KETOG E NI C

DIET M A R K E T
OVERVI EW AN D
OP PO RT U NI T I E S

M A R K E T D I S COVERY PAPER
J U LY 2 0 2 2

Ketogenic Diet Market Overview and Opportunities | 1

EXECU T I VE SU M M A RY

Diets guide and facilitate efforts to consume fewer calories while

maintaining normal daily functions. While there are a range of specific
diets with different guidelines, they all have the goal of reducing
calorie consumption.

E m e r g i n g di et s su ch as ket o and o the r lo w-car b o hyd r ate d ie ts exte nd

th i s l ogi c by t ry i n g t o al t er t he me tab o lic p r o ce sse s in the human b o dy.
T h e h u m an body i s ordi n ari l y g e ar ed to us e g luco s e as an e ne r g y
s ou r c e. Gl u cose h as a l ow bar r ier to metab o lis m and is the g o -to fue l
i n “do- o r - di e” si t u at i on s su ch as o ur ancie nt ance sto r s enco unter e d -
e i th e r y o u ru n aw ay f rom t h e s ab e r -to o thed tig e r, o r yo u ar e eate n. B u t
i n m o de r n l i f e, su ch an appro ach is almo s t always unneces sar y. And w ith
pr a c ti c a l ly l i m i t l ess access t o car b o hyd r ate s, exces sive car b o hyd r ate
c o n s u m p t i on can l ead t o a rang e o f d elete r io us he alth effects, includ in g
di a be te s 1 an d cogn i t i v e decl ine. 2

T h e ke to gen i c di et sh i f t s t h i s p ar ad ig m b y co mp elling the b o d y to

e n te r a s t at e of ket osi s, i n w hich ke to ne s, o r b r e akd o wn p r o d ucts fr om
f a ts , a r e u sed as an en ergy so ur ce. T he he alth effects o f r e maining in
ke to s i s i n t h e l on g- t erm are still b e ing stud ied , b ut s e ver al tr end s hav e
e m e r g e d . Th ere appears t o be evid e nce that d iets lead ing to keto s is
c o u l d pot en t i al l y ai d w i t h w eig ht lo s s, co g nitive functio n, and anti-agin g,
a m o n g ot h er pot en t i al ben ef its . In the fo llo wing analysis, we d iscuss the
c u r r e n t s t at e of cl i n i cal ev i dence fo r the ke to g enic d ie t’s b enefits as w e ll
a s th e m arket dy n ami cs i n t h e sp ace.

A t a h i g h l e v e l , t h e g l o b a l a d d r e s s a b l e m a r ke t f o r t h e ke t o d i e t i s
e s t i m a t e d a t $ 1 1 - 1 2 b i l l i o n i n 2 0 2 2 , g r o w i n g a t a p p r ox i m a t e l y 5 %

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C AG R . We s e e w h i t e s p a c e o p p o r t u n i t i e s i n ke t o p r o d u c t s p r o m o t i n g
benefits for anti-aging and cognitive health. Both are areas for which
t h e r e i s i m p r e s s i v e c l i n i c a l e v i d e n c e o f ke t o ’s b e n e f i t s , a n d f e w
b r a n d s a r e c u r r e n t l y m a r ke t i n g p r o d u c t s t a i l o r e d t o c o n s u m e r s w h o
care about those issues.

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 CON T E N T

5 Di et Def i n i t i on s

8 Pot en t i al Ben efits o f the Keto D ie t

9 Wei gh t Loss

11 Di abet es

12 A gi n g an d M us cle Str eng th

13 At h l et i c Perf o r mance

14 C ogn i t i v e Health and Me ntal E ne r g y

16 R i sks of t h e Keto D ie t

17 Heal t h R i sks

19 Di et A dh erence

22 C u rren t Market Over view

23 M arket Si z i n g

25 M arket Segmentatio n

27 Ty pes of Prod ucts

34 Su ppl emen t al Mar ket: D e vices and Ap p s

37 I n v est m en t A ctivity and N e w P r o d uct Launche s

39 C ompl emen t ary Mar ket: Inter mittent Fasting

40 C on cl u si on

41 C on t ri bu t ors

42 Ref eren ces

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D IET DE F I N I T I ON S

T h e ke to gen i c di et i s a t ren d ing ite r atio n o f lo w-car b d iets that have

be e n i n u se f or man y y ears. “Lo w-car b d iet” is an umb r e lla te r m that
i n c l u d e s t h e ket ogen i c di et , in ad d itio n to : Lo w-Car b Hig h-Fat (LCH F),
Lo w - C a r b Pal eo Di et , At ki n s D iet, E co -Atkins , Z e r o -Car b, and Lo w-Car b
M e di te r r an ean Di et , amon g o the r s . 3 Amo ng thes e d iets, Atkins and Pa le o
a r e s i m i l ar t o ket o, bu t t h ey fo cus mo r e o n p r o tein intake, as o p p o s e d to
th e ex tr em e f at cal ori e con t rib utio n in the ke to d iet. 4

M a c r on u t ri en t di st ri bu t i on s ar e no t o ne-size-fits -all – the y d e p end o n

a n i n d i v i d u al ’s goal s an d cu rrent he alth s tatus. Fo r examp le, tho s e who
a r e di a bet i c n eed t o redu ce s ug ar intake mo r e than o ther s. A us e ful
r e f e r e n c e poi n t f or a t y pi cal die t co me s fr o m the Institute o f Me d icine
of th e N at i on al A cadem i es, which r eco mme nd s the fo llo wing Accep tab le
M a c r on u t ri en t Di st ri bu t i on Rang e s (AMD R). 5

M AC R ON U TRIEN T % OF CALORIE S (LOW) % OF CALORIE S (HIG H)

C arbs 45 65
F at s 20 35
P rot ei n 10 35

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Lo w c a r b - di et s h av e a si gn i f i cantly d iffer e nt macr o nutr ient b r e akd o wn .
T h e i n f o graph i c bel ow sh ow s r o ug h d istr ib utio ns, altho ug h the y will v a ry
by pa ti e n t .

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T h e Atki ns di et com es i n t w o var ietie s, the Atkins 2 0 and Atkins 40 die ts,
w h i c h r e fer t o t h e dai l y al l owe d g r ams o f car b o hyd r ates co nsumed . 6

Atki n s 2 0 :
MAC R O N U TRIEN T % OF CALORIE S (LOW) % OF CALORIE S (HIG H)
Carbs 5 10
F at s 60 70
P rot ei n 20 30

Atki n s 4 0:
MAC R O N U TRIEN T % OF CALORIE S (LOW) % OF CALORIE S (HIG H)
Carbs 10 15
F at s 55 65
P rot ei n 20 30

Lo w - c a r b oh y drat e di et s f orce the b o d y to p o we r its e lf us ing keto ne

b odi e s , w h i ch are a t y pe of f uel that the live r makes as a b r eakd o wn
p r odu c t f rom f at s. 4 Th e ket ogenic, o r ke to, d iet, is d is ting uished b y an
a r g u a b l y sh ocki n g f at con t ent. Fo r tho s e o n this d iet, 75-90% o f d aily
c a l or i e s are deri v ed f rom f at . 6 Keto is als o e ven mo r e r es tr ictive o n c a rb s
th a n e i th er of t h e At ki n s di et s, to p p ing car b s at 5% o f d aily intake.

