Global Diabetes Care Food Market to Reach 35 Trillion KRW by 2032 [AK Radio]

The global diabetes care food market is expected to more than double within the next 10 years. Research and Markets, a global market research firm based in Ireland, recently released a report projecting that the global diabetes care food market, valued at $13.8 billion (approximately 19 trillion KRW) last year, will grow to $23.3 billion (approximately 35 trillion KRW) by 2032.

Diabetes care food is a specially formulated nutritional meal designed for diabetes patients' health management, characterized by low calories, low sugar, and low sodium, while providing balanced nutrients. The recent passing of actress Kim Sumi due to hyperglycemic shock has once again highlighted the importance of diabetes management. According to the medical community, hyperglycemic shock occurs when blood sugar levels rise sharply and the body attempts to expel excess sugar through urine, leading to nutrient loss in the body and potentially causing serious health problems.

According to the World Health Organization (WHO), there are currently 400 million diabetes patients worldwide, and an estimated 12% of global healthcare expenditures are related to diabetes. This underscores diabetes as one of the most significant chronic diseases in modern society. The International Diabetes Federation (IDF) projects even larger figures. As of 2021, the IDF estimated 537 million diabetes patients globally, with an expected increase to 643 million by 2030.

This rapid increase is mainly attributed to economic development and dietary changes in developing countries. As low-income countries develop into middle-income and then advanced economies, improvements in diet quality and increased sugar intake are identified as primary factors driving the rise in diabetes cases.

The U.S. government is particularly strengthening support for diabetes management. In the U.S., obesity and diabetes among low-income populations have emerged as social issues, prompting the government to expand early management support. Severe obesity in the U.S. is often referred to as a "disease of the poor," with high incidence rates among low-income groups. Given the fragile health insurance system in the U.S., managing diabetes in low-income populations is recognized as an even more critical challenge, which is expected to create new market opportunities for North America-based global food companies.

The Korean care food market is estimated to be worth about 2.5 trillion KRW. According to the National Health and Nutrition Examination Survey, there are 6 million diabetes patients in Korea, accounting for over 10% of the total population. More concerning is that the high-risk group in the pre-diabetes stage reaches 16 million, indicating a potential further increase in diabetes patients in the future.

In the domestic market, major food companies such as CJ CheilJedang and Daesang, along with pharmaceutical companies like Chong Kun Dang Health and Ildong Foodis, are actively entering the diabetes care food market. Traditional pharmaceutical companies such as Chong Kun Dang and Ildong Pharmaceutical are expanding their care food businesses through health functional food subsidiaries. Additionally, numerous startups are developing innovative products, with some expected to grow into unicorn companies or expand the market through public listings.

The relatively small size of Korea's care food market compared to the global market is analyzed to be due to its unique food culture. While Western countries generally have individual single-item meals, Korea has a strong culture of communal dining. Group meals at workplaces, company dinners, and family meals make personalized meals more challenging.

Furthermore, Korean meals typically consist of rice, soup, and various side dishes, making it practically difficult to prepare separate meals for one person. This is also true in households with diabetes patients, where preparing all side dishes with low sodium and low sugar separately is not easy. However, the food industry views these cultural characteristics as potential new market opportunities. Especially when a family member has diabetes, care food can be a practical alternative in situations where preparing separate meals is difficult. Moreover, as health awareness rises, developing care foods that the entire family can consume together is expected to become a new growth driver.

The care food industry is gaining attention not only for diabetes but also as a nutritional management solution for patients with various diseases such as hypertension, obesity, and cancer. Particularly, as the importance of dietary therapy is emphasized during the post-acute management phase of severe diseases, demand for care food is expected to increase further. Experts positively evaluate the growing awareness of the importance of dietary therapy in managing chronic diseases including diabetes. Going forward, Korea's care food market is expected to lead health food trends that reflect the characteristics of its food culture and promote products that the whole family can enjoy together.

Editor's Note

This content is also available on Asia Economy's economic podcast 'AK Radio.' AK Radio is a platform that provides investors with essential information on politics, economy, international affairs, tech, bio, and digital trends. Clicking the video play button within the article allows you to hear the reporter's voice. This article is a reorganization of the content broadcasted on AK Radio through Claude.