The global weight loss and diet management product and services market value are expected to exceed USD 940 billion by 2024 growing at an estimated CAGR of over 7% from 2016 to 2024. Rising obesity and increasing weight has always been the primary concern regarding the health and fitness of people which has triggered the growth of the industry where people are becoming more health conscious and continuously striving towards fitness and better healthcare.
According to the World Health Organization (WHO) estimates, over 1.4 billion people are obese and overweight globally, which is alarming, considering the global health concern where up to 20% of the children aged between six to 11 years are found obese similar trend is expected to continue over the next nine years with increasing fast food demand and improper diets.
Rising awareness among the individuals about the health and fitness has certainly boosted the weight loss and diet management product & services requirement. With the ever increasing number of fitness centers and slimming centers, the products and services market is expanding at a rapid rate, and more users are getting associated with it to achieve a better and healthy lifestyle. Government initiatives and education on health risks of being overweight and hectic lifestyle may also be attributed to the market growth.
The term coined by the media “Obesity Epidemic” which talks about the major medical problems faced due to obesity such as chronic disease and disability. This has raised alarms to the government where they are forced to take actions against this rising problem. The WHO initiated public awareness campaigns in the 1990s and had been continuously developing strategies to make better and easier health choices.
The WHO in collaboration with the University of Sydney and the University of Auckland has been working to learn the impact of economic and globalization factors on nutrition and also calculating the worldwide impact.
Increasing preference towards low cholesterol, low fatty foods along with growing weight loss supplements demand globally is expected to drive diet management products and services market growth over the forecast period. Industry participants are coming up with new strategies coined as “unique selling point”, such as Diet Coke which claims to limit absorption of fat with reduced sugar has also been seen as the rising trend.
High prices of the product and services which are sometimes not affordable by single users are expected to remain a factor hindering weight loss and diet management products and services industry growth. Safety issues associated with the equipment along with the lack of consumer awareness in remote and suburban areas are anticipated to impact industry expansion adversely.
By type, the weight loss and diet management products and services market have been segmented into equipment, food, and services. Dietary products accounted for the majority of the global demand in 2015 owing to the rising diabetic, obese and health conscious people. Proper education by government agencies with the help of social media has led to increased consumer awareness towards new dietary patterns which may be attributed to high market penetration. The dietary segment includes meals, beverages, and supplements.
North America dominated the global demand in 2015 owing the vast availability of weight management products and better services provided by the industry players across the region. Increasing obesity issues among general consumers over past few years has led to the high penetration of healthy food and dietary supplements in the region. Favorable government initiatives and funding along with increasing health membership services and rising consumer awareness regarding fitness are expected to steer future growth in the regional market.
The U.S. emerged as the largest weight loss and diet management products and services market and accounted for over one-third of the sales globally. The majority of the sales were generated from the meal replacement slimming products and weight loss supplements. Adoption of weight loss and diet management products and services by the overweight population in the nation coupled with high average consumer disposable incomes may be attributed to substantial growth in the regional market.
Asia Pacific has also been witnessed as the emerging weight management market over recent past. Economies including China, India, Japan, and South Korea have heavily contributed to the sales of the industry from this region. Desirable fitness and continuous determination to look slim along with the shifting trend towards adopting healthy lifestyle among the people have been identified as one of the key factors driving market growth in the region.
Key market players operating in this industry include Kellogg Ltd., Apollo Endosurgery, VLCC Healthcare Ltd., Equinox Inc. Fitness first group and eDiets.com. Some of the major initiatives undertaken by key industry participants include new product innovation, improved product efficiency, and readily usable products to the users. These strategies allow industry participants to have a competitive edge over their counterparts and enhance the overall portfolio.
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