Market Overview
A rising number of diabetic neuropathy cases, lifestyle changes, demand to reduce the risk of chronic diseases. As per the world bank, About 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.6 million deaths are directly attributed to diabetes each year. Moreover, an estimated 1.5 million deaths were directly caused by diabetes in 2019.
The Diabetic Food Market is expected to grow at a CAGR of around 5% from 2021-2027.
As per the International Diabetes Federation, 87% of diabetes-related deaths occur in low- and middle-income countries. But only 35% of diabetes-related health expenditure is spent there. So, with the rising awareness about the treatment and prevention methods regarding the various effect of disease, the demand for diabetic foods is on the rise. However, High costs associated with diabetic foods and lack of awareness among the population are some of the factors that are likely to restrain revenue growth of the diabetic foods market over the forecast period 2021-2027.
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The Diabetic Food report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Diabetic Food market. Diabetic Food report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Diabetic Food at the global and regional levels.
COVID-19 Impact
The COVID-19 pandemic has added an enormous toll to the existing challenge of diabetes care worldwide. Patients with diabetes are known to have an increased risk of infections, in particular skin infections, Genito-urinary tract infections, and (bacterial) respiratory tract infections. Many Covid-19 patients initially show type 1 diabetes-like symptoms – extremely high sugar levels, ketoacidosis (a complication where blood turns acidic because of excess ketones produced), and need insulin injections. In China, a nationwide study reported a higher prevalence of diabetes among patients with severe COVID-19 as compared to patients with non-severe disease (16.2% vs 5.7%). In the USA, among 5,279 patients diagnosed with COVID-19 in a prospective cohort study in New York City, the prevalence of diabetes was higher in patients admitted to the hospital than patients not admitted (34.7 vs 9.7%)
The Diabetic Food Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
• Dietary Beverages
• Bakery Products
• Dairy Products
• Confectionery Products
• Ice Creams and Jellies
• Others
The Dietary Beverages segment gathered a major market share of Diabetic Food in 2020 and grabbed market share. The market of this segment is expected to witness robust growth due to the growing demand and popularity among millenniums.
By Distribution Channel, the market is primarily bifurcated into
• Supermarkets and Hypermarket
• Pharmacies
• Grocery Stores
• Online Stores
• Others
The supermarket and hypermarket segment grabbed the major market in 2020. The key factors attributed to the growing share of this segment are the preference for hypermarkets by consumers due to the availability of several brands under one roof. However, the online segment would witness exhibit growth owing to expanding e-commerce across underdeveloped and developing countries.
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Diabetic Food Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, the North America region grabbed a major market share in 2020. The demand for Diabetic Food in North America is on the rise due to the rise in disposable income. As per OCED, the household disposable income in Canada increased from 2.1% in 2019 to 7.3% in 2020.
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