Ke to :
MAC R O N U TRIEN T % OF CALORIE S (LOW) % OF CALORIE S (HIG H)
Carbs 0 5
F at s 75 90
P rot ei n 5 20

At a ba s i c l ev el , t h e requ i reme nts includ e ke e p ing car b o hyd r ate intake

f r om 2 0 - 50 grams per day, which o ve r a few d ays d r ives the b o d y
i n to ke to si s. F or con t ex t , i f one fo llo wed the D ietar y G uid e line s fo r
A m e r i c a ns f rom t h e USDA and D ep ar tment o f HH S, o n a 2 ,000-calo r ie
di e t, th a t w ou l d equ at e t o 225 to 325 g r ams o f car b o hyd r ates p e r d ay. 7
S o c l e a r l y, t h e ket o di et n ecessitate s a d r as tic shift in mo st Amer ican s’
di e ts . I n addi t i on t o l i mi t i n g car b o hyd r ates , exce ssive p r o te in intake c a n
a l s o i n te r f ere w i t h ket osi s, altho ug h it is imp o r tant to co nsume e no ug h
pr ote i n to su pport mu scl e growth. 8

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POTEN T I AL B E N E F I TS O F T HE K E TO D I E T

Wh i l e m o st con su mers i n i t i al ly ar e d r awn to the ke to g enic d ie t fo r its

pe r c e i v e d w ei gh t l oss ben ef i ts , r es e ar ch has s ho wn it also has b enefits
i n oth e r areas, i n cl u di n g di abe tes manag eme nt, anti-ag ing , co g nitive
h e a l th , a n d en ergy l ev el . I n the se ctio n b elo w, we d is cuss the state o f
r e s e a r c h t h at su pport s t h ese p e r ceive d b enefits to asse ss which claim s
m a y c r e at e t h e st ron gest ev i d e nce -b as e d p r o d uct o ffer ing s .

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WEIG HT LOSS

A s w i th m ost di et s, a maj or dr iver o f ad o p tio n o f the keto d ie t is the

pr om i s e of w ei gh t l oss. A cco r d ing to sur ve y d ata fr o m U S Wo r ld & N ew s
r e p or t, the t op goal f or ket o sub s cr ib er s was we ig ht lo s s at 8 4%, while
6 6 % a dopt ed t h e di et becau s e they wanted to imp r o ve o ver all he alth .1 0
I n or de r f or w ei gh t l oss t o occur o n a keto g e nic d iet, tho s e o n the d ie t
m u s t be abl e t o su ccessf u l l y tr ans itio n their me tab o lism to keto s is.11
Ty pi c a l l y, cl i en t s on t h e di et se e s o me r e sults immed iate ly b e cause o f
w a te r l oss – as gl y cogen i s dep le ted , the wate r it r etains is r e le ase d .1 2
H ow e v e r, t h i s l ost w at er w ei g ht will b e r eg aine d if a p e r s o n r es umes
th e i r pr e vi ou s l ev el of carbohyd r ate co nsump tio n.12 A p o tentially mo r e
l on g - l a s ti n g m ech an i sm f or keto weig ht lo ss is the incr eas e d s atiety
e f f e c t of prot ei n s an d pot en t ial r ed uctio n in the hung e r ho r mo ne,
gh r e l i n . 8 A l t ern at i v el y, ket o co uld b e ind ucing r e d uce d lip o g e ne sis and
a n i n c r e ase i n f at ox i dat i on . 8 Two o the r p r o p o s e d me chanis ms with less
s u ppor t are t h at ket o f ol l ow er s may have a g r e ater me tab o lic efficiency
i n f a t ox i dat i on or t h at t h e ene r g y r eq uir eme nt o f switching yo ur b o d y ’s
m e ta bol i sm t o rel y h eav i l y on g luco neo g enes is cr e ates a the r mic effect,
e s s e n ti a ll y w ast i n g en ergy. 8

Wh i l e r e s u l t s v ary, a compi l atio n o f clinical s tud ies s ho wed that p atie n ts

c a n l os e u p t o 24% of t h ei r bo d y weig ht o n the ke to d iet.13 T he nume rica l
w e i gh t l oss of cou rse depen d s o n the clie nts’ star ting we ig ht and the
l e n gth of t h e st u dy. To gi v e a fe w r efer e nce p o ints, a 90-d ay s tud y o n
Ty pe I I di abet i c pat i en t s sh owe d ave r ag e we ig ht lo s s o f ~2 0 p o und s ,
a n d a 6 - mon t h st u dy on sev er ely o b e se p atients s ho wed a we ig ht lo s s of
~ 1 3 pou n ds.1 3 F or compari son, a 201 4 sur ve y o f 7,28 6 Amer icans fo und a
r a n g e of 13 - 14. 4 av erage po und s lo st in o ne ye ar fo llo wing the Weig ht
Wa tc h e r s, Zon e, Vol u m et ri cs, Atkins , Ro s e mar y Co nley, Je nny Cr aig ,
a n d Or n i sh di et s (l i st ed i n ord e r o f incr eas ing weig ht lo ss).14 Be yo nd

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th e s u r v ey dat a, i n on e m et a-analys is o f 13 co ntr o lled tr ials, the o ver a ll
s tu dy popu l at i on ex h i bi t ed 0.91 kg g r eate r weig ht lo ss o n a “ver y-lo w-
c a r b oh y drat e ket ogen i c di et ” co mp ar ed to an “e ne r g y-r es tr icted lo w f a t
di e t”.1 5 On e n ot e of cau t i on i s mo st stud ies co nd ucted using ke to d iet s
f or w e i gh t l oss w ere sh ort - t er m, 12 we e ks o r le ss, and s o me d id no t
u ti l i z e c o n t rol grou ps.1 6 C l ear ly, mo r e r e se ar ch is need ed to d ete r mine
th e l on g - t erm ef f i cacy of t h e keto d ie t fo r s ustained weig ht lo ss.

I n a n a s s oci at ed f i el d t o w ei ght lo s s, so me r e se ar che r s have

i n v e s ti gat ed w h et h er t h e ket o d iet can help with car d io vascular healt h,
w h i c h i s of t en correl at ed w i t h weig ht. H o we ver, the r e sults ar e mixed. A
2 0 1 7 r e v i ew of pu bl i sh ed paper s co nne cting the ke to d iet to r ed uction
i n c a r d i ov ascu l ar ri sk f act ors co nclud e d that the liter atur e had no t yet
e s ta bl i s h ed l on g- l ast i n g l i n ks b etween the keto d ie t and car d io vascula r
h e a l th .1 7 Th e con n ect i on t o car d io vas cular health is an ar ea to watch,
gi v e n th e prev al en ce of cardio vas cular d ise ase in d e velo p ed natio ns.

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D IABE T E S

Lo w c a r b di et s su ch as ket o have g ained p ar ticular attentio n amo ng

th os e s u ff eri n g di abet es, du e to the imp o r tant r o le that car b o hyd r ate s
pl a y i n di abet es. Th e body br e aks d o wn car b o hyd r ate s into g luco se.1 8
T h e n , i n su l i n excret ed by t h e p ancr e as facilitates the ab so r p tio n o f
gl u c os e i n t o cel l s t o f u el bodily functio n. S ho r tag es o f ins ulin can cau se
exc e s s i v e bl ood su gar l ev el s, kno wn as hyp e r g lycemia. While d iab etics
s u p pl e m en t i n su l i n , an al t ern ative o r co mp le mentar y ap p r o ach is to limit
th e a m o u n t of carboh y drat es co nsumed in the fir s t p lace, fo r which a
l ow - c a r b di et can h el p. Wh i l e in theo r y, the ke to g enic d ie t co uld help to
m a n a ge bot h Ty pe I an d Ty pe II d iab ete s, so far the evid e nce is s tr o nge r
f or m a n a gemen t of Ty pe I I di ab e tes , which is mo r e clo se ly linke d to d ie t
a n d l i f e s ty l e, v ersu s Ty pe I which is g e ne tically linked .19 A meta-analysis
of s tu di es on t h e con n ect i on b etween the keto d ie t and Typ e II d iab ete s
s h o w e d a ran ge of i m pressi v e o utco mes , includ ing withd r awal o f insu lin ,
s i gn i f i c a n t decreases i n pl asma g luco se and hemo g lo b in A1 C leve ls, a n d
u p to 75 % i mprov emen t i n i n sulin s e nsitivity. 20

