Weight loss supplement: Key market research findings
- Increase in hospital expenses drives the market
- Retail store segment currently dominates the market
- Key vendors—Amway, Creative Bioscience, Glanbia, GSK, Herbalife, and Lovate Health Sciences
Technavio’s market research analysts estimate the global weight loss supplement market to grow at a CAGR of more than 5% between 2016 and 2020. The increase in healthcare expenses is the fundamental driver for the market. The increase in healthcare costs is brought on by an upsurge in the prices of drugs, medical devices, and hospital care. The increasing demand for speciality drugs is also a contributing factor in the increase in healthcare expenses. As a result, people are consuming weight loss supplements as a preventive measure to avoid obesity and other weight-related diseases. In 2015, North America dominated the global weight loss supplement market by accounting for a market share of over 38%. The market is thriving in this region due to the increased disposable income and health consciousness. The rising healthcare cost and the perseverance of obesity in the region are likely to further fuel growth in the weight loss supplement market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the weight loss supplements by distribution channel.
“Continuous product improvement is one of the latest trends in the weight loss supplement market across the world. The increasing health consciousness among people are prompting them to opt for for fitness programs and healthy food consumption, including supplements, to remain fit and healthy. The supplement categories that were previously specialized are being made more mainstream. For instance, privately held Israeli biotech startup MeICap Systems has developed an electronic pill, which delivers electronic stimulation to suppress appetite,” Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Currently, the retail store segment accounts for the majority share of the revenue by occupying almost 60% of the total market share. The retail store segment, which includes supermarkets and drugstores, is preferred due to the wide range of products they have to offer, which allows customers to compare products of different brands. The growth of this segment can be attributed to favorable investment climate in developing regions such as Africa, Asia, and Latin America, along with an increase in urbanization, growth of the middle class, and rise in the number of employed women.
The key vendors in the global weight loss supplement market include Amway, Creative Bioscience, Glanbia, GSK, Herbalife, and Lovate Health Sciences. The market is characterized by the presence of diverse international and regional vendors. The key players dominate this market and offer wide range of products as compared to regional vendors, who are finding it difficult to compete with the major players. The competition will intensify in the market in the coming years owing to increase in product/service extensions, product innovations, and mergers and acquisitions. The growth of market vendors depends on market conditions, government support, and industry development.
A more detailed analysis is available in the Technavio report, Global Weight Loss Supplement Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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