Low-calorie foods are food items that are specially formulated or altered to reduce their calorie content without compromising on the taste and nutritional value of the food. The rising prevalence of obesity and related health issues has increased the demand for low-calorie food products globally. Low-calorie foods provide a range of health benefits such as weight management, diabetes management, heart health, and others. The advent of low-calorie food alternatives of products like soft drinks, snacks, bakery items, desserts, and others has catalyzed their adoption.
The global Low-Calorie Food Market is estimated to be valued at US$ 12.72 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing health consciousness among consumers has significantly boosted the demand for low-calorie foods. More and more people are becoming aware about the importance of maintaining a healthy weight and lifestyle. According to studies, nearly 70% of Americans want to lose weight. This growing health and wellness trend has encouraged food product manufacturers to develop and launch innovative low-calorie food options. The availability of a wide variety of tasty yet healthy low-calorie food alternatives enables consumers to make better dietary choices. This growing preference for low-calorie diets to manage weight represents a major market opportunity for players in the low-calorie food market. The development of new low-calorie food variants leveraging this demand can help companies increase their revenue streams in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the low-calorie food market requires high R&D and branding costs. However, ease of sourcing raw materials allows new players to enter with differentiated products.
Bargaining power of buyers: Buyer bargaining power is high given the availability of substitute food options. Buyers can switch to regular food if low-calorie food prices increase.
Bargaining power of suppliers: Supplier power is moderate as raw material suppliers for low-calorie foods have no control over prices. However, suppliers of specialty ingredients have some control.
Threat of new substitutes: Threat from substitutes is high as consumers can opt for regular food, diet foods or other weight management options.
Competitive rivalry: The market has presences of large players globally resulting in high competitive rivalry.
SWOT Analysis
Strength: Strong brand images and loyal customer base for leading brands. Innovation in new product formulations and flavors.
Weakness: Higher costs compared to regular foods. Limitations in replication of taste and textures of regular foods.
Opportunity: Growing health consciousness. Rising incidence of obesity and lifestyle diseases driving demand. Expanding retail channels improve accessibility.
Threats: Stringent regulations associated with low-calorie claims. Economic slowdowns affecting discretionary spending on specialty foods.
Key Takeaways
The Global Low-Calorie Food Market Size is expected to witness high growth. The global Low-Calorie Food Market is estimated to be valued at US$ 12.72 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
North America currently dominates owing to high health awareness and disposable incomes. The increasing median age and obesity rates in countries like the U.S. and Canada is driving demand. Asia Pacific comprises the fastest growing region over the forecast period supported by rising middle class, urbanization and shift towards packaged foods in India and China.
Key players operating in the low-calorie food market are GE Healthcare, Philips Healthcare, NIHON KOHDEN CORPORATION, Schiller AG, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Leading players are focusing on new product innovation, expansion in emerging countries and mergers/acquisitions for market share growth.
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