Market Research Report
Weight Management Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Weight Management Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 90 Pages
Delivery time: 2-3 business days
Global weight management products market is projected to grow at a CAGR of 8.6 % during the forecast period.
Fitness, a term that has become a common adaptation among individuals across all regions, has developed and is reimagined with diets, nutrition, supplements, and club features. On the other hand, new routines inclusive of CrossFit, rock climbing, vigorous types of yoga, Pilates, barre classes, circuit training, have been prominent across developed countries. Such regions have witnessed a strong participation rate, followed by factors, such as lifestyle preferences, hectic schedule leading to bodily ailment, and a growing share of disposable income among consumers. According to the IHRSA (International Health, Racquet & Sportsclub Association), USD 30 billion health and fitness industry in the United States has been growing by at least 3-4% annually, for the past ten years, and shows no signs of slowing down anytime soon. If anything, it's accelerating and currently, as of 2018, about 20% of American adults have a fitness club membership, a number that could easily double over the next decade. Furthermore, the cost of health insurance, along with the spending on healthcare is escalating, where insurance companies are pivoting their interest toward consumers that shows a strong inclination toward healthy lifestyles. Along with this, many employers and insurers now cover the costs of a health club membership or studio classes, as long as an employee can show they actually use them.
More than two-thirds of adults and almost one-third of children and youngsters are overweight or obese in North American countries like the United States. Moreover, approximately 67% of those obese in the country are trying to lose weight. The lifestyle changes, like following a healthy eating pattern, reducing caloric intake, and engaging in physical activity are the basis for achieving long-term weight loss. Consumers perceive diet and lifestyle changes as difficult, and, in turn, prefer fat burn supplements for weight loss in anticipation that these products will help to achieve weight-loss goals. Manufacturers in the market promote these products with various claims, including that these products reduce macronutrient absorption, appetite, body fat, and weight and increase metabolism and thermogenesis. Also, the U.S. Food and Drug Administration (FDA) regulates weight loss supplements to ensure products are safe, and their label claims are truthful and not misleading.
Major players are focusing on product innovation in the market to expand their presence in the market, to enhance their brand portfolio, and to cater to various preferences of consumers. Consumers prefer innovation in weight management products such as fat burners, an example of which is the flavors and unique packaging. The major players are focusing on introducing new products in the market to cater to the interests of the consumers. For instance, In 2018, General Nutrition Centers Inc. launched Earth Genius, a new line of more than 40 nature-inspired products. Amway Corp. is focusing on developing new ways to grow nutrients by experimenting with different types of botanicals, growing methods, and seeds that are used in its Nutrilite supplements and vitamins.