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AG ING AN D M USC L E ST R E N GT H

S e v e r a l UC Dav i s st u di es h ave lo o ke d into the effects o f lo w-car b and

ke to di e ts on t h e del ay of m us cle ag ing and lifes p an. While fo cus e d
on m i c e, som e of t h e f i n di n gs have p o tential imp licatio ns fo r humans
a s w e l l . I n t h e st u dy by Robe r ts et al, mice o n the ke to d iet (8 9% fat)
w e r e observ ed t o l i v e 13. 6% lo ng e r than tho se o n the co ntr o l d iet
( 6 5 % c a r b s). 21 Th ose on a l ow-car b d ie t (70% fat) fell in-b etween the se
g r ou p s a n d di d n ot demon st r ate a s tatistically s ig nificant d iffer e nce
f r o m e i th er. Mi ce on t h e ket o d ie t also sho wed sup er io r p e r fo r mance in
s tr e n gth - rel at ed t est s an d demo ns tr ated slo we r d e cline s in co g nitive a n d
m oto r f u nct i on as t h ey aged. While the b io lo g ical me chanis m o f the se
a d v a n ta g es i s st i l l u n der i n v e stig atio n, the wr ite r s hyp o thes ize “ke to n e s
p os i ti v e l y i m pact mu scl e h ome o s tas is.” S ince this s tud y was b as e d o n
m i c e, i t i s l i kel y t h at m ore h uman d ata will ne e d to b e co lle cted b e fo r e
th e s e da t a cou l d be m ean i n g fully tr anslated into mar keting camp aig ns.

A subsequent UC Davis study from 2020 looked specifically at declines

in skeletal muscle known as sarcopenia, and whether a ketogenic diet
could ameliorate this disease. 22 If true, this could present an additional
attractive market opportunity for keto and low-carb brands, since 14%
of those ages 65-69 and 50% of those older than 80% have sarcopenia.
Previous studies demonstrated that calorie restriction delays muscle loss,
with the shift to ketosis as one potential mechanism. 23,24 While this would
suggest the promise of a keto diet for sarcopenia, a caveat is that keto
restricts protein consumption, which is needed to prevent sarcopenia.
Indeed, this study did show better muscle maintenance in the keto diet
group compared to the control. Together with the 2017 Roberts paper,
these papers suggest an opportunity to advertise new brands targeted at
an increasingly elderly population in developed countries.

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ATHLE T I C P E RF ORM A N C E

T h e ke to di et h as been at t ractive to tho se who ar e alr e ad y healthy

bu t a r e l ooki n g t o max i m i z e their p hysical p e r fo r mance. T his tr end has
be e n dr i v en by sev eral h i gh - vis ib ility influencer s who have p r aise d
i ts be n e fi t s, m ost n ot abl y LeB r o n Jame s (who fo llo wed a mo d ified
v e r s i on f or a f ew m on t h s). 25 Base d o n the o b s e r ve d enhance ment o f
m u s c u l oskel et al st ren gt h on the ke to d iet, ke to co uld have an attr activ e
m a r ke t opport u n i t y i n at h l et i cs. One ad vantag e that the ke to d iet has
ov e r oth er “crash di et s” i s t hat it d o e s no t d e p r ive the b o d y o f e ne r g y,
bu t r a th er j u st prov i des a di f fe r ent s o ur ce. 8 One cave at is that the ke to
di e t pr e ven t s mu scl e h y pert ro p hy b e cause it inhib its the insulin-like
gr ow th f act or 1 (I GF - 1)/ A K T/ mTOR p athway. 8 Ir o nically, many b o d yb uild e rs
do f ol l ow t h e ket o di et w h en they ar e “b ulking ” d e sp ite the metab o lic
e v i de n c e poi n t i n g t o t h e i n ef fectivenes s o f this ap p r o ach. T he s cie ntif ic
e v i de n c e en dorses t h e ket o diet mo r e s tr o ng ly fo r end ur ance s p o r ts, f or
w h i c h th ere are cl ear ben ef i t s o f we ig ht lo s s witho ut ener g y d ep r ivation .

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COG N I T I VE H E ALT H A N D M E N TA L E N E R GY

A s m e n ti on ed abov e, w ei gh t lo ss is the mo st co mmo n p e r ceive d b enef it

dr a w i n g con su m ers t o t h e keto d ie t. Ho we ver, many co nsumer s als o
r e p or t c o gn i t i v e ben ef i t s. Dr. Ryan Lo we r y, CE O o f Keto g e nic.co m,
c l a i m s , “a l ot of peopl e com e into ke to fo r sho r t te r m we ig ht lo s s, b ut
th e n s e e ot h er ben ef i t s arou nd imp r o ved co g nitive functio n o r clear e r
l e s s f oggy t h i n ki n g.” 26

A 2 0 2 0 st u dy f rom St on y Bro o k U nive r s ity r e ce ntly fo und s e ver al links

be tw e e n l ow - carb di et s an d co g nitive health. Acco r d ing to the s tud y,
“E v e n i n y ou n ger adu l t s, u n der ag e 50, d ietar y keto s is (whe the r achiev e d
a f te r on e w eek of di et ary ch ang e o r 30 minute s afte r d r inking ke to ne s)
i n c r e a s e d ov eral l brai n act i v ity and s tab ilize d functio nal ne two r ks .” 27
T h e r e f or e, ev en l on g bef ore p eo p le sho w e vid ence o f co g nitive
de c l i n e, t h e ket o di et cou l d have ap p eal fo r tho se tr ying to co mp e te
i n a n i m p act ed gl obal econ omy. H o we ver, ano ther s tud y s ho wed mixed
r e s u l ts : part i ci pan t s on a l ow-car b d iet s ho wed memo r y imp air me nt b u t
pe r f o r m e d bet t er on t asks req uir ing vig ilant atte ntio n. 28

Us i n g th e ket o di et f or cogn i tive health is co nsistent with its ear lie st

or i gi n s , i n w h i ch i t w as u sed as a tr e atme nt fo r ep ile p s y, fir s t intr o d uce d
by Dr. Wi l der at t h e May o C l i nic in 192 1 . 29 Mo r e r e ce ntly, clinical
e v i de n c e h as bol st ered t h e claim that the keto d ie t can b e e ffe ctive at
m a n a gi n g sy m pt om s of epi l epsy. Between 1 992 and 201 2, se ven clinica l
tr i a l s de mon st rat ed si gn i f i cant r ates o f s e izur e r e d uctio n in child r e n
f ol l ow i n g t h e ket ogen i c di et . 2 9 D es p ite its s ucce ss, the me chanis m for
ke to s i s i n man agi n g epi l epsy is unkno wn, b ut so me hyp o thes e s includ e :
ke to n e s may di rect l y i n h i bi t ep ile p s y, p o lyuns atur ated fatty acid s

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( P U FA s ) may l i mi t t h e exci t ab ility o f ne ur o nal me mb r ane s, o r the ke to
di e t m a y l i mi t i n f l amm at i on and excito toxicity-med iate d neur o nal ce ll
de a th . 2 9 I t i s w ort h n ot i n g t h at the e vid ence fo r s e izur e ame lio r atio n from
th e ke to di et i s w eaker f or ad ults. 29

T h e s e s tudi es demon st rat e t hat the keto d ie t’s p e r ceive d b enefits ar e

gr ou n de d i n sci en ce. How ev er, s e ver al r isks inhe r ent to a keto d ie t,
ou tl i n e d bel ow, mu st al so be co ns id e r ed .

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RISK S OF T H E KE TO D I E T

Wh i l e th ere are cl ear ben ef i t s to the keto d ie t, tho se b enefits must

be w e i gh ed agai n st pot en t i al ad ve r s e he alth o utco mes . In ad d itio n,
th e be n ef i t s w i l l on l y be real ized if the d ie t is ad he r ed to, which is
c h a l l e n gi n g i n rel at i on t o ot he r d ie ts .

