by Weight loss diet products include meal replacement shakes, drinks, soups and snacks designed to replace meals and help create calorie deficits needed for weight loss. These products contain balanced vitamins, minerals and nutrients required by body. They are convenient alternatives to cooking elaborate low-calorie meals. Popular categories are protein powders and shakes, green tea extracts, fiber supplements, meal replacement bars and weight loss tea.
The Weight Loss Diet Products Market is estimated to be valued at US$ 206.04 Bn or Billion 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 Dynamics:
The rising obesity rates globally are driving the demand for weight loss diet products. As per WHO, worldwide obesity nearly tripled between 1975 and 2016. In 2016, more than 1.9 billion adults were overweight out of which over 650 million were obese. Also, 41 million children under the age of 5 were overweight or obese in 2016. The increasing health consciousness and focus on preventive healthcare has made people switch to weight loss supplements and meal replacement shakes to lose weight in a healthy manner. Additionally, changing lifestyles, busy schedules and reliance on convenience snacks have fueled the need for on-the-go dieting solutions in the form of drinks, bars and snacks. Products providing additional health perks like boosting metabolism, suppressing appetite and enhanced probiotics are especially popular. Furthermore, ease of online purchase and availability of customization in diet plans as per personal body types have accelerated the industry expansion. However, strict regulatory framework regarding labelling and ingredients may hinder the market growth.
Segment Analysis
The weight loss diet products market is segmented into meal replacements, weight loss supplements, green tea supplements, and low-calorie sweeteners. Among these, meal replacements is expected to dominate the market over the forecast period. Meal replacements provide nutritionally balanced vitamins and minerals in the form of shakes, bars, snacks, and other substitutes, aiding faster weight loss. Their high convenience, ability to replace entire meals and be consumed anywhere, and nutritional profile make them the preferred choice among obese and overweight individuals looking to shed kilos quickly.
PEST Analysis
Political: Regulations around marketing and formulation of weight loss products are becoming stricter globally. However, supportive government initiatives to promote public health and fight obesity are driving industry growth.
Economic: Rising disposable incomes coupled with growing health awareness among the middle class are boosting spending on diet and wellness products across developing nations. The market also benefits from changes in food consumption patterns and lifestyles.
Social: Changing perceptions around body image and health are encouraging people to take active measures to lose weight in a healthy way. Fitness bloggers and influencers promote natural means of weight loss through diet and exercise.
Technological:Newer technologies for developing effective appetite suppressants, fat blockers, and precision meal replacements with advanced formulations are revolutionizing the weight management space. Digital health solutions aid in health tracking and maintenance of weight loss goals.
Key Takeaways
The global weight loss diet products market size in 2023 is expected to reach US$ 206.04 Bn, exhibiting a CAGR of 7.2% over the forecast period. The increasing prevalence of obesity due to sedentary lifestyle and availability of convenient, affordable weight loss products are driving market demand.
Regionally, North America commands the major share of the global weight loss diet market currently due to a health-conscious population and rising obesity levels. However, Asia Pacific region is poised to witness the fastest growth owing to growing health awareness, westernization of diets, economic development, and improving disposability incomes in densely populated countries such as India and China.
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. These players are focusing on expanding into developing regions and launching enhanced meal replacement products fortified with protein to attract more customers. They are also strategically acquiring complementary brands to strengthen their market positions.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
