Weight Loss And Weight Management Diet Market - Forecast(2023 - 2028)

Weight Loss and Weight Management Diet Market

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. 

Weight Loss and Weight Management Revenue Share- By Geography(%) as of 2020

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Weight Loss and Weight Management Diet Market Segment Analysis- By Product Type

The weight loss and management diet market is segmented into four broad categories based on product types- meal replacement, weight loss supplement, green tea, and low-calorie sweeteners. The green tea segment dominated the market in the year 2020. It is owing to the multi-dimensional benefits the product offers for one health. Covid-19-obesity- fatality went hand in hand, and additionally, green tea provides better metabolism, which breaks the fat. The main antioxidant in green tea, EGCG promotes the production of an enzyme known as norepinephrine; the said enzyme breaks down the fat cells, thereby controlling the person's weight. Moreover, the enzyme norepinephrine has shown that it can induce anti-viral properties as well, which, thereby, help in developing a severe Covid.

Although, the meal replacement segment offers a lucrative CAGR of 6.7% over the forecast period of 2021-2026. Meal replacement products carry a high concentration of proteins and other vital nutrients. A meal replacement product can be carried out with ease in the forms of shakes, bars and even nuts. A sedentary lifestyle will further push the markets forward. Attractive packaging, digital marketing and celebrity endorsements by the brands will drive the awareness and help the market to propel.

Weight Loss and Weight Management Diet Market Segment Analysis- By Distribution Channel

The weight loss and management diet market is segmented into two broad categories based on distribution channel- offline stores and online stores. The online store segment dominated the market in the year 2020. It is predominantly owing to the ease by which one could have placed an order. Offline stores were shunned down due to the various lockdowns initiated by the local governments, hence the space for seeing a sale was not much seen. Thereby, helped the manufactures to pitch their products online on stores like Amazon, Flipkart, Alibaba and various others to initiate revenues.

The online segment will continue to grow at a CAGR of 6.9% over the forecast period of 2021-2026. It is predominantly associated with the offers and discounts one can avail while procuring the goods online. Product manufacturers are providing “cashbacks”, “flat-discount”, or a free product to drive their sales. Additionally, the companies have shortened their distribution channels, and they directly ship their products from the warehouses to the customers, reducing various additional charges of retailer and others. The following strategies will continue to work and provide space for the growth of this segment.

Weight Loss and Weight Management Diet Market Segment Analysis- By Geography

The North American region held a dominant market share of 35% in the year 2020. It is owing to the factors such as rising cardiovascular diseases like diabetes, whose prevalence has increased from 4.0 % in 2000 to 7.2% by 2026, and scientists have further claimed that Covid-19 has increased the trends of a sedentary lifestyle, which will further increase the chances of developing cardiovascular disease.

Although Asia-Pacific is positioned to show lucrative growth in the forecast period. It is owing to the rapid urbanization trend, as reported by the World Bank, East Asia and the Pacific are urbanizing at the rate of 3% in the year 2019. Urbanization has accounted for 279.2 million cases of diabetes due to being overweight, while rural have only accounted for 149.7 million. Moreover, the prevalence of developing cardiovascular diseases owing to overweight is 10.2% in urban areas, while it is 6.9% in rural areas. "Economically stronger regions" will be developed post urbanization, which dwells the consumers to adopt to unhealthy lifestyle, which will further lead to both- cases of obesity and the market to control it.

Weight Loss and Weight Management Diet Market Drivers

Obesity amongst all age groups is on a rise and will supplement the demand for weight management diet.

Obesity has been diagnosed as a root cause of major cardiovascular ailments. Hence, it is of primary concern that a diet that controls weight should be adopted. To support the argument for obesity, the USA has seen an uptrend in cases of adult obesity and childhood obesity. As per the data released, 18.5% of youth of the said population were obese, while 39.6% of the adult population was reported under the same category in 2016. Whereas, in the last survey by NHNM, the youth obesity prevalence has touched the 20% mark, while the 44% of the adults above 20+ were reported obese. The rising number of obesity cases will ensure the population adapts to weight management diets and routines. Like which, the developing nations such as India will see a surge of overweight and obesity. The prevalence of obesity will triple between 2010 and 2040, while the prevalence of overweight will see a 2x rise in the said years. Studies have also substantiated that older men are more prone to get overweight, and the older population growth projections favor market growth. The following factors will accumulate to a growth in the industry.

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-

1. Cargill.
2. General Mills Inc.
3. Herbalife Ltd.
4. Kellogg Company.
5. Kraft Foods Inc.
6. Medifast Inc.
7. Nutrisystem Inc.
8. Weight Watchers Inc.
9. Ingredion Incorporate,
10. 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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