by 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.
The weight loss diet products market comprises various food and beverage products that help people lose or manage their weight. These include different packaged and processed food items like low-calorie foods, meal replacement products, weight loss supplements and other dietary supplements. Factors such as increasing prevalence of obesity, changing consumer preferences towards healthy lifestyles and growing awareness about wellness are fueling the demand for weight loss diet products globally. Manufacturers are focusing on production of innovative products featuring natural and organic ingredients and offering additional nutritional benefits to gain consumer trust.
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 key trends:
One of the major trends in the weight loss diet products market is the rising adoption of meal replacement diet programs. These programs offer nutritionally balanced meal replacement shakes, bars and snacks providing daily calorie requirements to facilitate weight loss. Products featuring protein and fiber are gaining popularity as they induce satiety and suppress appetite for longer. Another notable trend is the emergence of organic, vegan and plant-based diet options to cater to the needs ofhealth-conscious consumers. With growing research on ketogenic diet, ketone-based weight loss supplements are emerging as acategory with high growth potential. Customization and personalization is also a key trend to attract diverse set of consumer groups.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the weight loss diet products market is moderate due to the presence of established players and high R&D and marketing costs required.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various products from different brands available at competitive prices in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute options available for weight loss diet products.
Competitive rivalry: high due to the presence of many established brands continuously competing on the basis of product quality, price and promotion.
Key Takeaways
The global weight loss diet products market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing health consciousness among consumers and changing lifestyles. North America is expected to dominate the global weight loss diet products market over the forecast period owing to the increasing obese population in the region.
Regional analysis: The Asia Pacific region is expected to showcase the fastest growth in the global weight loss diet products market during the forecast period, owing to rising disposable incomes, growing health concerns among consumers and increasing adoption of western lifestyles in emerging countries like China and India.
Key players analysis: 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. Atkins Nutritionals and Herbalife Nutrition are expected to dominate the global weight loss diet products market.
