Weight Management Supplement Market Set to Soar at 14.2% CAGR through 2034 Amid Rising Prevalence of Obesity Globally | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Weight loss supplements refer to dietary supplements that aid in weight loss by preventing the absorption of fat or carbs, reducing hunger, or accelerating metabolism. However, there is few scientific proofs that diet pills are effective. These supplements boost metabolism and thermogenesis while decreasing macronutrient absorption, hunger, body fat, and weight. The United States and India are predicted to remain the top consumers, with estimated valuations of US$ 4.1 billion and US$ 3.8 billion, respectively, in 2034.
NEWARK, Del, April 17, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights, sales of weight management supplements are estimated to total US$ 5.24 billion in 2024 and further grow at 14.2% CAGR over the next ten years. By 2034, the global market size is predicted to reach US$ 22.3 billion.
Several factors are spurring growth of the weight management supplement market. These include growing incidence of obesity and other weight-related diseases, rising health consciousness, e-commerce growth, and innovations in weight loss solutions.
Amid hectic lifestyles and unhealthy eating habits, cases of obesity have been on the rise during the last few years. This, in turn, is creating a high demand for weight management solutions as people seek to reduce their weight and enhance their health.
People are realizing the health risks associated with obesity, such as diabetes and heart disease. This is prompting them to take more proactive measures like consuming weight management supplements to manage their weight.
Advertisements, social media influence, and celebrity endorsements are acting as catalysts triggering market growth. Many famous celebrities and social media influencers are impacting consumer perceptions and purchasing decisions. They motivate people to opt for weight management products to stay healthy and reduce the risk of obesity and other diseases.
Top players are responding to growing demand and evolving preferences by introducing innovative formulations. For instance, they offer specialized products targeting specific consumer needs, including fat burning and appetite control.
Customers are moving towards natural and organic ingredients with sustainable procurement of the ingredients being used to manufacture supplements. This is prompting manufacturers to use natural and plant-based formulations.
Gummies and chewable tablets are gaining traction as they can serve diverse preferences and lifestyles. Growing popularity of these formats will benefit the market during the assessment period.
Key Takeaways from the Weight Management Supplement Market Report:
The global weight management supplement market is estimated to total US$ 5.2 billion in 2024.
Based on form, the powder segment is set to hold a market share of 36.4% in 2024, while gummies category will grow significantly during the forecast period.
By sales channel, online pharmacies category is forecast to progress at 12.6% CAGR.
North America is set to account for a global value share of 32.2% by 2034.
Sales in the United States are estimated to be valued at US$ 4.1 billion in 2034.
"Changing consumer preferences towards natural and herbal ingredients and willingness to spend more on premium weight management supplements will create lucrative growth prospects for market participants in the longer run." --says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
The weight management supplement market has a diverse and dynamic competitive landscape. Top players listed in the report include Abbott Laboratories, Herbalife Nutrition, NOW Foods, Glanbia PLC, Sanofi, Almirall, S.A., Dr. Reddy's Laboratories Ltd., and Bayer AG. These companies are strengthening their portfolios by launching advanced formulas with natural ingredients to meet evolving needs of consumers.
Several players are using celebrity endorsements and advertisements to enhance their customer base. They also employ strategies like partnerships, acquisitions, collaborations, mergers, and distribution agreements to stay ahead of the competition.
Recent Developments:
In January 2024, GNC launched a new multi-action weight loss supplement, GNC Total Lean GlucanTrim. The new supplement is perfect for health-conscious consumers looking to lose weight without a prescription.
Want More Insights?
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global weight management supplement market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the market based on product type (fat burners, appetite suppressants, carbohydrate blockers, weight loss support, specialty supplements), form (capsules, tablets, liquids, powders, gummies, and soft gels), and sales channel (store based retails and online pharmacies) across various regions.
Global Weight Management Supplement Market Segmentation
By Product Type:
Fat Burners
Appetite Suppressants
Carbohydrate Blockers
Weight Loss Support
Specialty Supplements
By Form:
Tablets
Capsules
Liquids
Powders
Gummies
Soft Gels
By Sale Channels:
Store Based
Modern Trade
Hospital Pharmacies
Retail Pharmacies
Drug Stores
Online Pharmacies
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
FMI's Food & Beverage team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
