels is anticipated to hamper the availability of diabetic food products, resulting in increased product prices.
What are the key trends seen in the competitive landscape of the global diabetic food market?
The global market for diabetic food demonstrates a fragmented landscape due to the presence of a large pool of participants, which also signifies the intense competition within the market. Producers are aggressively focusing on building distribution networks with food product vendors in a bid to expand their reach.
Looking forward, partnerships with leading pharmaceutical companies is likely to emerge as a key trend among diabetic food producers in order to enhance their brand value.
How are the regional markets for diabetic food performing?
North America has emerged as the leading market for diabetic food across the world and is expected to remain dominant in the near future. The rising prevalence of diabetes, propelled by the increasing base of the geriatric and obese population, especially in the U.S., is the key driving force behind the swelling demand for diabetic food in this region.
Led by the strong demand in the U.K. and Germany, Europe has acquired the second position in the worldwide market for diabetic food. The growing consumer awareness about diabetes and related precautionary measures are expected to support the region to retain its position in the forthcoming years.
China, India, and Japan are driving the market for diabetic food in Asia Pacific. The unmet medical needs of consumers in these countries are providing untapped opportunities for key vendors of diabetic food. The increasing western influence thanks to globalization and the escalating disposable income of consumers is likely to keep the demand for diabetic food high in Asia Pacific over the next few years.