Ketogenic Diet Market Overview and Opportunities | 16

HEALT H RI SKS

Wh i l e ke t o an d ot h er l ow - carb o hyd r ate d ie ts cer tainly can have b enef its,

th e y a r e n ot w i t h ou t ri sks. Some p o te ntial co mp licatio ns includ e: hig h
s a tu r a te d f at con t en t , def i ci ency o f s o me nutr ients s uch as calcium,
V i ta m i n D, carn i t i n e, an d sel enium, liver and kid ney is sue s, GI is sue s
s u c h a s con st i pat i on du e t o l o w fib e r intake, and s o me anecd o tal r ep orts
of m e n ta l con f u si on . 4 M an y pe o p le fo llo wing the se s p ecialize d d iets
r e c e i v e t h e ai d of a h eal t h co ach, o r they at leas t listen to many o f th e
pr om i n e nt ket o i n f l u en cers, so me o f who m have hug e fo llo wing s o n
th e i r podcast s an d soci al media. One d ang er to tho s e fo llo wing the die t
i s th a t e very person can resp o nd d iffer e ntly to a d iet, and tho se who
don’t f u l ly u n derst an d h ow t o fo llo w it co r r e ctly co uld d amag e the ir
h e a l th . F o r ex ampl e, Dr. Law re nce J. Che skin o f Ge o r g e Maso n U niversity
r e c om m en ds t h e ket o di et f or sig nificantly o ve r we ig ht p atie nts b ut
f oc u s e s on edu cat i n g t h em t hat the y canno t s imp ly g et their fat fr o m
gr e a s y f oods l i ke h am bu rgers, which he d es cr ib es as a “hear t attack
di e t.” 3 0 I nst ead, C h eski n u rges keto d ie ter s to g et their fat fr o m mo no -
u n s a tu r a t ed an d pol y u n sat u rated fats , fib r o us g r ains , and ve g etab le s. 3 0

I n a ddi ti o n , som e are con cerne d ab o ut the keto d ie t b e cause the stat e
of ke tos i s i s som ew h at l i ke keto acid o sis, which is s uffe r ed b y tho s e with
Ty pe 1 Di abet es.1 6 I n t h i s st at e, keto ne b o d ies lead to d ang e r o usly hig h
bl ood a c id l ev el s. Th e key di ffe r ence b e twe e n ke to sis and ke to acid osis
i s th e l e vel of ket on em i a, w h ich s tays at 7-8 mmo l/l in ke to sis b ut can
r i s e to 2 0 m m ol / l i n ket oaci do s is. 20 Als o, b lo o d p H is unaffecte d in
ke to s i s , bu t i s l ow ered by t h e incr e ase d acid ity fr o m ke to acid o s is. 20
I n s u l i n def i ci en cy can l ead t o keto acid o sis b ecaus e no r mally, insulin
pr e v e n ts excessi v e ket on e pr o d uctio n. Ho we ver, it is unlikely (altho ug h

Ketogenic Diet Market Overview and Opportunities | 17

a f e w c a s es h av e been observed clinically 31,32 ) fo r keto acid o sis to o cc u r
i n oth e r wi se h eal t h y peopl e o n the keto d ie t.16 Mo st ke to d iete r s p r o d u ce
e n ou g h i n su l i n t o i n h i bi t t h e keto ne le vels fr o m r ising to o hig h.16 Still,
gi v e n th e f act t h at ket ogen i c d ie ts ar e attr active to d iab e tic ind ivid uals,
th i s r i s k sh ou l d n ot be i gn ored .

Ketogenic Diet Market Overview and Opportunities | 18

D IET ADH E RE N CE

In addition to the above-mentioned health risks from following keto and

low-carb diets, there is also the less dramatic risk they might just not be
effective if not adhered to properly.

A 2015 study found similar rates of adherence to both low-fat and low-
carbohydrate diets.11 However, the 2015 Hu study acknowledged that there
are a greater number of low-fat options currently available on the market,
which in theory could aid adherence to a low-fat diet, relative to following
a keto or other low-carb diet. Larger analysis would be needed to establish
if it is true that adherence is the same to low-carb and low-fat diets in
the general population, since as discussed above, there are health and
psychological barriers to adhering to a keto diet.

In addition, there is certainly a transition period that consumers must

be able to tolerate to get used to being in ketosis, and there is often
a time when people lack energy. This transition period is so common
it is informally called the “keto flu” among keto dieters, describing the
discomfort people feel during the first week. 33 Other reasons for discomfort
during keto can include: cravings for carbohydrates, calorie deficiency, fat
deficiency, irregular eating schedule, and insufficient exercise. 33 It can take
time for people on this diet to optimize all of the above factors in order to
attain the benefits of the keto diet, and during this period, many people
will relapse to their original diet. Therefore, analysis of the benefits of the
keto and other low-carbohydrate diets must be viewed through the lens of
a relatively high rate of diet abandonment.

Ketogenic Diet Market Overview and Opportunities | 19

A Canadian survey from Dalhousie University determined the most common
reasons for abandoning the diet: 34

In addition, those who want to stay on the keto diet effectively would need
to track their blood ketone levels, but according to a U.S. News survey, 70%
of “adherents” to the diet do not monitor this.10 In addition, a large portion
admit at least sometimes “cheating” on the diet.10

Ketogenic Diet Market Overview and Opportunities | 20

The above limitations to adherence must be taken into consideration when
comparing the efficacy of keto to other more moderate diets that may show
less dramatic weight loss results, but on average may have better outcomes
if they are more consistently followed.

Ketogenic Diet Market Overview and Opportunities | 21

CURRE N T M ARKE T OV E RV I E W

Wh i l e i t i s st i l l grow i n g, t h ere ar e s o me s ig ns that the ke to mar ket ma y

be r e a c h in g mat u ri t y, so t h e mar ket mig ht b e a d ifficult ar ea fo r new
e n tr a n ts .

Ketogenic Diet Market Overview and Opportunities | 22

 MARKE T SI ZI N G

T h e ke to gen i c di et m arket i s p ar t o f the lar g er “We ig ht Lo s s and Co ntrol

M a r ke t” est i m at ed at $ 78 bi l l io n in 2 01 9. 35 While this mar ket d eclined
by 2 1 % i n 20 20 du e t o t h e pand e mic and its as so ciate d eco no mic
dow n tu r n , i t seems l i kel y t h at it will r e b o und as p e o p le r e tur n to mo r e
a c ti v e l i f est y l es. Th eref ore, t he o ver all TAM (To tal Availab le Mar ke t) c a n
be e s ti m at ed t o be t h i s $ 78 b illio n fig ur e. SAM (Se r vice ab le Availab le
M a r ke t) w i l l be ev al u at ed as the p o r tio n o f this TAM co r r e sp o nd ing to the
ke to ge n i c di et . SOM (Serv i ceab le Ob tainab le Mar ket) wo uld co r r e sp o n d
to th e m arket sh are t h at a par ticular co mp any co uld achieve.

De s p i te i t s rel at i v e recen cy, the ke to mar ket is alr e ad y a multib illio n

i n d u s tr y. We com pi l ed SA M e stimates fr o m s e ver al d iffer e nt mar ke t
r e s e a r c h organ i z at i on s, w h i ch s e e m to co nver g e at a to tal mar ket s iz e
be tw e e n $ 11- 12 bi l l i on , w i t h a g r o wth r ate ab o ve 5%. 36- 39 At this g r o wt h
r a te, th e r e i s l i kel y t o be continued e ntr y into the categ o r y.

