by The rising prevalence of diabetes has significantly increased the demand for diabetes nutrition products which helps in managing blood sugar levels. Diabetes nutrition products such as dietary supplements containing chromium, magnesium, Vitamin C & E aids in controlling blood glucose levels. These supplements also assist in weight management and reducing stress levels thus improving overall health. The growing diabetes patient pool seeks convenient and nutritious food options to manage their condition. Diabetes nutrition products provide viable substitutes to regular sugar-laden food varieties.
The global diabetes nutrition market is estimated to be valued at US$ 48.2 billion in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the diabetes nutrition market size is the growing demand for plant-based and vegan nutrition products. With rising health consciousness, more number of people are preferring plant-based and vegan diet options for diabetes management. Plant-based nutrition is considered beneficial due to various antioxidants, fibers and other nutrients present in plants which helps control blood sugar levels. Several companies have launched plant-based nutrition supplements as well as food items like cereal, snacks etc. catering to growing vegan diabetes population. This trend is expected to drive significant growth in the diabetes nutrition market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low regulations and requirements for nutritional supplements make it easier for new players to enter the market. However, the established brands have strong brand loyalty and distribution networks which pose barriers.
Bargaining power of buyers: Buyers have high bargaining power given the availability of substitutes and no lock-in costs. They can easily switch between suppliers based on price and product offerings.
Bargaining power of suppliers: Ingredient suppliers have moderate bargaining power as key players source ingredients from multiple suppliers. Established suppliers catering to dietary needs have some bargaining power too.
Threat of new substitutes: OTC medicines, generic alternatives pose substitution threat. Alternative diets, lifestyle changes can replace nutritional supplements to an extent.
Competitive rivalry: Intense as top players compete on innovation, brand, quality and distribution. Regional and private label players add competition.
Key Takeaways
The global diabetes nutrition market is expected to witness high growth over the forecast period.
Regional analysis: North America dominates the diabetes nutrition market led by the US and Canada. Growing incidence of diabetes and high consumer spending on nutritional supplements drive regional growth. Europe holds significant market share. However, Asia Pacific is anticipated to witness highest CAGR during the forecast period backed by rising health consciousness and improving economic conditions.
Key players: Key players operating in the diabetes nutrition market are Nestle, Abbott Nutrition, DarioHealth Corp., Medtronic, Univera Healthcare, Prodiet Care, Novo Nordisk. Companies focus on expanding their regional presence and strengthening product portfolios through mergers, new product launches and digital innovations to cater to the special dietary needs of diabetic patients.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
