The weight management products sector is primarily comprised of meal replacement products, weight loss supplements, and fitness monitoring devices. Products like protein bars, meal replacement shakes, appetite suppressants, and activity trackers help people manage their weight and calorie intake in a controlled manner. With obesity rates continuing to climb worldwide due to poor diets and sedentary lifestyles, the demand for effective and convenient weight loss solutions is growing rapidly.
The global weight management products market is valued at US$ 156.75 billion in 2023 and is expected to exhibit a CAGR of 9.94% over the forecast period 2023-2030, according to a new report by Coherent Market Insights.
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Market key trends:
One of the key trends emerging in the weight management market is the rising popularity of protein-rich snacks and meal replacements. These products help curb appetite and promote fullness due to their high protein content. Popular snack items include protein bars, low-calorie cookies and crackers fortified with protein. Meal replacement shakes and smoothies containing 20g of protein or more per serving are also becoming increasingly popular for meal substituting. Portable protein-packed snacks are especially appealing to consumers as they facilitate healthy yet flexible weight management. The availability of varied and tasty protein snack options is expected to continue fuelling the growth of weight management product sales across the forecast period.
Porter’s Analysis
Threat of new entrants: The weight management market requires significant investments in research and development. Established brands have strong brand recognition and economies of scale which create entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price comparison online. However, loyal customers of branded products have less influence.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components and focus on in-house manufacturing by major brands.
Threat of new substitutes: New substitutes pose medium threat as weight management options continue to emerge. Substitutes need to prove efficacy and gain customer trust over long run to have impact.
Competitive rivalry: The market sees intensive competition with focus on new product launches, innovation, and expansion to various regions.
Key Takeaways
The global weight management market is expected to witness high growth over the forecast period supported by increasing obesity rates worldwide and growing health consciousness. The global weight management products market is valued at US$ 156.75 billion in 2023 and is expected to exhibit a CAGR of 9.94% over the forecast period 2023-2030.
The North American region currently dominates the market attributed to growing awareness about weight management. However, Asia Pacific is expected to witness fastest growth on back of rising disposable incomes, changing lifestyles and diets in emerging economies of the region.
Key players operating in the weight management market are Herbalife Nutrition, WW International, Inc., Nutrisystem, and Atkins Nutritionals. Herbalife Nutrition offers various products under brands like Herbalife, Formula 1 etc. WW International, Inc. offers weight management programs and tracks points for different foods. Nutrisystem provides weight loss meals like snacks, entrees and desserts. Atkins Nutritionals is popular for low carb diets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.