The global Diabetic Food Market is estimated to be valued at US$12.4 billion in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Diabetic Food Market comprises a range of food products specifically designed for individuals with diabetes. These products are low in sugar, carbohydrates, and calories, making them suitable for managing blood glucose levels. The market offers various diabetic-friendly options, including sugar-free desserts, snacks, and beverages, which provide an important alternative to conventional products. The growing prevalence of diabetes and the increasing adoption of preventive healthcare measures are driving the demand for diabetic food products.
Market Key Trends:
One key trend in the Diabetic Food Market is the rising demand for natural and organic diabetic food products. Consumers are increasingly becoming conscious of their health and are seeking healthier options that are free from artificial sweeteners, preservatives, and additives. Natural and organic products offer a range of benefits, including improved nutritional value, better taste, and reduced risk of allergic reactions. As a result, food manufacturers are focusing on developing innovative diabetic food products that are made from natural ingredients and cater to the specific dietary requirements of individuals with diabetes.
Threat of new entrants: The threat of new entrants in the diabetic food market is expected to be low. This is due to the high barriers to entry, including the need for extensive research and development, strict regulations and certifications, and brand loyalty of customers towards established players.
Bargaining power of buyers: The bargaining power of buyers in the diabetic food market is moderate. While buyers have the option to choose from a variety of products and brands, their choices may be limited due to the specialized nature of diabetic food. Additionally, buyers may have limited power to negotiate prices due to the necessity and health benefits associated with diabetic food.
Bargaining power of suppliers: The bargaining power of suppliers in the diabetic food market is expected to be moderate. While there are multiple suppliers of ingredients and raw materials, there may be limited alternative sources for certain specialized ingredients. However, as the market grows, suppliers may face increased competition, reducing their bargaining power.
Threat of new substitutes: The threat of new substitutes in the diabetic food market is low. Diabetic food is specifically designed for individuals with diabetes, and substitutes may not provide the same dietary requirements or health benefits. Additionally, the availability of substitutes may be limited, further reducing the threat.
Competitive rivalry: The competitive rivalry in the diabetic food market is expected to be high. There are numerous players, including Nestle S.A., Unilever Plc, and PepsiCo Inc., competing for market share. This competition is driven by the increasing demand for diabetic food and the need for constant innovation and product development to cater to the evolving tastes and preferences of consumers.
Global Diabetic Food Market Size is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing prevalence of diabetes worldwide and the growing awareness regarding the importance of a healthy diet in managing the condition. As consumers become more health-conscious, the demand for diabetic food products is expected to surge.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the diabetic food market. This can be attributed to the high prevalence of diabetes in the region, along with the increasing focus on preventive healthcare and diet management. Moreover, advancements in food technology and the availability of a wide range of diabetic food products are driving market growth in North America.
Key players operating in the diabetic food market include 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 key players are focusing on product innovation and expanding their product portfolios to cater to the diverse needs and preferences of diabetic consumers. Market players are also investing in marketing and promotional activities to create awareness about their brand and products.