B e ginnin g E n d in g 2022
S ou r c e B e ginning End CAG R
M a r ke t Size Market Size In te rp ol a ti on

Gr a n d
View 20 19 $ 9. 6 Bi l lio n 2027 $14.7 Billio n 5.50% $1 1 . 2 B illion
Re s e a r c h
The
In s i g h t 20 19 $ 10. 2 Bi llio n 2027 $15.3 Billio n 5.30% $1 1 . 9 B illion
Pa r tn e r s
Bolst
20 20 $ 10. 9 Bi l lio n 2 027 $15.6 Billio n 5.30% $12.1 B illion
Gl oba l
Quince
M a r ke t 20 21 $ 11. 5 Bi l lio n 2 030 $20.4 Billio n 6.56% $1 2. 3 B illion
In s i g h ts

Ketogenic Diet Market Overview and Opportunities | 23

Wh i l e th e market i s st i l l growing , so me ind icato r s o f futur e g r o wth ar e
l e s s e n c o u ragi n g. A s sh ow n in the g r ap h b elo w, G o o g le se ar che s fo r
“ke to” peaked i n J an u ary 20 19, with p e aks ar o und N e w Ye ar s’ e ach y e a r
s i n c e, bu t t o a decreasi n g mag nitud e.

T h i s de c l i n e i n search cou l d b e ind icative o f e ithe r d e clining inter e st or

a m a tu r a ti on i n pu bl i c aw arene ss. If it a sig n o f d e clining inter e st, that
c o u l d be a reason w h y pot en tial ne w e ntr ants mig ht want to co ns id e r
oth e r opport u n i t i es, si n ce i t is eas ie r to g ain s har e in a g r o wing mar ke t
th a n on e t h at i s pl at eau i n g.

Ketogenic Diet Market Overview and Opportunities | 24

MARKE T SE GM E N TAT I O N

There does not appear to be one particular target customer for keto. It
has attracted proponents across gender and age, who turn to this diet for
different reasons.

Several studies focused on women elucidate the possibility for market

opportunities related to weight loss specifically for female consumers.
One area of potential benefit exclusive to women is in fertility hormones,
especially among overweight women who are struggling to become
pregnant. A 2017 study concluded, “reducing carbohydrate load can
reduce circulating insulin levels, improve hormonal imbalance, and resume
ovulation to improve pregnancy rates compared to usual diet.” 40 This study
primarily used subjects who had a PCOS comorbidity, so its conclusions
mentioned that further research on the effects of low-carb diets on
non-PCOS related infertility would be warranted.

The keto diet is also of particular interest to younger consumers:

an Agropur presentation cites Mintel data showing the interest in
keto by generation: 41

Ketogenic Diet Market Overview and Opportunities | 25

The fact that younger consumers are preferentially interested in
this market also corresponds well with keto brands’ success in the
e-commerce distribution channel. For example, the keto meal kit brand
Perfect Keto, which started as direct-to-consumer, ecommerce only, was
able to grow from zero to a $100M brand in only two years. 42

In addition to younger consumers, a major market segment for these

offerings is those with diabetes, obesity, and other metabolic diseases.
The need for such interventions is particularly glaring given the increasing
rates of obesity in the U.S. and globally. As of 2019, 32.6% of men and
women in the U.S. were classified as obese. 43

Lastly, diet communities and lifestyle brands are significant voices within
the weight loss and control market. Jenny Craig and WW (previously
Weight Watchers) are good examples of lifestyle-driven, community-
based brands. Both brands support low-carb rather than purely keto diets.
Their communities represent potential converts to the keto diet, and
unsurprisingly both of their websites include critiques of the keto diet
in relation to their own plans. Jenny Craig argues that “Keto is the quick
fix of the moment to help people lose weight, but it could be difficult
to maintain a healthy lifestyle long term”. 44 Unsurprisingly, Jenny Craig
argues that their weekly designed menus are a more sustainable path,
which are low-carb but not so restrictive that they can’t be maintained
long-term. WW stresses their supportive community as an asset that helps
users stay on their plans. 45 Of course, Keto proponents would likely argue
that there are robust communities to support their users as well, though it
remains to be seen if the keto communities will be as long-lasting as large
incumbents like Jenny Craig and Weight Watchers.

Ketogenic Diet Market Overview and Opportunities | 26

TYPES OF P RODU C TS

Since 2015, there has been an explosion of products making claims

related to keto diets.46 Categories of such products include: baking mixes
and ingredients, bone broth, meats, oils, high fat foods, low-carb foods,
snacks, coffee products, other beverages, protein bars, and supplements.
The term “keto” returns over 40,000 products on Amazon.com. 47

The share growth of products that either make a keto claim or reasonably
could make one between 2015 and 2020 was: 47

• 2 8 22% f or bars

• 6 9 7% f or ch ocol at e

• 5 6 4 % f or baki n g m i xes

• 8 3 % f or con di m en t s

• 1 0 % f or ot h er sn acks

Ketogenic Diet Market Overview and Opportunities | 27

 The below exhibit is an illustrative showcase of the multitude of keto
claims and scope of products currently available on the market. Products
and their images were sourced from Walmart.com. 48
S N AC K S

EPIC Keto Friendly

Pork Rinds & Meat Bites

QUEST Low Carb, High

Protein, Keto Friendly Bars,
Cookies and Chips

Kiss My Keto Gummy Bears &

SlimFast Fat Bomb Snack Cup

Ketogenic Diet Market Overview and Opportunities | 28

BA K IN G & IN GR ED IEN TS

Duncan Hines Keto Brownie

Mix and Frosting

Lonolife Paleo and Keto

Friendly Chicken Bone
Broth Powder

Health Garden Certified

Keto Monk Fruit Sweetener

Kiss My Keto MCT Oil

Ketogenic Diet Market Overview and Opportunities | 29

C O FFEE P R O D UC TS

Rapid Fire Keto Coffee

and Creamer
S U P PL E M E N TS

Orgain Keto Collagen

Protein Powder w/ MCT Oil

Slimfast Keto Meal

Replacement Shake Powder

Ket oSci en ce Du al A ctio n

F at Bu rn C aps ule

Ketogenic Diet Market Overview and Opportunities | 30

Within the “Grocery and Gourmet Food” category, on Amazon.com’s
“Best Sellers” list, 47 out of the 700 products (6.7%) contain keto claims.
(This excludes the subcategories: Flowers, Baby Food, Homebrewing &
Winemaking.)

As of June 2022, the top performers in each

subcategory are:

#30 Overall and #1 in Pantry Staples:

Lakanto Baking Monk Fruit Sweetener

#21 in Alcoholic Beverages: Craftmix Cocktail

Mixers Blood Orange Mai Tai Flavor

#3 in Breads and Bakery: HighKey Sugar Free

Cookies Variety Pack

#14 in Breakfast: Atkins Endulge Treat Caramel Nut Chew Bar

#8 in Dairy, Eggs & Plant-Based Alternatives: 4th & Heart Original Grass-
Fed Ghee

#2 in Deli and Prepared Foods:

Rip Van WAFELS Dutch Caramel
& Vanilla Stroopwafels

#12 in fresh meal ingredient

kits: Sunturi keto Zero carb keto
noodles with Pad Thai keto sauce

#5 in Meat & Seafood: Old Wisconsin Honey Brown Sugar Turkey Sausage
Snack Sticks

#9 in Meat Substitutes: Anthony’s Organic Vital Wheat Gluten

Ketogenic Diet Market Overview and Opportunities | 31

#1 in Produce: BetterBody Foods
Organic Chia Seeds with Omega-3

#1 in Snacks and Sweets: Quest

Nutrition Birthday Cake Protein Bars

Insights: Several interesting themes

appear across the keto category.
Namely: the use of alternative sweeteners, an emphasis on fat and MCT
oil, cognitive health claims, keto supplements, and the co-mingling of
other trends (free-from claims and clean label).

