Weight Loss Diet Products MarketSize and Trends

Market Dynamics:-

Increasing awareness regarding health and obesity has augmented growth of the weight loss diet products market. According to the World Health Organization (WHO), by February 2018, global obesity tripled since 1975 and in 2016, more than 1.9 billion adults aged 18 years and above remained overweight. Of these, over 650 million adults were obese. Owing to increasing prevalence of lifestyle disorders such as diabetes and cardiovascular diseases due to overweight and obesity, consumers are using various weight loss diet products such as better-for-you-food and beverages, weight loss pills, and others. This is driving growth of the weight loss diet products market, globally.

Moreover, rising number of bariatric surgeries is expected to drive growth of the weight loss diet products market over the forecast period. According to the American Society for Metabolic and Bariatric Surgery statistics published in June 2018, in 2017, around 228,000 bariatric surgeries were done, which increased from 158,000 in 2011. Rising number of bariatric surgeries is resulting in significantly increasing adoption of weight loss diet products, as weight loss diet products are used after the surgery to remain healthy and fit. This scenario is positively contributing to growth of the market.

Market Outlook:-

North America accounted for the largest revenue share of around 31.0% in the global weight loss diet products market in 2018 and is expected to retain its dominance over the forecast period. Asia Pacific is expected to be the fastest growing region in the market during the forecast period, owing to the presence of emerging economies such as China, India, and Indonesia, and rising obesity rates in the region.

However, increasing cost of raw materials is likely to hamper the weight loss diet products market growth in the near future. The price of whey proteins increased rapidly over the past few years, as they are primary ingredients in meal replacements. Moreover, the price of stevia, an artificial sweetener, has increased, owing to its rapidly increasing global demand. Stevia is a premium-priced sweetener and its usage as an ingredient in food & beverages has increased, thus leading to increasing price of the end product. According to Overseas Development Institute, in high-income countries, over the past 30 years from 2015, the cost of healthy items in a diet has increased more than that of less healthy options, thereby encouraging consumption of diets that lead to excess weight.