Weight management and wellbeing product market was valued at USD 205.6 billion in 2018 and it is expected to grow with a CAGR of 7.54% over the forecast period.
Infinium Global Research Analysts
Global Weight Management and Wellbeing Products Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and Their Market Strategies
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Published : May, 2020
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Rep Id : GWMWPM1352020
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No. of Pages : 183
Infinium Global Research and
Consulting Solutions has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior, and impact
of pricing on buying decisions. The report also provides insights into the marketing
strategies and steps were taken by the companies to retain their market position in
the local as well as global market. The study also provides insights into the
factors affecting the buying decisions, consumer preferences, and the
demographic factors promoting the growth of the products of the global weight
management and wellbeing product market.
Overweight and obesity are some of the
major health issues affecting a large part of the population in the world. More than
2 billion adults in the world are overweight and over 700 million out of 1.9
billion adults are obese. The main cause of obesity and overweight is an
imbalance between the intake of calories and the expenditure of calories. Overweight
and obesity may lead to several health issues including cardiovascular diseases,
diabetes, musculoskeletal disorders, and different types of cancers. There are
several ways to avoid or reduce obesity and overweight including reducing fat
intake, consuming healthy food, regular exercise, and medication, using weight
loss products, and having weight loss surgery. Weight loss or weight management
products have come into prominence in the past couple of decades. They are more
convenient than other weight management methods and include different types of
products including meals, beverages, and supplements.
Increasing prevalence of obesity and
overweight augment the growth of the global weight management and
wellbeing products market
According to Infinium Global Research
and Consulting Solutions, the global weight management and wellbeing product market
was valued at USD 205.6 billion in 2018 and it is expected to grow with a CAGR
of 7.54% over the forecast period of 2019-2025. The growth of the market is
driven by the rise in the population suffering from obesity and overweight. Over
2 billion adults across the world aged 18 years and older are overweight and
more than 700 million out of 2 billion adults are obese. Overweight and obesity
were believed to be a high-income country problem. However, today, it is on the
rise in low- and middle-income countries as well, particularly in urban
settings. A large part of the world's population lives in countries where
overweight and obesity kills more people than underweight. Moreover, most of
the people suffering from overweight and obesity are willing and try to manage
their weight. A number of people adopt more convenient ways for weight
management owing to their hectic lifestyle. This, in turn, increases the demand
for weight management and wellbeing products.
The survey conducted by Infinium
Global Research and Consulting Solutions found most of the people across the
world consume weight management and wellbeing product at least once in a day.
While a considerable part of the population consumes weight management products twice
a day. The higher consumption of weight management and wellbeing product is
largely due to the growing awareness regarding obesity and overweight and its
effect on health. Weight management products help in reducing
overweight and obesity. Moreover, the availability of a number of OTC weight
management and wellbeing products in the market makes them more accessible to
the consumers. Thus people can easily buy weight management products from the
nearest pharmacy or retail stores. This, in turn, leads to more consumption of weight
management and wellbeing products.
Figure 1 Usage Frequency of Weight Management and Wellbeing Product in the Us
Source:
Infinium Global Research Analysis
The United States, China, and Germany
among top markets for weight management and wellbeing products
According to the findings in the
report, countries in the United States, China, and Germany are some of the best
markets for weight management and wellbeing products. North America and Asia
Pacific together make more than 65% of the total sales of weight management and
wellbeing products in the world. The US is the leading country in terms of
sales in the global weight management product market followed by China and Germany.
Higher prevalence of obesity and greater awareness about its effect on health
coupled with a higher willingness to spend on wellbeing are the major drivers
for the sale of weight management and wellbeing products in these countries. On
the other side, the sale of weight management and wellbeing product s in
developing countries such as India is anticipated to grow rapidly. Factors
including improving economic conditions and higher awareness of the products are
majorly influencing the sale of weight management product s in developing
countries.
Figure 2 Top Countries in the Global Weight Management and Wellbeing Product Market in 2019 (Revenue % Share)
Source:
Infinium Global Research Analysis
North America Generated Highest
Revenue from Weight Management and Wellbeing Product
In terms of geography, North America
generated the highest revenue in the global weight management and wellbeing
product market. Higher prevalence of overweight and obesity and preventive
healthcare is the major driver for the growth of the market in North America.
Furthermore, the higher geriatric population and strong distribution channels are
augmenting the growth of the market. Additionally, the presence of major
players in the market such as Amway and NBTY is propelling the North American
market. Moreover, the Asia Pacific region is projected to grow with the fastest
rate owing to the growing awareness about weight management and wellbeing
product and improving healthcare and economic conditions in the region.
Research Methodology
Primary Research
Our primary research involves
extensive interviews and analysis of the opinions provided by the primary
respondents. The primary research starts with identifying and approaching the
primary respondents, the primary respondents are approached through
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Key Opinion Leaders associated with Infinium
Global Research
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Internal and External subject matter experts
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Professionals and participants from LinkedIn,
Hoovers, Factiva, and Bloggers
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Our primary research respondents typically
include
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Executives working with leading companies in
the market under review
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Product/brand/marketing managers
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CXO level executives
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Regional/zonal/ country managers
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Vice President level executives.
Methods
of Primary Research
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Computer-assisted telephone interview (CATI)
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Computer-assisted personal interview (CAPI)
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Computer-assisted web interview (CAWI)
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Questionnaires/Surveys
Secondary
Research
Secondary research involves extensive
exploring through the secondary sources of information available in both public
domain and paid sources. At Infinium Global Research, each research study is
based on over 500 hours of secondary research accompanied by primary research.
The information obtained through the secondary sources is validated through the
crosscheck on various data sources. The secondary sources of the data typically
include
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Company reports and publications
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Government/institutional publications
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Trade and associations’ journals
· Databases such as WTO (World Trade
Organization), OECD (The Organization for Economic Co-operation and Development),
Hoovers, Factiva, and the World Bank, among others.
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Websites and publications by research agencies
