by Weight loss diet products such as meal replacement shakes, supplements and apps have gained significant popularity in recent years owing to the growing prevalence of obesity and increasing health awareness among people globally. These products facilitate weight management through portion-controlled low-calorie meals and dietary counseling. Meal replacement products are available in powdered or bar form and are nutritionally balanced to provide required nutrients. Supplements contain ingredients like green tea extract, caffeine and Garcinia Cambogia that aim to boost metabolism and suppress appetite. Additionally, weight loss apps provide customized diet plans and track calorie intake and physical activity to help users attain their weight goals systematically.
The global Weight Loss Diet Products Market is estimated to be valued at US$ 206.04 billion 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:
The market has seen rising demand for natural and plant-based weight loss products in recent years due to growing health concerns regarding synthetic ingredients and stimulants. Many new players are focusing on using ingredients such as protein extracts from plant sources like nuts and seeds, prebiotics, probiotics along with superfoods like acai berries, matcha and goji berries which are believed to boost metabolism and weight loss naturally. Furthermore, customized nutritional counseling based on individual requirements and calorie tracking apps integrated with smart wearable devices are becoming immensely popular. They provide personalized daily calorie budgets, meal plans and assist users in attaining weight goals through continuous remote guidance and monitoring of their progress. This trend is expected to drive higher adoption of digital and customized weight loss solutions.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants in the weight loss diet products market is moderate. Existing players have strong brand recognition and distribution networks that provide them an advantage over new entrants. However, the market is growing and there are opportunities for new products.
- Bargaining power of buyers: The bargaining power of buyers in the weight loss diet products market is high. Buyers have a variety of product options from different brands at various price points. They can also opt for generic weight loss methods instead of branded products.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers of raw materials play an important role, manufacturers and brands hold more power due to their established position and relationships in the supply chain.
- Threat of new substitutes: The threat of substitutes is high in the weight loss diet products market. Consumers can adopt alternative weight loss methods like exercise, surgery or generic low-calorie diets instead of branded products.
- Competitive rivalry: The competitive rivalry is high with the presence of several global and regional players. Companies compete based on product variety, customization, pricing and branding.
Key Takeaways
The global weight loss diet products market is expected to witness high growth over the forecast period. North America currently dominates the market owing to high health awareness and busy lifestyles leading to the adoption of convenience diet products. However, Asia Pacific is expected to grow at the fastest pace with improving incomes and increasing obese population in large markets like India and China.
Regional analysis: North America holds the largest share in the weight loss diet products market led by the United States. Growing obese population, rising health awareness and busy work schedules are driving the sales of packaged diet foods and supplements. However, Asia Pacific is poised to witness the highest growth with increasing focus on fitness among youngsters and rising middle class spending on fitness and appearance. China, Japan and India offer lucrative opportunities for players given their large consumer base.
Key players: 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 dominates the category with its low-carb diet program. Herbalife Nutrition enjoys significant sales of its protein powders and meal replacement shakes.
