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Diet Foods Market Update Market Report 2011
Key Note Publications Ltd, Aug 2011, Pages: 130
This Market Update report on diet foods and drinks is split into two sectors: low-fat and reduced-sugar variants of traditional foods make up the largest category, and a much smaller category of meal replacement products consists of low-carbohydrate products (principally produced by Atkins Advantage) and low-calorie slimming foods, with the lion’s share of the market belonging to Unilever’s Slim-Fast products. However, over the past 5 years meal-replacement products have accounted for an increasingly smaller share of the market and this trend is expected to continue over the next 5 years, with the diet foods industry becoming ever more dominated by the low-fat and reduced-sugar products sector.
The market for low-fat and reduced-sugar products increased very rapidly between 2006 and 2010, rising from £3.84bn in 2006 to £5.33bn in 2010. Commodity prices and the cost of raw materials have been increasing over the review period and are responsible for some of the increases. However, the massive increase in volume sales has been the real driver in the diet foods sector. This is a perpetuating cycle — as the Government pushes to achieve greater consumer awareness of a healthy diet and tries to address the UK’s current obesity epidemic, more consumers are turning towards diet foods as a way of adopting a healthier lifestyle.
The explosion in popularity of these foods resulted in companies and manufacturers rapidly expanding their ranges and lines to include more of these products to keep up with consumer demand. If the diet liquid milk market is taken as an example, figures acquired by Key Note suggest that the value of the sector has risen significantly over the past 5 years and it now makes up around 43.7% of the entire diet foods market. Other products within the diet foods sector have experienced similar trends.
Dairy products are by far the largest sector, valued at around £3.35bn in 2010; most of this value is accounted for by semi-skimmed, skimmed and 1%-fat milk. Other important categories in this sector include diet versions of cheeses, butters and spreads and chilled desserts, yoghurts and yoghurt drinks. The next-largest category is low-fat and reduced-sugar bakery products, with the healthy ready meals (chilled and frozen) sector forming the third-largest segment of the total market.
For the future, Key Note is predicting further increases in the diet foods market, although not in the meal-replacement sector. By 2015, the diet foods market alone should be worth approximately £6.89bn, an increase of almost 80% on 2006. While this will be driven, in part, by inflation and commodity increases, the vast majority of the growth can be attributed to consumers leading healthier lifestyles and choosing diet foods to comply with this aim.
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