The Weight Loss Diet Products Market is estimated to be valued at US$ 206.04 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Weight loss diet products include weight loss supplements and foods beverages designed to support weight loss by providing fewer calories or nutrients that promote satiety. These products contain ingredients like fiber, protein, vitamins, minerals and herbal extracts that help speed up metabolism, suppress appetite and boost energy levels. They are useful for individuals looking to lose weight in a healthy manner without much lifestyle changes or rigorous exercises.

Market key trends:

One of the major trends driving the growth of weight loss diet products market is increasing demand for healthy lifestyles among consumers. Obesity rates have skyrocketed globally due to sedentary jobs and unhealthy eating habits. This has prompted many individuals to adopt weight management diets and lose weight in a gradual manner. Dietary supplements and functional foods beverages provide additional nutrition and support weight loss indirectly by controlling appetite and boosting metabolism. Their growing availability through e-commerce platforms and retail stores has further fueled their demand.

Porter’s Analysis

• Threat of new entrants: The weight loss diet products market faces moderate threat of new entrants due to the presence of well-established players and requirement of high capital to penetrate the market.
• Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity.
• Bargaining power of suppliers: Raw material suppliers have low bargaining power due to availability of substitute raw materials.
• Threat of new substitutes: Threat from substitutes like gyms, fitness programs and dietary supplements is high.
• Competitive rivalry: Intense due to presence of global and regional players.

SWOT Analysis

• Strength: Wide product portfolio and global brand recognition of key players. Availability of custom plans and coaching support helps drive sales.
• Weakness: Health risks associated with crash diets and short-term plans can reduce customer loyalty. High prices of premium products limit customer base.
• Opportunity: Growing health and wellness trend and obese population provides scope for market expansion. Emerging economies offer lucrative growth opportunities.
• Threats: Stringent regulations pertaining to advertising, labeling and ingredients pose challenges. Shift towards natural and herbal products increases competition.

Key Takeaways

The global weight loss diet products market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing health awareness and obese population globally. North America dominated the market in 2023 with over 30% share due to high consumer spending on wellness products and presence of major players in the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period, fueled by rising disposable incomes, growing health consciousness, and escalating obese population in countries like India and China.

Key players operating in the weight loss diet products market are Atkins Nutritionals, Inc., Herbalife Nutrition, Nestle S.A. (Optifast), Medifast, Inc., Robard Corporation, Physicians Weight Loss, Nu-Skin, Visalus, WW International, Inc., and VLCC Healthcare Ltd. Atkins Nutritionals and Herbalife Nutrition hold leading market shares due to their diversified geographic presence and strong brand equity across regions over decades. New entrants focus on organic, plant-based, and customized products catering to health-minded consumers.