Global Diabetic Food Market Trend – Facilitating Effortless Nutrition Management While Preserving
It is an irrefutable fact that the cognizance of food and beverage is no more restricted to its sensorial characteristics but has been increasingly valued for the functionalities that it offers. Among the myriad of innovations which the food and beverage industry has the market for global diabetic food has gained significant momentum during the recent years. This due to the fact that food and beverage are being increasingly recognized as the means to prevent any imminent health complications (in this context it is diabetes). Additionally, the rising investment in R&D and subsequent innovations is fundamental to the growth of the global diabetic food market. For instance, earlier in January 2019, it was reported that Alchemy Foodtech as a start-up based out of Singapore which has reportedly generated US$1.8 million (S$2.5 million) in funds through its pre-series A round during the preceding year have reportedly opened a laboratory which dedicated its proprietary glycemic index lowering technology.
This technology has resulted in its flagship invention of 5ibrePlus which is reportedly an ideal functional ingredient for carbohydrate-rich food and is characteristically natural, gluten-free, and vegan. Moreover, the organization has also announced LOIs with over 20 international and local companies that reportedly include Tan Seng Kee (Kang Kang Noodles), Lim Kee Pau, Hans Café and Cake House, and Gardenia Bread. In February 2019, Australia-based Keytone Dairy Corporation Limited (ASX: KTD) had reportedly introduced KeyDairy Diabetic Formula which is a powdered dairy supplement to enable consumers with diabetes to integrate essential nutrition in its diet. Later in May 2020, it was announced that a Reykjavik based brand Good Good that is known to produce no sugar added products which are inclusive of but not limited to diabetic-friendly spreads, snacks, and stevia drops has reportedly concluded a Series A round of investment which is in the order of $ 3 million. This investment would reportedly reinforce the brand’s footprint in the US market as well as facilitate the growth of new product development and nationwide distribution.
It is pertinent to note that the brand was formed with the rationale to minimize sugar intake for individuals (who were close relatives of the founders) with type 2 diabetes. In January this year, Splenda® by Heartland Food Products Group, LLC had reportedly announced the launch of Splenda® Diabetes Care Shakes. It is reportedly the first and only range of shakes with no added sugar and is specifically designed to aid in healthy management of blood sugar levels and assist the individuals to manage prediabetes and diabetes. Another aspect that is poised to augment the growth of theglobal diabetic food market is the estimated growth of the artificial sweetener market. The growth of the artificial sweetener market is estimated in the order of a CAGR of 3.59% during the forecast period by Knowledge Sourcing Intelligence. Further, as of 2019, the overall market size was valued at US$7.542 billion. By 2025 it has been forecasted to attain the size of US$9.318 billion.
Undoubtedly the factor which is at the core and is poised to drive the global diabetic food market during the next few years is its global prevalence.
In this regard, it is contextually pertinent to provide a global overview of the recent estimates of diabetes from a select few regions. For instance, among the US population overall, crude estimates for the prevalence of diabetes (Diagnosed and Undiagnosed) in 2018 encompassed 34.2 million people of all ages or 10.5% of the US population with diabetes. 34.1 million adults aged 18 years or older or 13.0% of all US adults. As far as undiagnosed diabetes is concerned, 7.3 million adults aged 18 years or older who met laboratory criteria for diabetes were not aware of or did not report having diabetes. The proportion of adults with diabetes increased with age which was in the order of 26.8% among those aged 65 years or older.
Moreover, among US adults the crude estimates pertaining to the incidence of newly diagnosed diabetes for 2018 comprised 1.5 million new cases of diabetes. Besides, incidence rates of diabetes that have been diagnosed were higher among adults aged 45 to 64 years and among those aged 65 years and older in comparison with the adults aged 18 to 44 years [ Source: U.S. Department of Health & Human Services]. With respect to South and Central America the estimates of 19 countries and territories. In 2019 people with diabetes, (in 1,000s) were estimated to be 31,638.8 which is projected to reach 40,214.6 by 2030. Moreover, people with undiagnosed diabetes (in 1,000s) were estimated to be 13,270.6. Additionally, deaths (in 1000s) attributable to diabetes during 2019 were in the order of 33,945.7, and the proportion of diabetes-related deaths in people under 60 years were 43.5 %. Number of Type 1 diabetes (in 1,000s) which stems from inadequate functioning of the pancreas which renders it incapable of producing insulin among children between 0 to 14 years was 68.4 during 2019 with new cases (in 1,000s) of the same disease among the same group registering at 9.9. The total health expenditure related to diabetes was in 2019 was in the order of USD 69,717.5 million and is projected to reach USD 69,717.5 million by 2030.
Further, as of 2019, about 116 million adults in China were estimated to be living with diabetes. Among these 116 million over 65 million are reportedly undiagnosed. Moreover, with respect to the South-East Asia (SEA) Region (Comprising of a total of seven countries and territories) as of 2019, people with diabetes (in 1,000s) were in the order of 87,611.3 and has been forecasted to reach 115,062.6. The number of new cases of type 1 diabetes among children between 0 to 14 years (in 1,000s) was 17.1 and teg proportion of people with undiagnosed diabetes was 56.7%. Further, the total diabetes-related health expenditure was reportedly in the order of $ 8,060.3 million which has been forecasted to reach $ 10,077.6 million by 2030. [Source: Diabetes Atlas 9th Edition 2019, International Diabetes Federations]
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