Dietary supplements, in the form of tablets, capsules, softgels, powder, and liquid, that aid in reducing body weight, are referred to as weight loss products or supplements. The global weight loss supplements market is expected to garner a revenue of USD 40 Billion by 2024 and register a CAGR of 5.5% during the forecast period of 2019 to 2024. The market is expected to become lucrative over the years to come owing to the increasing trend of fitness among the population, especially those of the age group of 25 and above, as a part of overall personality development. Rising focus of a section of the youth on their body weight is expected to render profitable opportunities to the market players during the forecast period. Additionally, increasing research and development investments, by the manufacturers of weight loss & diet management products, to cater to the changing consumer needs are helping the growth of the global weight loss supplements market.
By distribution channel, the global weight loss supplements market has been classified as store-based and non-store-based. The store-based segment has been further segregated into hypermarkets and supermarkets, drug stores, and others. The store-based segment is expected to garner the larger market share during the review period owing to the high sales of weight loss supplements through drug stores, which itself is the largest revenue generating sub-segment in the store-based sales of weight loss supplements. However, the non-store-based segment is expected to register the higher CAGR during the forecast period owing to the increasing proliferation of e-commerce in the pharmaceutical and nutraceutical industry.
Key Players
Some of the key players in the global weight loss supplements market are Iovate Health Sciences International Inc. (Canada), Amway (US), GlaxoSmithKline plc (UK), Herbalife International of America, Inc. (US), Shaklee Corporation (US), Glanbia plc (Ireland), Abbott (US), General Nutrition Centers, Inc. (US), Ultimate Life Ltd. (UK), Vitaco (New Zealand), Wolfson Berg Limited (Cyprus), ABH Pharma Inc. (US), Transparent Labs (US), Dub Nutrition (US), EuroPharma USA (US), and Nutratech Ltd (New Zealand).
Some of the strategies followed by the players operating in the market were product launches, mergers, agreements, and joint ventures.
Regional Analysis
The global weight loss supplements market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is projected to dominate the global weight loss supplements market owing to the growing health concerns among consumers. In addition, the presence of several prominent market players in the region is driving the growth of the North American weight loss supplements market. However, the market in Asia-Pacific is expected to register the highest growth rate during the forecast period owing to the rise in population, suffering from obesity, and rising per capita disposable incomes of the people in the region.
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