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Nov-2021

Weight Loss & Diet Management Market Worth USD 470.7 Bn By 2029

Global Weight Loss and Diet Management Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Diet, Equipment, Services and Region – Industry Forecast (2024 to 2029)

The worth of the global weight loss and diet management market is predicted to be USD 470.70 billion by 2029 from USD 297.44 billion in 2024 and register a CAGR of 9.8% during the forecast period.

Weight control helps achieve an ideal weight according to an individual's body mass index (BMI) and maintain a healthy diet. Weight loss supplements include slimming teas, juices, and low-calorie meal replacements such as shakes, powders, soups, and bars. These meal replacements are healthier and have a lesser calorie count and essential nutrients, vitamins, and necessary minerals for good health.

DRIVING FACTORS:

The growing market share of emerging economies such as India, China, Germany, Australia, Thailand, and others, along with an increasing awareness of health and well-being among the population, is driving the growth of the global weight loss and diet management market.

With rapid urbanization, inadequate physical activities, rising income levels, and increasing consumption of junk food, the prevalence of chronic diseases, such as hypertension, hyperlipidemia, and diabetes, is growing dramatically. For example, the prevalence of diabetes among adults living in China has increased from 9.8% to 11.8% from 2008-2018, with more than 1 in 8 people suffering from general obesity and 1 in 3 for abdominal obesity. According to the ICMR-INDIAB study 2015, the prevalence rate of overweight and obesity varies between 11.9% to 31.5% and 17.2%-36.8%. Across India, cardiovascular disease (CVDs) is a significant risk factor in people with abdominal obesity. In 2019, over 2.1 billion adults across the globe were recorded to be overweight, which involves a massive range of about 29%-31% of the total world population.

Currently, there is an increase in demand for weight loss management programs due to the growing health awareness among people across the globe. The distribution channels focus on increasing retail market distribution and online sales, and the retail market is driven by favorable investments in emerging Asian economies. The above-mentioned factors, along with the strong influence of celebrities promoting a healthy lifestyle, are boosting the growth of the global weight loss and diet management market.

RESTRAINING FACTORS:

However, the high cost of weight loss products due to the additional processing required for low-calorie products and other nutrients such as vitamins and minerals is one of the key factors limiting the growth rate of the global weight loss and diet management market.

REGIONAL ANALYSIS:

Geographically, the North American weight loss and diet management market is expected to lead the global market during the forecast period, followed by the European region.

The Asia-Pacific weight loss and diet management market is anticipated to exhibit the fastest growth with an impressive CAGR over the forecast period. Within the APAC region, China will dominate the weight loss and diet management market due to the increasing prevalence of overweight and obesity. In China, overweight and obesity have grown tenuously over the past several decades. According to the Chinese criteria and latest national prevalence, the obesity and overweight estimates were recorded at 6.98% and 3.8% in children under six years, and 11 .8% for overweight and 8% for obesity in children and adolescents between the age group 6 to 17 years between 2008-2018. Other factors driving the market's growth include increased awareness of personal well-being and increased disposable income.

The growing market share of other APAC emerging economies, like India, China, Korea, Taiwan, Thailand, etc., is anticipated to grow reasonably. This regional market growth can be attributed to increasing awareness of health and well-being and the availability of cheaper weight loss and diet management products. Countries analyzed for this region include India, China, Japan, South Korea, Thailand, and Australia. Consumers in the APAC region primarily prefer slimming teas and meal alternatives such as quinoa, oats, and vegan cauliflower rice. Despite developing economies in the APAC region, there is an increase in the number of gyms and weight loss centers that focus on improving an individual's overall health. Ready-to-eat meal preparations are seen growing as healthier alternatives to over-continuous fasting and obesity supplements.

COMPETITIVE LANDSCAPE:

Bayer HealthCare AG, Bioniche Animal Halth Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences are a few of the leading companies in the global weight loss and diet management market.

MARKET SEGMENTATION:

By Diet: