Growing prevalence of diabetes around the globe is escalating the demand for diabetic foods market - Coherent Market Insights (CMI)

Diabetic food products are a healthy food that is classified into dietary food products. These food are low in sugar and carbohydrate contents that help to control the increase in sugar level in the blood. They are intended to consume by diabetes patients as these foods are low sugar and carbohydrate content. Diabetic food products are widely used in dietary beverages, confectionery, snacks, ice creams & jellies, baked products, and dairy products.

The growing prevalence of diabetes around the globe is predominantly fueling the growth of the diabetic foods market. According to The International Diabetes Federation, in 2019, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million worldwide. Moreover, 1 in 5 of the people who are above 65 years old have diabetes. Also, growth in the aging population around the globe as they are highly susceptible to diabetes is further projected to accelerate the growth of Diabetic Foods Market. According to the World Health Organization, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2050, 80% of older people will be living in low- and middle-income countries.

On the flip side, the high cost of diabetic food due to the use of low-calorie sweeteners and other healthy ingredients increases the overall cost of the food product. This factor restricts the adoption of diabetic food, thereby hindering the growth of diabetic foods market.

The Asia Pacific is expected to gain significant growth in the forecast period over the forecast period and this is attributed to the expanding retail industry in the region. According to the India Brand Equity Foundation, the retail industry reached US$ 950 billion in 2018 at a CAGR of 13 percent and is expected to reach US$ 1.1 trillion by 2020. Online retail sales are forecasted to grow at a rate of 31 percent year-on-year to reach US$ 32.70 billion in 2018. Revenue generated from online retail is expected to grow to US$ 60 billion by 2020.

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Key Development:
In October 2018, Ultimate Baker launched a range of Kosher-certified naturally colored xylitol baking accessories for the diabetic market. Xylitol is an FDA approved sugar substitute that has a very low glycemic index and does not spike blood sugar or insulin.
In January 2020, Nestlé and Merit Functional Foods enter a joint development agreement to scale pea and canola protein supply.
In December 2019, Caelus Health, a developer of food supplements and pharmaceutical products has entered into a strategic collaboration with Nestlé Health Science (NHSc). The aim is to further develop and ultimately commercialize food supplements based on specific microbiota for the purpose of early intervention and nutritional management of diabetes and liver disorders.

Competitive Section
Key players are operating in the global Diabetic foods 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.

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