Diabetic Food Market Trend – Supporting Uninterrupted Alimentation
The acknowledgment of prophylactic functions of food and beverage, the rising incidence of diabetes at a young age, and the increasing R&D and NPD investments, among others, are the core drivers that are driving the anticipated growth of the market. Knowledge Sourcing Intelligence estimates that Global Diabetic Food Market is projected to grow at a CAGR of 8.89%, with the market expected to reach US$ 11.898 billion by 2025 from the US $7.137 billion in 2019. Diabetes is a chronic disease that is known for its distinct levels of glucose which is well beyond the normal levels that are ideally found in the blood. It is important to note that when the pancreas stops producing the hormone called insulin it gives rise to Type 1 diabetes. Whereas when the cells of the body aren’t capable of properly responding to the insulin produced it results in Type 2 diabetes.
Diabetics are reportedly at a greater risk of being susceptible to cardiovascular diseases such as heart attack and stroke if the disease is left undiagnosed or poorly controlled. The risk of sight loss is also greater as far as diabetics are concerned. To this extent, it is pertinent to note that in 2017 an estimated 32.7 million adults in the European Union (the EU) were reportedly diabetics. The aforesaid is an increase from the estimates for 2000 which was in the order of 18.2 million adults. Moreover, around 12.28 million people in the EU were estimated to be suffering from diabetes that is undiagnosed. This is one such snapshot of the extent of this malady which has led to the development of food products which are appropriate to be integrated into the diets that best suited for diabetics as well as suitable for those who are inclined to minimize the consumption of ingredients which have the potential to result in diabetes.
A few forecasts and estimates of a select few markets listed below which caters to diabetics suggests the potential for the diabetic food market in immediate future.
For instance, with respect to ingredients, the growing cognizance and the consequent applications of artificial sweeteners like sucralose, saccharin, neotame, aspartame, and acesulfame potassium, among others are anticipated to augment the diabetic food market growth. According to estimates by Knowledge Sourcing Intelligence the artificial sweetener market is expected to grow at a CAGR of 3.59% over the same forecast period from a value of US$7.542 billion estimated for 2019 to reach a total market size of US$9.318 billion in 2025.
Moreover, with respect to devices that are manufactured with an aim to help patients in the management or monitoring of blood sugar levels due to inadequate insulin production or insulin resistance, the global diabetes care market is as per Knowledge Sourcing Intelligence estimated to reach US$95.102 billion by 2023 after growing at aCAGR of 5.53% from a market size of US$68.384 billion in 2017.
Additionally, the insulin delivery devices which concerns with injection pens which is an inseverable component of diabetics daily routine and are devices used to inject medications and offer easier administration of medication and are more accurate, and in a convenient way than the traditional vial and syringe method is expected to grow at a CAGR of 7.02% as per Knowledge Sourcing Intelligence to reach from an estimated value of US$11.231 billion in 2018 reaching US$16.8744 billion in 2024.
Further, the global self-monitoring blood glucose (SMBG) devices market is anticipated to attain a market size of US$13.412 billion by 2023 as per the forecasts of as per Knowledge Sourcing Intelligence from US$10.125 billion in 2017. This market concerns with the means by which diabetics, as well as non-diabetics, can monitor their glycemic levels using a glycemic reader (glucose meter), enabling them to utilize the results in discerning the degree to which the diets, among others, can be adjusted affecting the decision of consuming diabetic food products.
Diabetes Estimates (20-79 Y)-the Idf Europe (Eur) Region
Source: IDF DIABETES ATLAS (9th Edition 2019)
People with diabetes, in 1,000s
Certain key strategic company investments and government initiatives facilitating positive market conditions.
In view of certain key strategic initiatives by a few major players as well as certain pertinent government initiative which are being listed below reflect on the potential of the food and beverage industry to facilitate the growth of the diabetic food market.
February 2020 – Product Launch
Nuvojoy a Singapore based company reportedly unveiled a low-GI kueh lapis (Indonesian layered cake) premix for diabetics. This launch complements the existing range of low-GI premixes for kueh bahulu (sponge cake) and soy pudding.
September 2020 – Product Launch Plan
Bayon Cereal Co., Ltd had announced its plans of bringing about three products with low to the mid glycemic index (GI) which are reportedly helpful for diabetics due to the functionality’s extend by such products that assist in enhancing the diabetics’ blood glucose levels. This launch was announced to fructified only after certification from Australia’s Glycemic Index Foundation (GIF) is received.
November 2019 – Product Launch
Dr. Reddy’s Laboratories had reportedly announced its entry into the nutrition segment with the launch of diabetic-friendly drink ‘Clevedia’ in India which according to the company is clinically proven to aid blood-glucose levels management among diabetics who are residing in India. The product is reportedly available in two flavors namely chocolate and Kesar Elaichi.
May 2018 – Product Launch
Sun Basket which is a meal kit company based out of San Francisco had reportedly expanded its meal portfolio to vegan, pescatarian, and Mediterranean plans, that was developed in collaboration with the American Diabetes Association (ADA), integrating its approach of individualized nutrition with the launch of a meal plan that is diabetes-friendly.
On the other hand, The War on Diabetes which is a government initiative that was reportedly mobilized by Singapore’s Ministry of Health (MOH) in 2016 in response to the high significant health and societal burden posed by diabetes is also another example of how governments can facilitate the growth of diabetic food market. Moreover, initiatives such as the Healthier Ingredient Development Scheme (HIDS) in 2017, aids in supporting the local industry in marketing the use of any new ingredients in the foodservice sector. This also incentivizes local food manufacturers to innovate and develop novel healthier food ingredients which are to local tastes.
