The global weight loss supplements market size was valued at USD 33.4 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 16.6% from 2021 to 2028. The rising cases of obesity and related health ailments, such as Cardiovascular Diseases (CVDs), diabetes, and hypertension, are expected to drive product demand. As per the World Health Organization estimates in June 2021, approximately 2.8 million individuals die every year due to overweight or obesity. In addition, as of 2021, WHO estimates approximately 115 million individuals are suffering from obesity-related ailments in developing countries.
The abovementioned factors are expected to propel market growth. Government and private health organizations are designing and implementing global obesity epidemic awareness programs and events to promote the necessity of maintaining nutritional well-being and normal body weight by inculcating healthier dietary habits and pursuing an active, physical lifestyle. As per RunRepeat statistics in 2020, there are more than 184 million gym members across the globe and the number of gym members has risen by 37.1% from 2008 to 2018. In addition, the boutique fitness industry is expected to add over 2,000 new studios across the globe in the next five years.
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Key Player Mentioned:
- Glanbia PLC
- GlaxoSmithKline PLC
- Herbalife Nutrition Ltd.
- Abbott
- Kellogg Company
- Nestle
- Kraft Heinz Company
- Amway Corp.
- PepsiCo
- Ajinomoto Co. Inc.
Product Segment Analysis:
- Liquid
- Powder
- Softgels
- Pills
- Others
Key market players are constantly focusing on devising innovative product strategies to expand their existing product portfolios. In addition, these players are focusing on merger & collaboration strategies to support product research & development.For instance, in 2018, Glanbia, plc. acquiredSlimFast, weight management, and health & fitness brand. The acquisition helped the company expand its portfolio of products for weight management. The brand is planned to be operated under the company’s performance nutrition segment.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The abovementioned factors are expected to propel market growth. Government and private health organizations are designing and implementing global obesity epidemic awareness programs and events to promote the necessity of maintaining nutritional well-being and normal body weight by inculcating healthier dietary habits and pursuing an active, physical lifestyle. As per RunRepeat statistics in 2020, there are more than 184 million gym members across the globe and the number of gym members has risen by 37.1% from 2008 to 2018.
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