Weight Loss And Weight Management Diet Market - Forecast(2023 - 2028)
The weight loss and weight management diet market had a market size of $194.6 billion in the year 2020 and is expected to grow at a CAGR of 6.5% over the forecast period of 2021-2026. Weight loss and management diet refer to a curriculum of certain dietary restrictions that one needs to follow to lose weight. To accompany the process, dieticians and nutritionists recommend certain products to incorporate into daily life. Dietary supplements are the easiest diet option one can follow to reduce weight or to manage it. Dietary supplements can be taken in the form of diet pills, capsules, soft gels, gummies, and various others. Conjugated linoleic acid is a prime dietary supplement. It has the capability to reduce appetite and increase metabolism, which helps in breaking down fat. Refined sugar is primarily associated with weight gain, but low-calorie sweeteners might fill the void. Stevia, erythritol, xylitol, yacon syrup are some of the prime low-calorie sweeteners. Organic foods have limited to no presence of preservatives. Moreover, artificial sweeteners are primarily avoided, which helps in weight management. Several types of equipment like stair stepper, treadmill, and various others are used covertly with a restricted diet. Green tea or herbal tea is often recommended by multiple health gurus, as they contain reasonable amounts of antioxidants which improves the digestive power, which essentially helps in weight management. In acute cases of overweight, where exercises, diets, and recommendations have failed, and the increased weight has become a leading cause of heart disease, blood pressure, or diabetes, bariatric surgery is performed, which can be performed using three alternatives. Increase in sedentary lifestyle, with heightened stress and healthy alternatives the weight loss and weight management industry outlook looks optimistic.
Report Coverage
Key Takeaways
- North America held a dominant market share in the year 2020. It is owing to the rising obesity incidence and higher availability of products to counter it.
- Asia-Pacific shows signs of lucrative growth in the forecast period. It is predominantly associated with the rise in type-2 diabetes caused by urbanization, forcing individuals to adapt to healthier eating habits.
- Our premium report will provide a thorough analysis of strengths, weaknesses, opportunities, and threats.
- Adoption of low-calorie sweeteners, along with a paradigm shift of attitudes to manage weight rather than suffering from repercussions, is going to be the leading market driver.
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New product developments are steadily growing up, thereby increasing awareness amongst all age groups.
The use of weight management and weight loss products have been rising multifold, for example let us take an example of “stevia”, a low-calorie sweetener has seen a YoY rise of 5% from 2016. Asia-Pacific has shown the maximum product launches as well, for example, 1000 stevia products were launched in 2019 alone. The awareness of the consumers was also seen in terms of following a low-calories diet, or weight management diet. Earlier, 1 in 4 people preferred a weight loss product in 2012, but now more than 3 in 4 people prefer a diet which will help them control their weight. It is attributed to the rising awareness created by the multinational organizations via social media advertising, display advertising, paid search advertising and You-Tube advertising.
Weight Loss and Weight Management Diet Market Challenges
High Product recall ratio makes the customer confidence weak and potentially harm the growth of the market.
US FDA has banned 37 weight loss supplements and products from 2018 to 2021 owing to the presence of secret ingredients that can harm an individual. The regulations surrounding weight loss and weight management are stringent, and in the past, have forced several manufacturers to recall their products post their roll-out. For example, the manufacturers recalled a protein bar manufactured by Amrita Health Foods as they believed it had traces of listeria monocytogens, an organism capable of damaging the immune system. Similarly, Herbalife, a reputed diet control multinational, recalled their protein bars as they had fish gelatin provided by a third party without their consent. In addition, FSSAI had asked for a recall of various protein supplements such as mulmin pro, and others as they were against the FSSAI act. “A caution is to be maintained against such products” is what the US FDA has accounted for. The following factors often lead to a loss of confidence in the prospective customers and is a challenge that the marketers need to address.
Weight Loss and Weight Management Diet Market Landscape
The weight loss and weight management market adapt to the strategies of mergers and acquisitions, along with product developments. The top 10 companies operating in the weight loss and weight management market are-
- Cargill.
- General Mills Inc.
- Herbalife Ltd.
- Kellogg Company.
- Kraft Foods Inc.
- Medifast Inc.
- Nutrisystem Inc.
- Weight Watchers Inc.
- Ingredion Incorporate,
- Abbott Laboratories Inc.
Weight Loss and Weight Management Diet Market Developments
- In January 2021, Oziva launched a product line for weight loss, encompassing seven different products helping and assisting in weight loss. In addition, products found are curated explicitly for men and women.
- In May 2020, Huel launched “Huel Black Edition”, a meal replacement shake that provides 33% more than the former Huel Powder, and the carbohydrate intake is reduced by 50%.
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