by The weight loss diet products industry comprises food products that assist weight management through controlled calorie intake or burning of calories. These products include meal replacements, low-calorie sweeteners, dietary supplements, herbal tea, and green tea extract. Obese and overweight populations widely use these products to lose weight effectively in a healthy way. The increasing prevalence of obesity due to sedentary lifestyles and consuming junk food rich in calories has boosted the demand for weight loss diet 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 Dynamics:
Growing awareness: The growing awareness among consumers regarding maintaining a healthy lifestyle and managing weight has drastically increased the demand for effective weight loss diet products in the recent past. Many developed nations are witnessing high obesity rates creating the need for innovative weight management solutions. This growing health and fitness consciousness acts as a key driver for the weight loss diet products market.
Products efficacy: Introduction of products blended with herbal extracts and plant-based ingredients proving more efficacy in accelerating weight loss compared to traditional products is fueling the market growth. Research works focusing on developing dietary supplements, meal replacements, and teas with high nutritional value and zero side effects are further contributing to the increased adoption.
Segment Analysis
The global weight loss diet products market is segmented based on type, form, distribution channel, and region. Among types, it is estimated that meal replacement diets will continue to dominate accounting for over 30% share until 2030. This is because people find meal replacements more convenient than preparing separate diet meals. In terms of form, powdered diet products capture maximum share owing to higher protein content, ease of use, and availability in flavored variants.
PEST Analysis
- Political: Governments in developed economies encourage use of diet supplements through subsidy programs to curb obesity. Countries like the US and UK have initiatives to promote healthy eating.
- Economic: Rising affordability has boosted sales of high protein and herbal supplements. However, inflation may impact lower income groups.
- Social: Growing health consciousness and focus on appearance are driving adoption. Social media influencers promote various diets and fitness regimes.
- Technological: Digital diet plans, activity trackers and apps help track calories and stay motivated. Smart labels provide detailed nutritional information.
Key Takeaways
The global weight loss diet products market is expected to witness high growth at a CAGR of 7.2% during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 206.04 Bn.
Regional analysis: North America accounts for over 35% value share led by the US. Growth will be faster in Asia Pacific supported by population boom, increasing obesity, and improved spending power in China and India.
Key players: 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. are some major companies in the weight loss diet products industry. Key players are focusing on product innovation, brand promotions, and new market expansion.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
