by Diabetes is a lifelong health condition that affects how our body handles blood sugar (glucose). Diabetes requires careful management through diet, exercise, medication or insulin therapy to keep blood sugar at a healthy level. Diabetic foods are specially formulated to be lower in sugar, calories, carbohydrates, fats and sodium to help manage blood sugar levels. These include low glycemic index breads, cereals, snacks etc. that release energy slowly avoiding spikes and crashes in blood sugar. With rising prevalence of diabetes globally, the demand for such foods specially tailored for diabetes management has increased substantially.
The global Diabetic Food Market is estimated to be valued at US$ 13.11 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends witnessed in the diabetic food market is the rising demand for plant-based and natural foods. People with diabetes are increasingly opting for plant-based whole foods like fruits, vegetables, beans, nuts and seeds that are inherently lower in calories, sugar and carbohydrates. This is mainly attributed to awareness about the health benefits of plant-based nutrition for diabetes management and prevention of complications. Products like plant-based yogurt, snacks made from nuts and seeds are gaining major traction. Another noteworthy trend is the increasing accessibility of diabetic foods through various distribution channels including large retailers, pharmacies, convenience stores and online platforms. E-commerce has especially enabled wider reach and convenience for purchasing such specialty foods.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the diabetic food market is moderate. The market requires manufacturing licenses and approval for new products which require high initial costs. However, the market is growing rapidly creating opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers in the diabetic food market is high. Buyers have a wide range of products to choose from and switching to substitutes does not require high costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are multiple raw material suppliers but suppliers of key ingredients like sugar alternatives have some control over pricing.
Threat of new substitutes: The threat of new substitutes is moderate. While alternative treatment options exist, food remains an integral part of lifestyle and no substitute can completely replace food. However, substitutes like insulin are increasing.
Competitive rivalry: The competitive rivalry is high led by major players investing in new product developments and innovation.
Key Takeaways
The Global Diabetic Food Market Demand is expected to witness high growth over the forecast period supported by increasing prevalence of diabetes globally. The global Diabetic Food Market is estimated to be valued at US$ 13.11 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently led by the US supported by risinghealth awareness and demand for healthy convenience food options. Asia Pacific is expected to be the fastest growing market led by China and India attributed to huge patient pool and improving access to healthcare.
Key players operating in the diabetic food market are Waifair LLC,Westmin Foods, Efkao UK Ltd., Larabar, Kellogg Company, Divvies Foods. These players focus on new product developments and expansions to consolidate their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
