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Diabetic Foods Market Analysis, Size & Forecast 2024-2033
Diabetic Foods Market Analysis
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According to The Business Research Company's, The diabetic foods market size has grown rapidly in recent years. It will grow from $11.59 billion in 2023 to $13.19 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increasing diabetes prevalence, rising health consciousness, government initiatives and regulations, changing consumer preferences, marketing and awareness campaigns.
The diabetic foods market size is expected to see rapid growth in the next few years. It will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to personalized nutrition trends, e-commerce growth, clean label and natural ingredients. Major trends in the forecast period include technological innovations, e-commerce and online retailing, technological advancements in ingredients, customized nutrition solutions, rising diabetic population.
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Market Drivers and Trends:
Increasing cases of juvenile diabetes among children and youth is a key factor driving the growth of the diabetic food market going forward. Type 1 diabetes, often referred to as juvenile diabetes, is the most common form of diabetes among young individuals, accounting for around 90% of cases. For those with type 1 diabetes, healthcare professionals often recommend following the Mediterranean diet. This dietary plan is rich in nutrient-dense foods, including fresh vegetables, oranges, plant-based fats like olive oil and nuts, as well as fish such as sardines, with occasional consumption of meat and dairy product. For instance, according to the National Center for Biotechnology Information, a US-based series of databases relevant to biotechnology and biomedicine, in 2021, over 1.2 million children and adolescents have type 1 diabetes. Therefore, the increasing number of cases of juvenile diabetes among children and youth is expected to drive the growth of the diabetic food market.
Product innovation is the key trend in the diabetic food market. The introduction of various items such as low-calorie sweet beverages, sugar-free jellies, diabetic bakery items, low-fat ice cream, and other dairy goods is attracting more customers towards diabetic foods. For instance, companies like Coke, Pepsi, Thumps Up and Sprite introduced new beverages such as protein shakes, good-for-good beverages, and functional waters that are gradually making their presence felt in retail stores and contributing to faster growth in the overall beverage category. With an annual growth rate of 7%, the carbonated soft drinks (CSD) industry in India is pegged at Rs 25,000. Coke's biggest segment in the US, Diet Coke, and Coke Zero Sugar, contributed to an 8% rise in retail sales growth last year for the brand of non-calorie sparkling soft drinks. It reported a 5% organic global growth overall for the year.
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Major Key Players of the Market:
Nestlé S.A., PepsiCo Inc., Unilever plc, Tyson Foods Inc., Mars Incorporated, Abbott Laboratories, The Coca-Cola Company, Mondelez International Inc., Danone S.A., General Mills Inc., Kellogg Company, Cadbury plc, Saputo Inc., Conagra Brands Inc., The Hershey Company, Hain Celestial Group, Hunan Hill Pharmaceuticals Co. Ltd., Dabur India Ltd., David Chapman's Ice Cream Ltd., Golden Farm Candies Ltd., Atkins Nutritionals Inc., Anhui Elite International Trade Co. Ltd., Newtrition Plus Health & Wellness Pvt. Ltd., Zen Health Japan Co. Ltd., Amber Lyn International Ltd., Wellness Pvt. Ltd., Sushma Gram Udyog, Bio Hill Pharmaceutical Ltd.
Diabetic Foods Market 2024 Key Insights:
• The diabetic foods market size is expected to see rapid growth in the next few years. It will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Rising Cases Of Juvenile Diabetes Propel The Diabetic Food Market
• Product Innovation Driving The Diabetic Food Market
• Asia-Pacific was the largest region in the diabetic foods market in 2023
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