Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Low-calorie food is an excellent option for speed up the weight loss by regulating overall weight management. These food are not only low in calorie content but are also a rich source of protein and fibers that give the feeling of fullness and reduce hunger. Low-calorie food is also a rich source of various vitamins and minerals that promote the overall health of the individual. Moreover, low-calorie food improves digestion and also maintain the blood-sugar level in order to prevent carving and hunger for fast food. Greek yogurt, oats, berries, soup, eggs, chia seeds, and fish are some of the low-calorie food that are consumed worldwide.
The global low-calorie food market is projected to surpass US$ 16.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.9% during the forecast period (2020 to 2027).
Rising cases of obesity along with the associated disease with the obesity around the globe is expected to drive the market growth of the low-calorie food. According to the World Health Organization, in 2016, more than 1.9 billion adults, 18 years and older, were overweight. Of these over 650 million were obese. Moreover, 38 million children under the age of 5 were overweight or obese in 2019. Growing cases of obesity around the globe is a major factor augmenting the market growth of low-calorie food over the forecast period.
Growing health wellness awareness among consumers is accelerating the adoption of a healthy lifestyle thus fueling the market growth of the low-calorie food. Increasing adoption of healthy practices such as yoga, gym, and consumption of healthy food is further propelling the market growth of the low-calorie food. Moreover, low calories foods are also gaining huge demand with the increasing prevalence of disease associated with an unhealthy lifestyle. This is expected to foster the market growth.
Regionally, North America dominated the global low-calorie food market in 2019, reporting 53% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.
Figure 1. Global Low-Calorie Food Market, Revenue Share (%), By Region, 2019
Taste is a major factor that limits the consumption of low-calorie food. Moreover, the high price of low-calorie beverages is also expected to hamper the market growth of low-calorie food over the forecast period. Also, the presence of artificial preservatives in low-calorie food is expected to act as a challenge for the low-calorie food market.
Processed food and ready-to-eat food claims to have few potential health hazards and this is expected to hamper the market growth of the low-calorie food over the forecast period.
Changing consumption patterns of the consumer coupled with the increasing focus of the manufacturer on advertising and promoting of the food is expected to accelerate the market growth. Proper marketing of this food may influence the consumers and raise the adoption of such as healthy food products. Thus, marketing tool is expected to help in tapping the emerging market for the low-calorie food this, in turn, will favor the market growth.
The emergence of functional food, dietary supplements, and cereals bars are expected to provide potential opportunities to the market of low-calorie food. Growing demand for sugar substitutes due to rising cases of diabetes is also expected to accelerate the market growth of low-calorie food. Moreover, the growing demand for convenience food due to the busy lifestyle of the consumer in the developing as well as developed region is further expected to augment the market growth.
Figure 2. Global Low-Calorie Food Market – Opportunity Analysis
Increasing demand for low-calorie snacks among consumers is projected to foster the market growth of the low-calorie food over the forecast period. For instance, in October 2019, PepsiCo has expanded its better-for-you snack portfolio with the launch of Smart50, a ready-to-eat popcorn that promises consumers a popcorn full of flavor for 50 calories or less. The line-up product includes two flavors: Sea Salt and White Cheddar, offering 40 calories per cup and 50 calories per cup, respectively.
Growing demand for a sugar substitute in confectionery food products is expected to be a major trend. The sugar substitute is widely used in the healthcare & dairy products, baked, snacks, and dietary beverages. Out of which dairy products are gaining traction in the market. Moreover, changing food patterns in youth and children is another major trend that is expected to augment the demand for healthy food. All these factors are projected to augment market growth over the forecast period.
Low-calorie food market products are regulated by the European Council (EU) Regulation EC 1332/2008, which approves food additives, food enzymes, and food flavoring.
Figure 3. Global Low-Calorie Food Market, Revenue Share (%), By Application, in 2019
On the basis of application, beverages dominated the global low-calorie food market in 2019 with around 43% of market share in terms of revenue, followed by food and health care, respectively.
Key players are operating in the global low-calorie food market are PepsiCo, Inc., Nestle SA, The Coca-Cola Company, Groupe Danone, Abbott Laboratories, Bernard Food Industries, Inc, Zydus Wellness Ltd., Dr. Pepper Snapple Group Inc., McNeil Nutritionals LLC, Cargill, Incorporated, and Ajinomoto Co., Inc
Few Recent Developments
- In June 2019, Nestle SA claimed that it has found a way to reduce the amount of sugar in chocolate by as much as 40%, a discovery that may give the KitKat maker an edge as food producers face increasing pressure from governments, health advocates and shoppers to make products healthier.