In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Diabetes is a disease in which the body’s ability to produce or respond to the hormonal change is impaired, resulting in abnormal metabolism of carbohydrates and elevated level of glucose in the blood and urine.
During 1970-1990 people believed that the fat is bad for the body and therefore, they adopted the low-cholesterol and low-fat diets. However, fats are important for the body as they help in the absorption of the fat-soluble vitamins such as A, D, E and K. Further, fat also helps to fill the fat cells and insulate the body to help the body keep warm. Moreover, the body also gets essential fatty acids called as linoleic and linolenic acid. Lack of essential foods has made people the victims of the diabetes today. With more than 50 million diabetic patients (type-2 diabetes), India has the highest number of diabetic patients in the world. The World Health Organization (WHO) estimates that the global burden of type-2 diabetes expected to increase to 438 million by 2030 from 285 million people (recorded in 2010). Similarly, for India this increase is estimated to be 58%, from 51 million people in 2010 to 87 million in 2030. With the increasing number of people affected with diabetes, the manufacturers of the cooking oil are looking for the ways to harness the diabetes market. Recently, the Fortune Vivo Oil, an Indian based firm headquartered in Ahmedabad, has come up in the market for controlling type-2 diabetes, reducing and maintaining the blood sugar level. The Fortune Vivo Oil is low in unsaturated fats making it suitable oil for the diabetic patients.
The market for diabetes care cooking oil is expanded to grow significantly at a higher rate during the forecast period 2017-2024. The market growth will be driven by the rising urbanization coupled with increasing number of the obese population along with aging. According to the National Family Health Survey (NFHS-4), one-fifth of Indian women, or 20.7 per cent to be precise, in the age group of 15-49 are overweight. The obesity promotes insulin resistance through the inappropriate inactivation of a process called gluconeogenesis, where the liver creates glucose for fuel and which ordinarily occurs only in times of fasting.
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Moreover, it creates stress on the cell and slows down the production of proteins. This process, which is known as ER stress response, is abnormally active in livers of obese individuals, where it contributes to the development of hyperglycemia, or high blood glucose levels. The endoplasmic-reticulum (ER) is a cellular response that leads to the accumulation of unfolded proteins in endoplasmic-reticulum and cause ER stress. Therefore, the increased obese population will lead to the growth of the diabetes care cooking oil market due to rising health consciousness amongst population.
Our in-depth analysis of the diabetes care cooking oil market includes the following segments:
Rising awareness about a healthy lifestyle, has in turn has led to the demand for diabetic oils that contain low unsaturated fats which has expanded the market to the global level. Aging population is another factor that has led to the expansion of the market. The aging population in India is affected with the diabetes, which has further led to the expansion of the market. The health-conscious population wants to be protected from the cardiovascular diseases. Moreover, the increasing consumer awareness and knowledge regarding the benefits has propelled the growth of the market. The diabetic oil contains fewer lipids and are rich in unsaturated fats that help to control the blood sugar level. Moreover, it helps to improve the insulin sensitivity and benefit the Type-II diabetes patients. Further, the manufacturers are also concentrating strengthening and widening their distribution channels for ensuring better accessibility of the diabetic care oils to the consumers in the market. However, the market growth is hindered by the locally produced oils that are available to the consumers at an economical cost.
India is anticipated to be dominant in the market due to the rise in the number of the diabetic patients that are becoming health-conscious, followed by North America and Europe. Increasing consumer awareness about healthy eating and well-being across North America is anticipated to stimulate the demand for diabetic cooking oil in the region. Further, the changing consumer perceptions about the unsaturated fats are also increasing the popularity of the diabetic oils in the region. In addition, rising standard of living and changing lifestyle are contributing to the growing prevalence of diabetes across Asia Pacific which is expected to create more demand for diabetes cooking oil in the region.
Key Potential Companies that may enter into manufacturing of diabetes care cooking oil in India are mentioned below: