Weight Loss and Diet Management Market Size (2023 to 2028)
The size of the weight loss and diet management market is projected to value USD 432.4 billion by 2028 from USD 270.9 billion in 2023, growing at a CAGR of 9.8% during the forecast period.
Weight Loss and Diet Management Market Share Insights:
- Based on diet, the F&B segment had the major share in the weight loss and diet management market in 2022.
- Based on equipment, the fitness equipment segment led the market in 2022.
- Based on services, the consulting segment held the leading share of the market in 2022.
- North America had the dominating share in the market share in 2022.
- The European region accounted for a notable share of the worldwide market in 2022.
Maintaining weight at a healthy level can be challenging for some people due to the body's complex genetic system. In addition, medical conditions, lifestyle, and diet, among others, are some of the factors that may contribute to weight gain in people.
MARKET DRIVERS:
The growth of the weight loss and diet management market is majorly driven by factors such as the increasing obese population, companies' promotional strategies, rise in disposable income, affordable cost of surgeries, and an increase in the diabetic population.
As per the World Health Organization, the obese population has doubled since 1980. In 2014, approximately 13% of the world's population was, and more than 600 million adults were obese. Additionally, obesity is linked to more deaths worldwide than underweight. However, obesity is preventable, and diet changes and fitness/physical activities can help reduce extra fat. Severe obesity can be treated through weight loss surgery (Gastric Bypass Surgery and Laparoscopic Sleeve Gastrectomy).
The prevalence of childhood obesity is increasing worldwide due to a lack of physical activity and unhealthy eating habits, which is anticipated to result in the growth of the weight loss and diet management market.
Child obesity has increased manifold over the years. According to the Childhood Obesity Foundation, approximately 150 million children have obesity, and the number of obese children may alarmingly rise to 206 million by 2025. Cases of childhood obesity due to hormonal problems are sporadic. In children, the total number of hours of inactivity increases as they spend a lot of time watching television and playing computer games. Overweight or obese children are more likely to be obese as adults and are more prone to developing diabetes and cardiovascular disease early. Worldwide, the number of overweight children (under five years) is estimated to be more than 41 million; about half of these children live in Asia. As a result of this trend, the demand for healthier diets is expected to increase worldwide. It is expected to provide significant growth opportunities for actively operative stakeholders in the market for weight-loss products and services.
The growing concern among people regarding health and wellness also fuels the growth of the weight loss and diet management market.
The COVID-19 pandemic taught people the importance of being healthy and increased awareness of weight loss, obesity, and diet. During the COVID-19 pandemic, due to the announced lockdowns and travel bans, physical activity was lacking among people, resulting in weight gain. In addition, factors such as the growing number of bariatric surgeries, rising adoption of weight loss and weight management programs, increasing disposable income in developing economies, sedentary living, and growing government initiatives to educate obese people are anticipated to showcase a favorable impact on the market growth. Furthermore, the increasing number of bariatric surgeries in major markets worldwide is expected to increase the number of bariatric surgery equipment and other products needed for these procedures.
MARKET RESTRAINTS:
High costs associated with low-calorie food & beverages, misleading promotional strategies, adverse effects of weight-loss supplements (liver damage), and side effects of weight-loss surgery (dizziness, nausea, bowel obstruction, and diarrhea) are a few of the factors hindering the market growth. Despite less stringent regulatory guidelines, the weight loss and weight management industry face challenges in adhering to regulatory guidelines for producing and marketing weight-loss products, particularly nutritional supplements. Because of the additional processing required for low-calorie products, low-calorie foods and beverages are generally more expensive than high-calorie foods. Besides, a low-calorie product contains vitamins and minerals, making the diet rich in nutrients. These factors add little value to the weight loss and weight management market, and the increasing adoption of low-cost/no-cost alternative products may slow down the growth of this market.
Impact of COVID-19 on the weight loss and diet management market:
The emergence of COVID-19 has positively impacted the weight loss and diet loss management market. As a result, people are becoming more health-conscious and unable to perform outside activities, and the demand for weight loss supplements, including green tea, has increased.Furthermore, as a result of the increased COVID-19 outbreak, nearly 88 percent of companies have encouraged their employees to work from home, resulting in a significant decrease in people's physical activity, resulting in weight gain and related problems, which is expected to propel the weight loss and obesity management market growth over the forecast period.
