Impact of COVID-19 on Weight Loss Products Market: The Challenges, Demand, Solutions and Opportunities
Global Weight Loss Products Market Research Report by Type (Food, Beverages, and Supplements), Distribution Channel (Store-Based and Non-Store-Based), and Region (North America, Europe, Asia-Pacific, and Rest of the World) – Forecast till 2024
Market Scenario
Weight Loss Products Industry is projected to register a significant growth rate of 8.95% from 2019 to 2024 and reach a market value of USD 408.36 billion by the end of 2024. Weight loss products are products which lower or control body fat level in humans. Factors resulting in overweight and obesity are high consumption of fast food, increased portion size, and lack of physical activities. Increasing body fat further pose several health risks such as high mortality rate, unhealthy cholesterol levels, and cardiovascular diseases.
These factors have led to the adoption of weight loss products in daily lifestyle. The global market is majorly growing due to the increasing importance of a healthy lifestyle and ill effects of obesity. However, high cost of low-calorie diets and deceptive marketing practices are expected to hinder the market growth during the forecast period.
Key Players
General Mills, Inc. (US), Amway (US), Conagra Brands, Inc. (US), Cargill, Incorporated (US), Abbott Laboratories (US), Kraft Foods Group, Inc. (US), The Coca-Cola Company (US), PepsiCo, Inc. (US), Atkins Nutritionals, Inc. (US), and Brunswick Corporation (US) are some of the key players in the global weight loss products market.
Segmentation
The global weight loss products market has been segmented based on type, distribution channel, and region.
The global market has been classified, based on type into, food, beverages, and supplements. The food segment is further divided into meal replacements, low-calorie sweeteners, low-calorie food, and organic food. The beverages segment is further divided into diet soft drinks, herbal tea, slimming water, and others. The supplements segment has been further bifurcated into protein supplements, fiber supplements, medium-chain triglycerides, and others.
The global market has been segmented, based on distribution channel, into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, specialty stores, convenience stores, and others.
The global market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American weight loss products market has further been segmented into the US, Canada, and Mexico.
The European weight loss products market has been classified into the UK, Germany, France, Italy, Spain, and the rest of Europe.
The weight loss products market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The weight loss products market in the rest of the world has been segmented into South America, the Middle East, and Africa. Kemin Industries, Inc. (US)
Regional Market Summary
Globally, weight loss products market in North America is anticipated to be the dominating market with a market share of 47.8% in 2018. Growing incidences of cardiovascular diseases and obesity have given rise to the inclination for weight loss activities as well as increasing number of health clubs and fitness institutes are expected to boost the regional market growth during the forecast period.
The weight loss products market in Asia-Pacific is projected to register the highest growth rate during the forecast period. Rising per capita disposable income and increasing awareness about nutrition and a healthy lifestyle are the major factors driving the growth of the market in Asia-Pacific