Baked products to lead india food for diabetics market through 2023
INVC NEWS New York,
Increasing population of diabetes patients, rising awareness about availability of food products compatible with diabetes and growing health consciousness to drive India food for diabetics market through 2023
According to TechSci Research report, “India Food For Diabetics Market By Product Type, By Distribution Channel, Competition Forecast & Opportunities, 2013 – 2023”, India food for diabetics market is projected to grow at a CAGR of over 12% during 2018-2023.Demand for food for diabetics is expected to grow in the country, on account of rising population of diabetics due to unhealthy lifestyle coupled with growing awareness about availability and benefits of food products that can be consumed by diabetics. Additionally, rising trend of dual household income in middle-class population is resulting in increased disposable income that is aiding the demand for food for diabetics, which are otherwise considered premium due to their high prices.
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Advent of modern trade channels and e-commerce industry is creating new routes for manufacturers/importers to reach their customers. Supermarkets/hypermarkets provide an effective platform for companies to showcase their new product launches and increase their visibility, while online sales channel is enabling companies to widen their distribution reach and serve their customers even in the farthest of regions. Growing number of tech-savvy people coupled with busy lifestyles, especially of urban population, is driving the purchase of food for diabetics through supermarkets/hypermarkets and online sales channel, thoughgrocery stores are expected to account for the more than half of the market share.
In 2017, category of baked products for diabetics dominated the market and accounted for one-third of the market. The segment is expected to lead the market in the coming years as well, owing to greater acceptance and easy accessibility of baked products, especially biscuits, which is a highly penetrated category with one of the highest frequencies of consumption. However, fastest growth rate is anticipated to be exhibited by beverages for diabetes patients, backed by introduction of different flavors and varieties in this category coupled with gradual expansion of its distribution channel and hence its customer base. Dabur India Ltd., PepsiCo India Holdings Private Limited, Britannia Industries Ltd., Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF), and Mother Dairy Fruits and Vegetables Pvt. Ltd. are some of the major players operating in India food for diabetics market.
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“Number of people falling prey to lifestyle related diseases such as diabetes and cardiovascular problems in the country is increasing, owing to hectic and almost sedentary lifestyle, growing stress levels, etc.Awareness about availability of food for diabetics in India is still at a lower level in comparison to other countries with high diabetes population. In order to tap this, market players are taking initiatives to generate awareness and impart knowledge about the benefits of their products, which is expected to increase the penetration of food for diabetics in the country, thereby aiding the market growth. Also, manufacturers and retailers of food for diabetics are focusing on modern distribution channels and e-commerce industry to expand their customer reach.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Food For Diabetics Market By Product Type, By Distribution Channel, Competition Forecast & Opportunities, 2013 – 2023”has evaluated the future growth potential of food for diabetics market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Indiafood for diabetics market.