Weight Loss Supplement Market size is set to grow by USD 1.53 billion from 2024-2028, Growing obese population boost the market, Technavio

NEW YORK, July 15, 2024 /PRNewswire/ -- The global weight loss supplement market size is estimated to grow by USD 1.53 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.96%  during the forecast period. Growing obese population is driving market growth, with a trend towards rise in promotional and marketing activities. However, marketing of weight management products  poses a challenge. Key market players include Abbott Laboratories, Ajinomoto Co. Inc., Amway Corp., Bioalpha Holdings Berhad, FANCL Corp., Glanbia plc, GlaxoSmithKline Plc, GNC Holdings LLC, Herbalife International of America Inc., Iovate Health Sciences International Inc., Market America Inc., Nature Sure, Natures Sunshine Products Inc., Nestle SA, Pfizer Inc., Shaklee Corp., Solace Nutrition, True Protein Pty Ltd., Vitaco Ltd., and Wolfson Holdco Ltd..

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Market Driver

Vendors in the weight loss supplement market are utilizing innovative strategies to boost product visibility and sales through online channels. These tactics include concept selling, where vendors promote the idea of fitness and weight loss to encourage consumer adoption. Conversely, online chat forums offer a platform for users to engage with each other and vendors, fostering product knowledge and interaction. Amway TALK is an example of such a forum, providing a space for users to discuss product features, consult with experts, and learn about various Amway brands. These forums benefit both vendors and users, as they facilitate peer discussions and expert consultations to aid in weight loss planning. These marketing activities are expected to fuel the expansion of the global weight loss supplement market. 

The weight loss supplement market is experiencing significant growth due to increasing obesity and Overweight or obesity rates, particularly among the Middle-class population and working class. The pandemic has led to a surge in sedentary lifestyles and unhealthy diets, creating new opportunities for weight loss solutions. Businesses are focusing on strategic alliances, personalized diet plans, online fitness programs, nutritional counseling, and fitness tracking apps to cater to the growing demand. The market comprises capsules and powders segments, with pills being the most popular choice. However, safety and efficacy remain key concerns. The MDPI study highlights the importance of addressing underlying health issues like Hypertension, Diabetes, Cardiovascular Diseases (CVDs), and cardiac arrest. Fitness centers, Gyms, and Health clubs are exploring downstream opportunities by offering weight management clinics and meal replacement liquids. The boutique fitness industry is also capitalizing on this trend by providing stress management programs and sleep quality improvement plans. Business decisions must consider the obstacles to weight loss, such as unhealthy diet and sedentary lifestyles, and offer effective, sustainable solutions. 

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Market Challenges

•         The weight loss supplement market faces several challenges in its growth due to various factors. Strict guidelines set by regulatory bodies, such as the FDA, necessitate that weight management products adhere to specific regulations to ensure consumer safety. The emergence of synthetic Curcumin in the industry has raised concerns over consumer health and industry credibility. Vendors must promote their products responsibly to build customer trust and avoid unethical marketing practices. Social media and online advertisements offer new marketing opportunities but come with their own set of restrictions, limiting the reach and messaging of weight loss supplement advertisements. These challenges, including the lack of uniform guidelines across regions and limited vendor responsibility, may hinder the growth of the global weight loss supplement market during the forecast period.

•         The weight loss supplement market faces several challenges. With the rise of health clubs and the promotion of healthy lifestyles, consumers are increasingly turning to natural methods for weight loss. However, the obese population, particularly the middle-class and working class, face obstacles such as household income and unhealthy diet. MDPI study reveals safety & efficacy concerns, making it crucial for companies to ensure transparency. The market comprises pills and powders segments. The pills segment includes various types, while the powders segment offers meal replacement liquids. Strategic alliances with fitness tracking apps, nutritional counseling, online fitness programs, personalized diet plans, sleep quality improvement, stress management programs, weight management clinics, exercise routines, health monitoring devices, and wellness retreats can help overcome these challenges. Obesity-related conditions like hypertension and stroke pose significant risks. Companies must address these concerns by focusing on upstream solutions, such as addressing the root causes of obesity and offering comprehensive weight loss solutions that include healthy lifestyle modifications. By prioritizing safety, efficacy, and customer satisfaction, the weight loss supplement market can thrive.

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Segment Overview 

This weight loss supplement market report extensively covers market segmentation by  

1. Distribution Channel
• 1.1 Online stores
• 1.2 Retail outlets
2. Type 
• 2.1 Pills
• 2.2 Powder
• 2.3 Liquid
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Online stores-  Online weight loss supplement markets witness an increasing trend towards sales through digital channels. Consumers can now compare products from various brands based on quality and health benefits on e-commerce platforms. With the rise in health concerns related to weight loss supplements, customers seek reliable sources for purchasing these products. Online stores provide a platform for reading customer reviews and feedback, enabling informed decisions. This transparency and convenience will boost the demand for weight loss supplements sold online, thereby expanding the global market during the forecast period.

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Research Analysis

The weight loss supplement market has experienced significant growth in recent years due to the increasing prevalence of overweight and obesity, driven by unhealthy diet and sedentary lifestyles. The pandemic further accelerated this trend as people sought ways to maintain a healthy lifestyle at home. The market is segmented into pills and powders, with pills being the largest segment. Businesses have adopted various strategies to expand their reach, including strategic alliances with fitness centers, gyms, and health clubs. However, safety and efficacy remain key concerns for consumers, especially given the potential risks of cardiac arrest, stroke, and other cardiovascular diseases (CVDs) associated with obesity and unhealthy weight loss. A recent MDPI study highlighted the importance of consulting dieticians and healthcare professionals before using weight loss supplements. The middle-class population and obese population are the primary target demographics, with a growing emphasis on achieving a perfect body physique. Business decisions are influenced by the boutique fitness industry and the increasing number of gym members seeking supplements to complement their fitness regimens. 

The Weight Loss Supplement market has experienced significant growth in recent years due to the increasing obesity and overweight population, particularly in the middle-class and working class. The pandemic has further accelerated this trend as people look for ways to maintain a healthy lifestyle while staying at home. Businesses in this sector employ various strategies to cater to this demand. Capsules and powders are popular forms of weight loss supplements, with the pills segment accounting for a larger share of the market. MDPI studies suggest that these supplements can aid weight loss by suppressing appetite, increasing metabolism, and reducing fat absorption. However, safety and efficacy remain key concerns for consumers. Fitness tracking apps, nutritional counseling, online fitness programs, personalized diet plans, and stress management programs are complementary offerings that help address these concerns and provide a more holistic approach to weight loss. Strategic alliances with gyms, fitness centers, health clubs, and boutique fitness industries have also been instrumental in expanding the market reach. Downstream players in the value chain include dieticians, meal replacement liquids, and health monitoring devices. The market faces obstacles such as regulatory challenges, competition from alternative weight loss methods, and the high cost of some supplements. Cardiovascular diseases (CVDs), diabetes, hypertension, and cardiac arrest are some health issues associated with obesity that further fuel the demand for effective weight loss solutions. In conclusion, the weight loss supplement market is expected to continue growing as people seek convenient and effective ways to manage their weight and improve their overall health. Businesses must make strategic decisions to address safety concerns, cater to diverse consumer needs, and navigate regulatory challenges to capitalize on this trend.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Online Stores
• Retail Outlets
• Type
• Pills
• Powder
• Liquid
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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