The latest market research report by Technavio on global weight loss supplement market predicts a CAGR of close to 6% during the period 2018-2022.
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Technavio has published a new market research report on the global weight loss supplement market from 2018-2022. (Graphic: Business Wire)
The report segments the global weight loss supplement market by distribution channel (online stores and retail outlets), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global weight loss supplement market, according to Technavio researchers:
- Growing obese population: a major market driver
- Rise in promotional and marketing activities is one of the trends boosting the growth of the market
- The Americas dominated the global weight loss supplement market with more than 43% share in 2017
- DePuy Synthes, Medtronic, Smith Nephew, Stryker, and Zimmer Biomet are the leading players in the market
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Growing obese population: a major market driver
Growing obese population is one of the major factors driving the global weight loss supplement market. The cases of obesity are increasing across the globe. The prevalence of obesity has more than doubled between 1980 and 2014 across the world. In 2014, approximately 1.9 billion adults were overweight among which 600 million or nearly 31% were classified under the obese category. In addition, the prevalence of obesity was more among women that contributed to around 15% of the total women population. Several countries have adopted policies to prevent obesity from spreading further. Many countries have developed multi-stakeholder frameworks, involving business and civil society factors in the development of public health policies.
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Rise in promotional and marketing activities to boost market growth
To increase the product visibility and sales through online channels, vendors are following several innovative strategies and weight loss supplement is no exception. These strategies are designed to increase product visibility and to increase product penetration in the global weight loss supplement market. The weight loss supplements are designed and manufactured by the vendors to allow users to continue with their regular diet. Concept selling is an essential strategic tactic used by vendors to create awareness about their products. Vendors sell the idea of being fit to encourage consumers to lose weight. Such marketing activities help vendors sell a range of weight loss supplements.
Americas: largest weight loss supplement market
The global weight loss supplement market has been segmented into the Americas, EMEA, and APAC. The Americas accounted for the highest market share in 2017, occupying more than 43% of the market share. This was due to the increased awareness about weight loss supplements in the region, which is further supported by increased disposable income and higher healthcare spending. In 2017, the Americas was followed by EMEA and APAC.
According to a senior analyst at Technavio for research onhealth and wellness, "The increase in disposable income, increasing healthcare expenditure, growing product penetration, and rise in the market presence of prominent vendors are some of the factors that are expected to drive the market in APAC during the forecast period. Due to these factors, APAC will be the fastest growing market during the forecast period. Likewise, internet penetration in MEA will also lead to an increase in adoption of online stores and will influence the growth of the market in EMEA."
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