The use of alternative sweeteners such as monk fruit, stevia, erythritol,

and allulose allows keto followers to avoid sugar while still finding a way
to sweeten. Additionally, these alternative sweeteners often induce a
lower glycemic response in the body which may be beneficial for certain
individuals. The downside of these sweeteners is that some consumers
report gastrointestinal distress when consumed in excess, and that some
sugar alcohols still contribute a marginal number of calories which would
be contributed to the user’s total carbohydrate count. Nevertheless,
suppliers of these products such as “Health Garden’’ and “Lakanto” have
gained significant market share.

Once again, a jarring aspect of keto is the emphasis on fat in the diet.
We see this prominently in SlimFast’s “Fat bomb” product. The choice
to embrace the fat aspect of the diet may come at a cost though as 35%
of US consumers think low fat is an important claim, 40% of Chinese
consumers pay attention to the fat content of foods, and 62% of UK
consumers worry about the total fat content in food and drink products. 41

MCT Oil is also a very popular ingredient among those following the keto
diet. Medium-chain triglycerides (MCT’s) are metabolized directly in the
liver, boosting ketone production. 49 Because of their metabolic pathway,

Ketogenic Diet Market Overview and Opportunities | 32

MCT’s are less likely to be stored as body fat, supporting the weight-
loss goals of many of a ketogenic diet. Also, MCT’s are reported by users
to increase satiety, which can help with overall calorie reduction. Some
manufacturers, such as Buddha bars, propose that MCT’s also ameliorate
some of the energy deficiency issues associated with the keto diet. 50

Where the most cognitive health claims are being made appear to be
within the bone broth and supplement product lines. For example, the
brand “Osso Good” promotes the following benefits to consumers:
Immune Support, Stress Recovery, Weight Loss, Protein, Collagen, and
Enhanced Cognitive Function. 51

Supplement companies have also begun to provide ketone salts and

esters as products. These companies, such as HVMN, Pruvit, and
deltaG, provide drinkable versions of Acetoacetate (AcAc) and Beta-
hydroxybutyric acid (BHB), both metabolites of ketosis. Their concept is
that instead of forcing the user’s body into ketosis through diet control,
customers may consume these alternative forms of energy directly.
However, it is still unclear what effect elevated ketone levels have on a
person who is not following a keto diet regime already (IE restricting their
carbohydrate intake and elevating their fat percentage).

Regarding other claims, we see examples of many of the “free-from”

claims focused on GMO ingredients, artificial sweeteners, gluten, dairy,
and soy. The combination of keto with the clean label trend seems to be
mixed. Some brands such as Epic have focused on limited ingredients
and have embraced the hunter-gatherer connotations of Paleo and other
low-carb diets. 52 Other brands such as Quest appear to be betting on
keto and disregarding the clean label trend with extensive ingredient lists
suggesting that Quest believes that the target consumers within these
movements are different.

Ketogenic Diet Market Overview and Opportunities | 33

 SUPPL E M E N TAL M A R K E T: D E V I C E S A N D A P PS

The growth of the keto market has also led to a proliferation of auxiliary
products such as devices for testing ketone levels and apps to help
people on the keto diet track their progress.

When searching for “ketosis device” on Amazon, the top results included
DEVICES

both blood monitors and breathalyzers, as pictured below.53 Based on

the thousands of reviews for the blood monitor and hundreds for the
breathalyzer, it seems these are well-known items that can be expected
to continue selling well as the keto diet becomes more widely adopted.
However, they are durable goods that presumably will be one-time
purchases, so the addressable revenue is likely smaller than for keto-
friendly consumer packaged goods.

KetoBM Blood Ketone Meter

Lencool Ketone
Breath Meter

Ketogenic Diet Market Overview and Opportunities | 34

AP P S Along with the ability to measure their blood ketone levels with these
devices, many consumers track their progress using apps that allow them
to connect to keto-focused communities. When searching for “keto” on the
iPhone app store, the three top-appearing (non-promoted) apps are: 54

Keto Diet app by Keto.app: this app

promotes having over 15 million
users, this app allows users to count
their carbs, track personal macros,
search foods in a database for their
macronutrient breakdowns, follow keto-
friendly recipes, and track progress such
as weight loss.

Carb Manager – Keto Diet Tracker: also

boasting more than 15 million users,
this app has many of the same features
as the Keto Diet app, but features over
350,000 recipes, as well as different
programs that users can follow, including
both keto and Intermittent Fasting.
It also features a community where
users can build profiles and share their
progress with other users.

Ketogenic Diet Market Overview and Opportunities | 35

Keto diet app. Macro tracker: – in
addition to having many of the features
of the other two apps, this app allows
users to track their water balance, which
is useful since much of the initial weight
loss on the keto app is driven by losing
water that is retaining glycogen.

Ketogenic Diet Market Overview and Opportunities | 36

INVEST M E N T ACT I V I T Y A N D
NEW PRODU C T L AU N C HE S

Investment reported on Pitchbook for companies focusing on keto-friendly

products appears to be limited (Pitchbook). At the same time, there
continues to be a healthy rate of new product
launches in the keto space in the last year, both
from new startups like JiMMYBAR!, and from
incumbents like SlimFast. 48,56,57 This dichotomy
suggests that these companies still see room
for growth in the market, while the investment
community is somewhat more cautious. Among
investors who did bet on keto, the five largest
deals since 2019 included the following
companies.

Disruptive Enterprises received a

$7.75 million investment from One
Better Ventures in 2019. Disruptive
Enterprises offers a range of keto-
friendly supplements, including its
tongue-in-cheek “FBOMB” nut butter
pouches. 58

HVMN raised $5.62 million, led by Liquid 2 Ventures

in 2020. HVMN offers the Ketone-IQ liquid supplement
discussed above, and promotes the energy-promoting
effects of its products. 59

Ketogenic Diet Market Overview and Opportunities | 37

 KetoCrisp from CanDo raised $2.75 million from
angel investors in 2021. KetoCrisp features a
range of keto bars for which they promote the
features “low carb,” “healthy fats,” “low sugar,”
and “gluten free.” 60

BioCoach raised $4
million from SecretLab
in 2022. BioCoach offers a blood level
tracking device that keto followers can use to
monitor their ketone levels. 61

The most notable recent acquisition in this

space was the $1 billion purchase of Quest
Nutrition, which offers many keto-friendly bars
and snacks, by Simply Good Foods. Simply
Good Foods owns the Atkins brand, so this
deal represents some consolidation in the
low-carbohydrate diet space. 62

Ketogenic Diet Market Overview and Opportunities | 38

COMP L E M E N TARY M A R K E T:
INTERM I T T E N T FAST I N G

Physiologically, fasting also leads to a state of ketosis. Thus, products

and apps dedicated to intermittent fasting may also serve many of the
same consumers who are being drawn to keto. Intermittent fasting comes
in different levels of severity, but in general consists of restricting any
calorie intake to certain times of day. This could be an 8–12-hour window,
or in more extreme cases could just consist of one meal per day. In
addition to its obvious weight-loss benefits, intermittent fasting also
leads to ketosis, and in fact some describe the keto diet as mimicking
the effects of fasting without the accompanying energy deprivation.8 The
intermittent market is harder to size than keto or low-carb more generally,
since it does not correspond to a particular set of products, but rather the
absence of consumption during certain parts of the day.

Ketogenic Diet Market Overview and Opportunities | 39

CONCLU SI ON

Today, the ketogenic diet and ketosis are most strongly related in the
consumer’s mind with weight management – all other benefits are
ancillary. Therefore, most products in the market today target weight loss
as a benefit and do so by focusing on macronutrient combinations which
support the ketogenic diet. Many products marketed for the ketogenic diet
underperform from a consumer experience dimension compared to their
more mainstream analogues.

