Market Overview:
The global weight loss supplements market size was valued at USD 24.63 billion in 2023 and is expected to be worth USD 27.89 billion in 2024. The market is projected to reach USD 77.21 billion by 2032, recording a CAGR of 13.57% during the forecast period.
Weight loss supplements consist of a blend of minerals, herbs, and fibers aimed at assisting individuals in shedding pounds by curbing appetite, boosting metabolism, and enhancing fat burning. Key drivers for the growing use of appetite suppressants include the rising prevalence of obesity, heightened health awareness, and the introduction of advanced fat-burning supplements.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Amway Corporation (U.S.)
- Herbalife Nutrition (U.S.)
- GNC (U.S.)
- Fermentis Life Sciences (India)
- Glanbia Performance Nutrition Inc., (Ireland)
- Ajinomoto Health & Nutrition (U.S.)
- Nestle Health Science (U.S.)
- GlaxoSmith Kline plc (U.K.)
- Shaklee Corporation (U.S.)
- Iovate Health Sciences International Inc. (U.S.)
Segmentation:
Powders Segment Led Market as it Facilitates Rapid Absorption and Allows for Flexible Dosing
Based on form, the market is distributed into powders, tablets, capsules, liquids, and others. The powders segment was the leading contributor to the market revenue in 2023 primarily due to the advantages of the powder form of the supplement, which facilitates rapid absorption and allows for flexible dosing.
Natural/Botanical Extracts Dominates Market Due to Their Ability to Regulate Appetite and Enhance Glucose and Lipid Metabolism
Based on product type, the market is segmented into vitamins, minerals, amino acids, proteins, natural/botanical extracts, and others. Natural/botanical extract-based weight loss supplements have emerged as the dominant category in the market, effectively securing the top position. These supplements enriched with natural extracts are recognized for their ability to regulate appetite and enhance glucose and lipid metabolism, establishing them as a viable option for obesity management.
19 to 40 Years Segment Dominates Market Due to Increasing Risk of Obesity
Based on end-user, the market is distributed into under 18, 18 to 40, 41 to 50, and above 50 years. The 19 to 40 age segment dominates the market and is projected to continue growing at a similar rate during the forecast period. Individuals within this age range often maintain demanding lifestyles, leading to a reliance on heavily processed food options. This trend contributes to poor dietary choices, increasing the risk of obesity and subsequently driving the consumption of appetite suppressants.
Supermarkets/Hypermarkets Dominated Market Due to Advantages of Product Selection and Cost-Savings
Based on distribution channel, the market is distributed into supermarkets/hypermarkets, pharmacies/drug stores, specialty stores, online retail, and others. The supermarkets/hypermarkets segment emerged as the dominant force in the market in 2023, primarily due to the advantages of product selection and cost savings. These retail establishments offer a wide range of products from numerous national and private-label brands, effectively capturing consumer interest and attention.
With respect to region, the market covers North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Source: https://www.fortunebusinessinsights.com/weight-loss-supplements-market-110638
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, product types, forms, end-users, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increased Demand for Plant-Based Ingredients in Dietary Supplements to Fuel Market Growth
In today’s world, personal health and wellness have evolved significantly. Consumers now expect products made from sustainable and safe ingredients, driven by increased awareness of product quality and animal welfare. This demand for clean-label products is boosting the popularity of plant-based ingredients in dietary supplements. Natural extracts, such as green tea extracts, ginseng, and aloe vera, are favored for weight loss due to their appetite-suppressing and fat-burning properties. These ingredients are observed as healthier and safer alternatives to artificial compounds, appealing to those pursuing holistic weight management solutions.
However, one of the primary challenges for consumers of weight loss supplements is the significant risk of side effects, which is expected to impede the weight loss supplements market growth.
Regional Insights:
North America Dominates Market Due to Heightened Risk of Obesity
North America accounted for a substantial weight loss supplements market share of 42.12% in 2023. This dominance is largely attributed to consumers’ fast-paced lifestyles, which have led to a reliance on ultra-processed, ready-to-eat foods that are high in calories but deficient in essential nutrients. Consequently, this dependency heightens the risk of obesity, thereby increasing the demand for weight loss supplements.
Europe ranks second and is projected to experience significant growth in the coming years. Rising obesity rates in Europe have resulted in an increased prevalence of chronic health conditions. This scenario compels consumers to consider weight loss supplements as a viable option to alleviate the challenges associated with obesity.
Competitive Landscape:
Major Players to Focus on Introducing New Productsto Support Healthier Lifestyle
The major players operating in the global market are Amway Corporation, GNC, Herbalife Nutrition, and Nestle Health Science. In today’s world, many consumers are facing obesity issues and seeking ways to mitigate the risk of weight gain. To address these challenges, manufacturers are launching weight loss products designed to support a healthier lifestyle.
Notable Industry Development:
December 2023: Massachusetts Institute of Technology Department of Medical Engineering announced the launch of an ingestible capsule specifically designed to address obesity risk. Developed by MIT Engineers, this innovative capsule vibrates within the stomach to create a sensation of fullness, thereby reducing appetite.