Weight loss diet products are food items and beverages aimed at facilitating weight management. They are majorly consumed through calorie-controlled diets and low-fat formulas to support fat-burning processes in the body. The growing prevalence of obesity due to sedentary lifestyles and fast food consumption has boosted the demand for these products. The global Weight Loss Diet Products Market is estimated to be valued at US$ 206.04 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising obesity rates globally have prompted more people to opt for weight loss diet products for shedding those extra kilos in a healthy manner. According to the World Health Organization (WHO), worldwide obesity nearly tripled between 1975 and 2016. As of 2016, more than 1.9 billion adults were overweight, out of which over 650 million were obese. This surging obesity pandemic can be attributed to poor dietary habits and physical inactivity. Growing health consciousness among consumers and rising availability of diverse weight management products are expected to boost the weight loss diet products market over the forecast period.
SWOT Analysis
- Strength: Weight loss diet products market has witnessed high demand due to growing obesity rates globally. Increasing health consciousness among consumers has also fueled the growth of this market.
- Weakness: Side effects associated with consumption of certain weight loss products acts as a major restraint. Lack of long term studies on efficacy and safety of few products is another concern.
- Opportunity: Launch of herbal and organic products catering to vegan and non-GMO trends provides lucrative opportunities. Growing e-commerce has opened new sales channels for weight loss diet brands.
- Threats: High competition exists from alternative therapies and supplements. shifting preferences towards alternatives like exercise and surgery are threats to weight loss diet products market. Stringent regulations associated with health claims is another challenge.
Key Takeaways
The global weight loss diet products market is expected to witness high growth. The market size is projected to reach US$ 206.04 Bn by 2024 registering a CAGR of 7.2% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the global market currently owing to rising obesity rates. Asia Pacific region is expected to be the fastest growing market due to growing health consciousness.
Key players operating in the weight loss diet products market are Atkins Nutritionals, Inc., Herbalife Nutrition, Nestle S.A. (Optifast), Medifast, Inc., Robard Corporation, Physicians Weight Loss, Nu-Skin, Visalus, WW International, Inc., and VLCC Healthcare Ltd. The market is highly competitive in nature with these major brands focusing on product launches and innovations.