Based on our review of the scientific literature associated with the

ketogenic diet, there is robust emerging evidence that it can facilitate
not only weight loss but also control of Type II diabetes, longevity,
muscle development, and increased cognitive performance. In addition,
there are a range of potential health care applications which continue
to be researched. There is considerable opportunity to continue to
develop products and services which support the specific ketogenic diet
using novel flavor and texture technologies to create a better sensory
experience. Also, the utilization of technologies such as ketone esters
to deliver these benefits without the need for strict diet adherence is
relatively unexplored.

However, consumer education on the benefits of ketosis beyond

weight management remains a significant obstacle and would require
considerable marketing and education efforts. A major question to be
resolved is whether to initially lean into the consumer understanding
of ketones in terms of weight management and develop from there,
or whether a wholesale “reframing” could help consumers to better
understand the available benefits.

Ketogenic Diet Market Overview and Opportunities | 40

CON T RI B UTO R S
Antoine A br ie ux
Strategic Research Associate, Innovation Institute for Food and Health

M a r y Avilla
Program Manager, Innovation Institute for Food and Health

As h B a gla
MBA Student, UC Davis Graduate School of Management

M a r ia na B a r boz a
Research Program Manager, Innovation Institute for Food and Health

Gor don Cha ng

MBA Student, UC Davis Graduate School of Management

Luca s H a s k ins
MBA Student, UC Davis Graduate School of Management

Da na Ar m s tr ong Hu g h es
Talent Development Coordinator, Innovation Institute for Food and Health

Ve r onica Ke ys
Program Assistant, Innovation Institute for Food and Health

N a tha nie l M or r is o n
MBA Student, UC Davis Graduate School of Management

Pr a s a d N a ik
Professor, UC Davis Graduate School of Management

M a r is s a Pick a r d
Lead Community Coordinator, Innovation Institute for Food and Health

J us tin B . S ie ge l
A s s o c i a t e P r o f e s s o r o f C h e m i s t r y, B i o c h e m i s t r y & M o l e c u l a r M e d i c i n e ,
UC Davis
Faculty Director, Innovation Institute for Food and Health

We s le y W ils on
Executive Chair, Inno vation Institute for Food and Health

Ketogenic Diet Market Overview and Opportunities | 41

 RE F E RE N C E S

1 Willett, Walter, et al. “Glycemic index, glycemic load, and risk of type 2
diabetes.” Am J Clin Nutr 2002;76(suppl):274S–80S.

2 Gentreau, Melissa, et al. “High Glycemic Load Is Associated with Cognitive

Decline in Apolipoprotein E "4 Allele Carriers.” Nutrients 2020, 12, 3619;
doi:10.3390/nu12123619

3 Data Bridge Market Research. “Global Low-Carb Diet Market – Industry Trends
and Forecast to 2029.” March 2022. https://www.databridgemarketresearch.
com/reports/global-low-carb-diet-market#:~:text=Global%20Low%2DCarb%20
Diet%20Market%20Analysis%20and%20Size&text=Data%20Bridge%20
Market%20Research%20analyses,USD%2018.65%20billion%20by%202029.

4 Harvard Medical School. “Should you try the keto diet?” August 31, 2020.
https://www.health.harvard.edu/staying-healthy/should-you-try-the-keto-diet.

5 National Academies, Institute of Medicine. “Summary Report of the Dietary

Reference Intakes.” 2006. https://www.nationalacademies.org/our-work/
summary-report-of-the-dietary-reference-intakes. hle

6 Atkins Diet. “Atkins vs Keto: Low Carb Diet Approaches.” September 26,
2018. https://www.atkins.com/how-it-works/blog/is-atkins-the-better-keto-
diet#:~:text=Atkins%2020%3A%20Fat%3A%2060%25%2D,Carbs%3A%20
10%25%20to%2015%25.

7 USDA and Department of Health and Human Services. “Dietary Guidelines for
Americans 2020-2025.” https://www.dietaryguidelines.gov/resources/2020-
2025-dietary-guidelines-online-materials.

8 Paoli, A. et al. “The Ketogenic Diet and Sport: A Possible Marriage?” Exerc.
Sport Sci. Rev., Vol. 43, No. 3, pp. 153Y162, 2015.

9 N/A

10 Schueller, Gretel. “We Surveyed People on the Keto Diet. Here's What They
Say.” US News & World Report. https://health.usnews.com/wellness/articles/
we-surveyed-people-on-the-keto-diet-heres-what-they-say.

Ketogenic Diet Market Overview and Opportunities | 42

11 Hu, T., et al (2015). Obesity Science & Practice. “Adherence to low-
carbohydrate and low-fat diets in relation to weight loss and cardiovascular
risk factors.”

12 Arizona State University, College of Health Solutions. “The Keto diet: Is eating
more fat the key to weight loss?” https://chs.asu.edu/news/keto-diet-eating-
more-fat-key-weight-loss#:~:text=In%20the%20first%20few%20days,so%20
do%20our%20water%20levels.

13 Dowis, Kathryn and Simran Banga. “The Potential Health Benefits of the
Ketogenic Diet: A Narrative Review.” Nutrients 2021, 13, 1654. https://doi.
org/10.3390/nu13051654

14 Statista. “Amount of weight lost after one year for select diets in the
U.S. as of 2014 (in pounds).” October 14, 2014. https://www.statista.com/
statistics/661250/weight-loss-compared-no-diet-united-states/.

15 Bueno, Nassib Bezerra, et al. “Very-low-carbohydrate ketogenic diet v.

low-fat diet for long-term weight loss: a meta-analysis of randomised
controlled trials.” British Journal of Nutrition (2013), 110, 1178–1187. doi:10.1017/
S0007114513000548

16 Harvard T.H. Chan School of Public Health. “Diet Review: Ketogenic Diet for
Weight Loss”. https://www.hsph.harvard.edu/nutritionsource/healthy-weight/
diet-reviews/ketogenic-diet/.

17 Kosinski, Christophe, and Jornayvaz, François R. “Effects of Ketogenic Diets

on Cardiovascular Risk Factors: Evidence from Animal and Human Studies.”
Nutrients 2017, 9, 517; doi:10.3390/nu9050517.

18 American Diabetes Association. “Get Smart on Carbs.” Accessed April

14, 2022. https://www.diabetes.org/healthy-living/recipes-nutrition/
understanding-carbs.

19 Bolla, Andrea Mario, et al. “Low-Carb and Ketogenic Diets in Type 1 and Type
2 Diabetes.” Nutrients 2019, 11, 962; doi:10.3390/nu11050962.

20 Paoli, A, et al. “Beyond weight loss: a review of the therapeutic uses of very-
low-carbohydrate (ketogenic) diets.” European Journal of Clinical Nutrition
(2013) 67, 789–796.

21 Roberts, et al. “A ketogenic diet extends longevity and healthspan in adult

mice.” Cell Metab. 2017 September 05; 26(3): 539–546.e5. doi:10.1016/j.
cmet.2017.08.005.

22 Wallace, Marita, et al. "The ketogenic diet preserves skeletal muscle with
aging in mice." Aging Cell. 2021;20:e13322.

Ketogenic Diet Market Overview and Opportunities | 43

23 Marzetti, E., Lees, H. A., Wohlgemuth, S. E., & Leeuwenburgh, C. (2009).
Sarcopenia of aging: Underlying cellular mechanisms and protection by
calorie restriction. BioFactors, 35(1), 28–35. https://doi.org/10.1002/biof.5

24 Rhoads, T. W., Clark, J. P., Gustafson, G. E., Miller, K. N., Conklin, M. W.,
DeMuth, T. M., Berres, M. E., Eliceiri, K. W., Vaughan, L. K., Lary, C. W.,
Beasley, T. M., Colman, R. J., & Anderson, R. M. (2020). Molecular and
functional networks linked to sarcopenia prevention by caloric restriction in
rhesus monkeys. Cell Systems, 10(2), 156–168 e155 https://doi.org/10.1016/j.
cels.2019.12.002.

