According to market research report Weight Loss and Weight Management Market to grow from $175.94 billion in 2017 to $303.81 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.
Increasing number of bariatric surgeries, growing rate of obesity, increasing prevalence of lifestyle diseases, and launch of new and advanced products are the factors driving the growth of the market.
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By equipment, the weight loss and weight management market is segmented into fitness equipment and surgical equipment. The fitness equipment segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the continuous technological advancements in fitness equipment and growing accessibility to gyms.
Based on diet, the weight loss and weight management market is segmented into meals, beverages, and supplements. In 2017, the beverages segment is expected to account for the largest share of the weight loss management market. Growth in this segment is majorly driven by the growing diabetic population across the globe.
Prominent players in the weight loss and weight management market, by diet, include Atkins Nutritionals, Inc. (Atkins) (US), Herbalife Ltd. (Herbalife) (US), Nutrisystem Ltd. (Nutrisystem) (US), and Kellogg Company (Kellogg) (US).
Ethicon, Inc. (Ethicon) (US), Covidien, plc. (Covidien) (US), Apollo Endosurgery (US), and Olympus Corporation (Olympus) (Japan) are some prominent players in the surgical equipment market, while Brunswick Corporation (Brunswick) (US), Amer Sports (Finland), Johnson Health Technology, Ltd. (Johnson Health Tech) (Taiwan), Cybex International (Cybex) (US), and Technogym SpA (Technogym) (Italy) operate in the fitness equipment segment.
Opportunity: Increasing rate of childhood obesity
The prevalence of childhood obesity is increasing across the globe owing to factors such as the lack of physical activity and unhealthy eating habits. Cases where childhood obesity is caused due to hormonal problems are very rare. In children, the total number of inactive hours is increasing as they are spending a significant amount of time in front of the television and playing computer games. Overweight or obese children are more likely to be obese in their adulthood and are more prone to suffer from diabetes and CVD at an early age. In 2014, globally, the number of overweight children (under the age of 5) was estimated to be over 41 million (Source: World Health Organization); around half of these children are living in Asia. As a result of this trend, the demand for healthier balanced diets is expected to increase across the globe. This, in turn, will provide significant growth opportunities for players operating in the weight loss and weight management products and services market.
Challenge: Increasing stringency of regulation
Despite less stringent guidelines by regulatory authorities, the weight loss and weight management industry faces challenges in terms of meeting regulatory guidelines for the manufacturing and marketing of weight loss products, especially dietary supplements. For instance, in August 2017, Amrita Health Foods voluntarily recalled Protein Bars due to possibilities of being contaminated with Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections and weaken the immune system.
In May 2017, Herbalife voluntarily recalled lots of its Protein Bar - Peanut Butter as the product had chances to contain a trace amount of fish gelatin, which was added as part of a flavoring ingredient provided by a third-party supplier. Similarly, in June 2015, the Food Safety and Standards Authority of India (FSSAI) ordered the recall of four protein supplements—Mulmin Pro, Mulmin Syrup, Mulmin Plus Capsule, and Mulmin Drops from Juggat Pharma (India) as they were against the standards set by National Recommended Dietary Allowance (RDA). Hence, FSSAI recommended the rejection of the product approval. In 2014, the FDA issued 30 public notifications and recalled 7 tainted weight loss products from the US market.
Also, in the same period, the FDA issued warning letters and legal cases against manufacturers who are responsible for false marketing of weight loss products. Considering such developments, quality assurance, coupled with ensuring compliance with regulatory guidelines, is a challenging task for manufacturers.
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Market growth can be attributed to increasing obese population, increasing number of bariatric surgeries, growing adoption of online weight loss and weight management programs, rise in disposable income in developing economies, sedentary lifestyle, and increasing government initiatives for creating awareness among obese populations.What the Market Looks Like?According to the new market research report the weight loss and weight management market is expected to reach USD 245.51 billion by 2022 from USD 175.94 billion in 2017, at a CAGR of 6.9%.
The market in Asia is expected to grow at the highest CAGR during the forecast period.Download Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1152 Major Market DevelopmentsIn 2017, Conyers Park and Atkins combined to form a new holding company, The Simply Good Foods Company.
This company is expected to expand its platform through investment opportunities in the snacking space and broader food category.In 2017, Brunswick partnered with VirZOOM to launch the VirZOOM solution, which is expected to transform Life Fitness's Discover SE3 bikes into aVirtual Reality In 2016, Brunswick acquired Indoor Cycling Group (ICG).
The acquisition expanded Brunswick’s portfolio of fitness products.In 2016, Atkins partnered with Chef'd to launch a low carb meal solution for health-conscious consumersProduct launches accounted for the largest share of the overall growth strategies mapped from 2014–2017.
Some of the leading players who adopted this strategy are Atkins Nutritionals (US), Brunswick (US), Nutrisystem (US), Weight Watchers (US), Amer Sports (Finland), Herbalife (US), and Johnson Health Technology (Taiwan).Prominent players in the weight loss and weight management market, by diet, include Atkins Nutritionals, Inc. (Atkins) (US), Herbalife Ltd. (Herbalife) (US), Nutrisystem Ltd. (Nutrisystem) (US), and Kellogg Company (Kellogg) (US).Ethicon, Inc. (Ethicon) (US), Covidien, plc.
(Covidien) (US), Apollo Endosurgery (US), and Olympus Corporation (Olympus) (Japan) are some prominent players in the surgical equipment market, while Brunswick Corporation (Brunswick) (US), Amer Sports (Finland), Johnson Health Technology, Ltd. (Johnson Health Tech) (Taiwan), Cybex International (Cybex) (US), and Technogym SpA (Technogym) (Italy) operate in the fitness equipment segment.Read more: https://www.marketsandmarkets.com/PressReleases/weight-loss-obesity-management.aspMarket DynamicsFitness Centres and Health ClubsFitness centers offer group exercises, personalized programs, timely body composition analyses, water workouts, yoga sessions, spinning sessions, and cardiovascular exercises for weight management and physical health and fitness.
