The global low calorie food market was valued at over US$10 Bn in 2019 and it is expected to grow consistently between 2020 and 2030. Transparency Market Reports (TMR) in its recent study uncovers hidden growth opportunities within the market and studies the key restraints. According to TMR, the rising focus on health and wellness among consumers will give tailwinds to the growth witnessed in the low calorie food market.
Consumers around the world are responding to the increasing prevalence of diabetes, obesity, and other health maladies by adopting healthier diet. As a result, demand witnessed in the low calorie food market has surged. Thanks to widespread media coverage to health and fitness, they are adopting low calorie diet to aid weight loss.
Low Calorie Food Producers Find Lucrative Prospects in Mature Markets
Obesity is particularly widespread in countries such as the U.S., Australia, and the U.K. Studies reveal that 20% of the population in their countries are obese. This however spells good news for the market. Low calorie foods are relatively high priced, which been inhibiting penetration for companies in Asia Pacific and Rest of the World so far.
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As a result some of the leading companies in the low calorie food market are more reliant on opportunities present across mature markets. However, this could change over the course of the report’s forecast as consumers across Asia Pacific and Rest of the World exhibit higher willingness to spend on healthy diet.
Positive Research Outcomes Giving Big Push to Sucralose Sales
In terms of product, the low-calorie food market covers stevia, saccharin, cyclamate, sucralose, and aspartame. Of these, sucralose, which is significantly popular as calorie-free artificial sweetener, holds leading share in the market. It already has a broad range of applications in low-calorie food, and fizzy drinks.
Besides this, sucralose is also quite popular as table top sweetener and is often used as a sweetening agent in salad dressings and breakfast cereals. After thorough research, the European Union’s Scientific Community on Food has declared it to be completely safe for consumption. This is in turn giving impetus to the low calorie food market.
Stevia too has been basking on soaring popularity as consumers show increasing inclination for food without any artificial additive. Moreover, stevia is giving other artificial sweeteners a run for their money on account of being a cent percent natural sweetener. In terms of application, the beverages sector is expected to remain dominant in the low calorie food market.
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Regionally, North America and Europe currently hold the leading share in the global market. Backed by the demand witnessed in the U.S. and U.K, both regions are raking in high revenue for the market. Among these regions, North America holds dominance, trailed by Europe with substantial share.
However, the Asia Pacific market is forecast to rise at a higher pace over the forecast period. Besides the rising demand from high potential markets such as India and China, which are also densely populated, burgeoning cases of diabetes will fuel low-calorie food demand in the region. In Latin America, the market is expected to witness impressive prospects in Brazil.
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The report also profiles some of the leading companies operating in the global low calorie food market. These include Abbott Laboratories, PepsiCo, Inc., Nestle SA, The Coca-Cola Company, Group Danone, among others