25 Schrodt, Paul. “7 Celebrities Who Swear by the Keto Diet.” Men’s

Health. https://www.menshealth.com/nutrition/g24686645/keto-diet-
celebrities/#:~:text=Stars%20like%20LeBron%20James%20and%20
Halle%20Berry%20have%20had%20impressive%20results.&text=The%20
ketogenic%20diet%20is%20all,burning%20mode%20known%20as%20ketosis.

26 Watson, Elaine. FoodNavigator-USA. "Keto in focus, part two: The evolution of

keto." April 19, 2022. https://www.foodnavigator-usa.com/Article/2022/04/19/
Keto-in-focus-part-two-The-evolution-of-keto-We-re-seeing-people-eating-
more-of-a-higher-protein-ketogenic-diet.

27 Stony Brook University News. “Low-Carb Diet Could Boost Brain Health, Study
Finds.” September 4, 2020. https://news.stonybrook.edu/featuredpost/low-
carb-diet-could-boost-brain-health-study-finds/.

28 D’Anci, Kristen, et al.. “Low-carbohydrate weight-loss diets. Effects on

cognition and mood.” Appetite 52 (2009) 96–103.

29 Dhamija, Radhika, et al. "Ketogenic Diet." Can J Neurol Sci. 2013; 40: 158-167

30 Shoup, Ellen Shoup. “Keto, a long-lasting trend? New keto product launches
double in past year.” FoodNavigator-USA. June 28, 2021. https://www.
foodnavigator-usa.com/Article/2021/06/28/Keto-a-long-lasting-trend-New-
keto-product-launches-double-in-past-year.

31 von Geijer L, Ekelund M. Ketoacidosis associated with low-carbohydrate

diet in a non-diabetic lactating woman: a case report. J Med Case Rep. 2015
Dec;9(1):224.

32 Shah P, Isley WL. Correspondance: Ketoacidosis during a low-carbohydrate

diet. N Engl J Med. 2006 Jan 5;354(1):97-8.

33 Fischer, Maria. Gainful. “Feeling Tired on Keto? 6 Reasons Why.” https://www.

gainful.com/blog/exhausted-on-keto-diet/.

Ketogenic Diet Market Overview and Opportunities | 44

34 Charlebois, Sylvain, and Janet Music. Dalhousie University, Agri-Food
Analytics Lab. “New survey suggests more than twice as many Canadians
have tried and dropped the “Keto diet” than Canadians still on it.” https://
www.dal.ca/sites/agri-food/research/keto-dieting.html.

35 ResearchAndMarkets. "The U.S. Weight Loss & Diet Control Market."

March 2021. https://www.researchandmarkets.com/reports/5313560/
the-u-s-weight-loss-and-diet-control-market?utm_source=CI&utm_
medium=PressRelease&utm_code=9fzg7t&utm_campaign=1516439+-+Unite
d+States+Weight+Loss+%26+Diet+Control+Market+Report+2021-2025%3a+
Keto+%26+Intermittent+Fasting+are+the+Most+popular+Diets&utm_
exec=chdo54prd.

36 Grand View Research. “Ketogenic Diet Market Size, Share & Trends Analysis
Report.” October 2020. https://www.grandviewresearch.com/industry-
analysis/ketogenic-diet-market/toc.

37 The Insight Partners. “Ketogenic Diet Market Forecast to 2027.” November

2020. https://www.theinsightpartners.com/reports/ketogenic-diet-market.

38 Bolst Global. “Keto Global Trends.” Accessed June 2022. https://bolstglobal.

com/portfolio-items/global-keto-diet-trends/.

39 Quince Market Insights. “Global Ketogenic Diet Market.” https://www.

quincemarketinsights.com/industry-analysis/ketogenic-diet-market.

40 McGrice, Melanie, and Judi Porter. “The Effect of Low Carbohydrate Diets
on Fertility Hormones and Outcomes in Overweight and Obese Women: A
Systematic Review.” Nutrients. 2017 Mar; 9(3): 204. https://www.ncbi.nlm.nih.
gov/pmc/articles/PMC5372867/.

41 Agropur. Webinar Slides. “Keys to Keto: Insights into Benefits, market data,
and formulation.” October 24, 2018.

42 Brand Growth Experts. Podcast. “270: $100MM IN LESS THAN TWO

YEARS: HOW PERFECT KETO GREW A 9-FIGURE BUSINESS” https://
brandgrowthexperts.com/podcasts/perfect-keto/.

43 Mordor Intelligence. “KETOGENIC DIET FOOD MARKET - GROWTH,

TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027).” https://www.
mordorintelligence.com/industry-reports/ketogenic-diet-food-market.

44 Jenny Craig Community. “What's the Science Behind Keto?” February 27,
2020. https://community.jennycraig.com/healthy-habits-blog/eat-well/science-
behind-keto-diet/.

45 Savvides, Katerina. WeightWatchers. “I Tried Keto, Then Ww. Here's What

Actually Worked. Only One Plan Was Livable.” Accessed May 5, 2022. https://
www.weightwatchers.com/ca/en/article/i-tried-keto-then-ww-heres-what-
actually-worked-only-one-plan-was-livable.

Ketogenic Diet Market Overview and Opportunities | 45

46 NEXT Data and Insights. "Catering to Keto Customers." January 17, 2020.
https://www.whatsnextinnatural.com/survey-says-keto-is-neato/.

47 Amazon. “Keto.” Accessed June 1, 2022. https://www.amazon.com/s?k=keto&c

rid=193IP262W7LYB&sprefix=keto%2Caps%2C135&ref=nb_sb_noss_1.

48 Walmart. “Stay Committed to Keto.” Accessed June 1, 2022. https://www.

walmart.com/cp/7501265.

49 Knox, Ben. Super Coffee. “MCT Oil Benefits: Helping Keto Dieters Is Just The
Starting Point.” August 2, 2021. https://drinksupercoffee.com/blog/nutrition/
mct-oil-benefits/.

50 Buddha Brands. “Buddha Bars.” Accessed April 14, 2022. https://

buddhabrands.com/collections/buddha-bars.

51 The Osso Good Company. “What Can High Quality Bone Broth Do For You?”
https://ossogood.life/pages/bone-broth-benefits.

52 EPIC. “Philosophy.” Accessed April 14, 2022. https://epicprovisions.com/

pages/philosophy.

53 Amazon. “Ketosis Device.” Searched June 10, 2022. https://www.amazon.

com/s?k=ketosis+device&crid=3BLPVF0WFWD3C&sprefix=ketosis+devic%2Ca
ps%2C131&ref=nb_sb_noss_2.

54 iPhone App Store. “Keto.” Accessed June 10, 2022.

55 Pitchbook. Accessed via UC Davis on June 10, 2022.

56 Crawford, Elizabeth. “Keto in focus, part six: ‘The second coming’ of keto –
low-sugar, high-protein launches bet big on the diet.” FoodNavigator-USA.
April 22, 2022. https://www.foodnavigator-usa.com/Article/2022/04/28/
Keto-in-focus-part-six-The-second-coming-of-keto-low-sugar-high-protein-
launches-bet-big-on-the-diet.

57 JiMMY! Functional Snacks. Accessed June 10, 2022. https://jimmybars.com/.

58 Disruptive Enterprises. Accessed June 10, 2022. http://disruptive-enterprises.

com/.

59 HVMN. Accessed June 10, 2022. https://hvmn.com/.

60 CanDo. Accessed June 10, 2022. https://tastecando.com/.

61 BioCoach. Accessed June 10, 2022. https://biocoach.io/.

62 Simply Good Foods. “The Simply Good Foods Company Completes

Acquisition of Quest Nutrition.” November 7, 2019. https://www.
thesimplygoodfoodscompany.com/news-releases/news-release-details/
simply-good-foods-company-completes-acquisition-quest-nutrition.

Ketogenic Diet Market Overview and Opportunities | 46