Portland, OR, Nov. 05, 2020 (GLOBE NEWSWIRE) -- According to the report, the global, global weight loss and weight management diet market generated $192.2 billion in 2019, and is projected to reach $295.3 billion by 2027, registering a CAGR of 10.6% from 2021 to 2027. The report provides a detailed analysis of changing market trends, major winning strategies, key segments, drivers & opportunities, and competitive scenario.
Increases in obese population, unhealthy lifestyle, and rise in disposable income are the major factors that propel the growth of the global weight loss and weight management diet market. In addition, the government initiatives and awareness campaigns and attractive marketing and promotion strategies further fuel the market growth. Nevertheless, rising raw-material prices, negative effects of ingredients used in low-calorie food & beverages, and government regulationsrestrain the market growth. Moreover, untapped developing markets and health and fitness consciousness offer new opportunities in the near future.
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Covid-19 scenario:
- The demand for weight loss supplement during Covid-19 has been increased as gyms, all over the world, have been closed.
- Secondly, as people are getting more health conscious, and are unable to performs outside activities, the demand for weight loss supplements including green tea have been increased.
The better for you segment contributed to the largest share in 2019-
Based on food type, the better for you segment contributed to the largest share in 2019, accounting for more than four-fifths of the global weight loss and weight management diet market, and is estimated to maintain its dominant position during the forecast period. The ingredients used in preparation of food and beverages included in the segment contain minimal amount of fats, sugar and sodium. This factor drives the growth of the segment. On the other hand, the low calorie sweetener segment is expected to register the highest CAGR of 10.2% from 2021 to 2027. This is attributed to the health benefits associated with low calorie sweeteners.
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The hypermarket/supermarket segment to dominate the market in 2019-
Based on sales channel, the hypermarket/supermarket segment accounted for the largest share in 2019, holding nearly two-thirds of the global weight loss and weight management diet market, and is expected to maintain the largest share throughout the forecast period. The growing demand of high-end, healthy food & beverage products has driven the growth of the segment. On the other hand, the online channel segment is estimated to portray the highest CAGR of 8.5% during the forecast period. This is attributed to the increasing Internet penetration and availability of lucrative offers and discounts
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North America to rule the roost throughout the forecast period-
Based on region, North America contributed to the highest share, accounting for more than one-third of the global weight loss and weight management diet market in 2019, and will maintain its dominance throughout the forecast period. The North American region has the highest population of obese individuals, which drives the market growth in this region. On the other hand, Asia-Pacific is expected to grow at the highest CAGR of 8.6% from 2021 to 2027. Increase in per-capita income of consumers coupled with rise in number of obese individuals are the major factors fostering the growth of market in Asia-Pacific. Moreover, increasing preference towards fast foods and snacks has aggravated the problem of obesity in the region which further augments the market growth in this province.
Leading market players-
- Cargill Incorporated
- Pepsico, Inc.
- Kellogg Company
- General Mills Incorporation
- Nutrisystem, Inc.
- Abbott Laboratories Inc.
- Weight Watchers, Inc.
- Kraft Foods, Inc.
- Ingredion, and Medifast, Inc.
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