COVID-19 patients and those on the road to recovery rely heavily on nutrition. The body gets weakened during COVID-19, and the effects last days after the symptoms have subsided. As a result, consuming the right sort of food is critical for a complete and quick recovery. The main goal of a COVID patient's diet is to eat items that will help them rebuild muscle, immunity, and energy. Complex carbohydrates are abundant in whole grains, including ragi, oats, and amaranth. Protein-rich foods include chicken, fish, eggs, paneer, soya, almonds, and seeds. Healthy fats such as walnuts, almonds, olive oil, and mustard oil are advised these days. In addition, turmeric milk should be had once a day to enhance immunity. However, the Weight Loss and Diet Management Market is quickly reaching pre-COVID levels. A healthy growth rate is expected to be driven by the V-shaped recovery in most developing nations.
Weight Loss and Diet Management Market - By Diet:
- Food & Beverages
- Diet Supplements
Based on diet, the food & beverages segment is expected to account for the most prominent share of the market during the forecast period. The growing consumer awareness of low-calorie foods and beverages in developing countries and the rising population of obese people in the APAC region fuels the segment growth.
Weight Loss and Diet Management Market - By Equipment:
- Fitness Training Equipment
- Surgical Equipment
- Minimally Invasive/Bariatric Surgical Equipment
- Non-Invasive Surgical Equipment
The fitness training equipment segment is projected to witness significant growth during the forecast period based on the equipment. In addition, people are getting more health-conscious; therefore, the demand for weight loss supplements and the performance of outside activities have significantly increased.
Weight Loss and Diet Management Market - By Services:
- Fitness Centers
- Consulting Services
Based on the services, the consulting services segment is expected to grow significantly during the forecast period. The segment growth is primarily attributed to the increasing prevalence of obesity, growing health concerns, and rising awareness about maintaining healthcare. However, in the recent period, increasing applications, a rising number of online programs, and demand for preventing healthcare conditions such as diabetes and heart diseases are influencing the market growth.?
Weight Loss and Diet Management Market - By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Regionally, the weight loss and diet management market in North America?is anticipated to hold the largest share of the market over the forecast period, followed by the European region. Factors such as increased obesity and chronic diseases, increased awareness of nutrition and healthy lifestyles, rising number of gyms, and increased disposable income support this weight loss and diet management market.
The European weight loss and diet management market?is expected to account for a substantial market share during the forecast period. Growing disposable income in the European region and increasing concern among people are promoting the focus of people toward weight loss and diet management and driving market growth in this region. In addition, the YOY rise in the obese population further contributes to the market's growth rate. Countries such as France, Italy, Spain, Germany, and the UK are expected to hold the leading share of the EU market during the forecast period.
The weight loss and diet management market in the Asia Pacific is one of the promising regions in the market. It is likely to have the highest CAGR over the forecast period. The factors contributing to this growth are the rise in the population of obese people, an increase in the prevalence of diabetics, increasing awareness to take care of personal health, unhealthy lifestyles of people in this region, an increase in disposable income, and a low cost of bariatric surgery in the area.
The Latin American weight loss and diet management market is anticipated to hit a steady CAGR during the forecast period.
The weight loss and diet management market in MEA is gaining traction and is expected to register a healthy CAGR in the coming years.
NOTABLE COMPANIES IN THE MARKET:
Kellogg Company, Atkins Nutritionals, Inc., Herbalife Ltd., NutriSystem, Inc., Johnson Health Technology Co., Ltd., Ethicon, Inc., Weight Watchers International, Inc., VLCC Healthcare Ltd., eDiets.com, and Olympus Corporation are some of the significant companies in the weight loss and diet management market.
RECENT MARKET HAPPENINGS:
- In 2017,Atkins partnered with Conyers Park to expand the company's portfolio. This company has developed its platform due to increased investment opportunities in the snack products segment and the broader food category.
- In 2016,Atkins collaborated with Chef'd to offer a low-carb meal solution for health-conscious consumers.
- In 2017,Brunswick Corporation collaborated with VirZOOM Company to launch the VirZOOM solution to offer a virtual reality experience with their Life Fitness Discover SE3 bicycles.