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The Weight Management Market size is estimated to grow by USD 85.5 billion at a CAGR of 9.95% between 2022 and 2027.
There is an increasing number of obese populations across the world. One of the main factors for the growing obese population is the increasing prevalence of chronic diseases such as diabetes, hypertension, and cancer. Additionally, the limited efficacy of currently available drugs also fuels the prevalence and incidence of the obese population across the world. In addition, factors such as a busy lifestyle and the lack of physical activities are leading to an increase in health issues, such as obesity, cardiovascular diseases, and diabetes. Therefore increasing prevalence of such diseases offers huge opportunities for weight management market players which is positively impacting the market.
Technavio has segmented the market into Type, Distribution Channel, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The diet segment is estimated to witness significant growth during the forecast period. One of the main factors that is significantly contributing to the growth of this segment is the increasing incidence of obesity and other related health problems. Some of the main health issues that are caused by obesity include high blood pressure, joint problems, diabetes, and other issues.
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The diet segment was the largest segment and was valued at USD 78.68 billion in 2017. The adult obese population consists of people with body mass index (BMI) ranging between 25 and 29.9 are overweight, and those with a BMI of more than 30 are considered obese. Additionally, there is an increase in annual medical costs due to obesity in the US. As a result, several people are constantly seeking weight loss options and diet plans as having a diet plan decreases weight and body fat percentage. Therefore, factors such as the rapidly growing prevalence of obesity across the world, along with the increasing focus on health are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The offline distribution channel comprises retail outlets such as direct selling, distributors, department stores, and specialty stores. There is an increase in the number of stores that offer weight management products which is significantly contributing to the growth of this segment. There is an increasing preference for the offline segment among consumers as these stores offer advice on the benefits of the equipment and it enables consumers to try and test before purchasing. Furthermore, there is an increasing demand for retail outlets, such as department stores, distributors, and specialty stores as it allows consumers to compare brands and provide them with a large number of options to choose from. Hence, such factors are expected to fuel the growth of this segment which in turn will rive the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the key factors that are significantly contributing to the growth of the global weight management market in North America are the growing consumer interest in healthier lifestyles and rising obesity-related concerns. One of the main countries that is the leading market for weight management in North America is the US. Additionally, there is a growing popularity of weight management in the region due to factors such as he growing rates of obesity in the population and increased awareness of the health risks associated with being overweight. Hence, such factors are expected to drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of global weight management market witnessed significant growth due to limited physical exercise in most gyms and sports or outdoor exercise locations which has resulted in an increasing obese population in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which encouraged people to go for health checkups and treatments. Such factors are expected to drive the market during the forecast period
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Amway Corp: The company offers weight management such as Bodykey Nutritious Delicious Shake Mix, Bodykey WOW Bundle Vanilla, Liver Health Support, and NutriCare Basket.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
A key factor shaping the weight management market growth is the rising demand from developing economies. There is a significant increase in disposable income across developing economies. For example, the gross national income (GNI) Atlas method (current US USD value) in India increased from 2,150 in 2021 to 2,380 in 2022. As a result, it leads to an increase in disposable income in these countries in APAC.
Moreover, there is a rise in health consciousness among people which encourages them to spend more on different kinds of weight management products and services. As a result, there is a shift in consumer preference for purchasing more expensive, branded weight management products due to their comfort, quality, and safety. Some of the key emerging markets for APAC and MEA include weight management products and services. Hence such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Marketing of weight management products and services is one of the key challenges hindering the weight management market growth. There is a significant challenge regarding the marketing of weight management products and services due to stringent guidelines, limited responsibility for marketing, and promotion through social media and online advertisement. It is mandatory for several weight products to comply with strict guidelines in global markets.
For instance, the FDA makes customers aware of products that guarantee instant results of weight loss or use words including guaranteed or scientific breakthroughs, as well as frequently marketed in foreign languages or through mass emails. However, the lack of uniform guidelines across regions and variations between regional markets is negatively impacting the market which in turn will hinder the market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Weight Management Market Customer Landscape
The weight management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Weight Management Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.95% |
Market growth 2023-2027 |
USD 85.5 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.17 |
Regional analysis |
North America, Asia, Europe, and the Rest of the World (ROW) |
Performing market contribution |
North America at 35% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amway Corp., Astellas Pharma Inc., Estrellas Life Sciences Pvt. Ltd., Fermentis Life Sciences Pvt. Ltd., Forever Living Products International LLC, Glanbia plc, GNC India, Herbalife International of America Inc., Kellogg Co., Nature Sure, Natures Sunshine Products Inc., Nestle SA, Nu Skin Enterprises Inc., Nutricore Biosciences Pvt. Ltd., Pharmacare Laboratories Australia, RITS Lifesciences Pvt Ltd., Shanghai Pharmaceutical Group Co. Ltd., Sunova Products, True Protein Pty Ltd., and Novo Nordisk AS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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