Weight loss diet products market

The proven ways to lose weight are cutting calories, eating healthy foods, and being physically active. However, bringing these changes in lifestyle is not easy, so people consume weight loss diet products in order to lose weight more efficiently. Weight loss diet products includes several beverages, supplements, and food items, which help to manage weight.

Among product type, beverages segment accounted for the largest market share of around 44.0% in 2018 and it is expected to witness growth during the forecast period. Weight loss diet food includes meal replacements, low calorie sweeteners, low calorie food, and beverages such as herbal tea, green tea, slimming water, diet soft drinks, and others. Furthermore, dietary supplements include diet pills and weight loss pills.

Market Dynamics:-

Increasing awareness regarding health and obesity has augmented growth of the weight loss diet products market. According to the World Health Organization (WHO), by February 2018, global obesity tripled since 1975 and in 2016, more than 1.9 billion adults aged 18 years and above remained overweight. Of these, over 650 million adults were obese. Owing to increasing prevalence of lifestyle disorders such as diabetes and cardiovascular diseases due to overweight and obesity, consumers are using various weight loss diet products such as better-for-you-food and beverages, weight loss pills, and others. This is driving growth of the weight loss diet products market, globally.

Moreover, rising number of bariatric surgeries is expected to drive growth of the weight loss diet products market over the forecast period. According to the American Society for Metabolic and Bariatric Surgery statistics published in June 2018, in 2017, around 228,000 bariatric surgeries were done, which increased from 158,000 in 2011. Rising number of bariatric surgeries is resulting in significantly increasing adoption of weight loss diet products, as weight loss diet products are used after the surgery to remain healthy and fit. This scenario is positively contributing to growth of the market.

Market Outlook:-

North America accounted for the largest revenue share of around 31.0% in the global weight loss diet products market in 2018 and is expected to retain its dominance over the forecast period. Asia Pacific is expected to be the fastest growing region in the market during the forecast period, owing to the presence of emerging economies such as China, India, and Indonesia, and rising obesity rates in the region.

However, increasing cost of raw materials is likely to hamper the weight loss diet products market growth in the near future. The price of whey proteins increased rapidly over the past few years, as they are primary ingredients in meal replacements. Moreover, the price of stevia, an artificial sweetener, has increased, owing to its rapidly increasing global demand. Stevia is a premium-priced sweetener and its usage as an ingredient in food & beverages has increased, thus leading to increasing price of the end product. According to Overseas Development Institute, in high-income countries, over the past 30 years from 2015, the cost of healthy items in a diet has increased more than that of less healthy options, thereby encouraging consumption of diets that lead to excess weight.

Key Players:-

Major players operating in the global weight loss diet products market include Atkins Nutritionals, Inc., Herbalife Nutrition, Nestle S.A. (Optifast), Medifast, Inc., Robard Corporation, Physicians Weight Loss, Nu-Skin, Visalus, WW International, Inc., and VLCC Healthcare Ltd.

Market Taxonomy:-

On the basis of product type, the global weight loss diet products market is segmented into:

• Food
• Beverages
• Supplements

On the basis of distribution channel, the global weight loss diet products market is segmented into:

• Online Channels
• Hypermarket
• Supermarket
• Specialty Stores
• Medical Stores/Pharmacies

On the basis of region, the global weight loss diet products market is segmented into:

• North America
  • U.S.
  • Canada
  • Mexico
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Australia
  • Rest of Asia Pacific
• Middle East
  • Gulf Cooperation Council (GCC)
  • Israel
  • Rest of Middle East
• Africa
  • Northern Africa
  • South Africa
  • Central Africa

Weight Loss Diet Products Market Key Developments:

• In July 2016, Atkins Nutritionals, Inc. introduced its new step-by-step meal kit for consumers who are focused on weight loss. The meals offered include, Frozen Foodie Meal Kit, Evening Chef Meal Kit, and Easy Peasy Meal Kit which includes Atkins low-carb products. These kits are offered on the website of the company ‘Atkins.com’ and are delivered to customer’s home.
• In April 2019, a weight loss hydrogel ‘PLENITY (Gelesis100)’, which is developed by Boston based biotechnology company Gelesis, Inc., received clearance from United States Food and Drug Administration (FDA) to enter commercially in the market. PLENITY is an orally administered, non-stimulant, and non-systemic capsule which can be used in weight management diets in adults having Body Mass Index (BMI) of 25–40 kg/m². This can be used along with other weight loss diet products and exercise activities.
• In November 2019, Weight Watchers Reimagined launched ‘myWW’ which is a customized weight-loss program. The program includes three plans, Green, Blue and Purple which are based on company’s SmartPoints system and ZeroPoint foods. Each of these plans offer customized food recipes, activity recommendations, and mindset skills for weight management.