The North America weight-management products market is projected to witness a CAGR of 4.4% during the forecast period, 2020 - 2025.
- The market is primarily driven by factors such as rising incidence of obesity and chronic diseases, rising awareness about nutrition and healthy lifestyles, an increasing number of fitness centers, and rising disposable income across the region. In addition, an increasing number of health and fitness clubs across the region fueled the market’s growth. Moreover, product innovations by leading players, such as herbal and organic slimming products, are boosting the market’s growth.
- However, the major factor restraining the growth of the market is the high cost of weight management products, owing to the additional processing required for low-calorie products and additional nutrients, such as vitamins and minerals.
Key Market Trends
Rise in Obesity & Overweight Resulting into Increased Bariatric Surgeries Across the Region
Obesity in the North America region has been growing in epidemic proportions for the last few decades. Over 4 out of every 10 American adults are obese, according to a government study by the CDC. Bariatric surgeries/weight loss surgeries were formerly considered as the last option for weight loss after dieting, exercise, and other medically prescribed programs had failed.
However, these surgeries are now increasingly being accepted by the medical community as an effective and long-lasting alternative to other weight loss techniques. This factor, coupled with the rapidly increasing obesity rates, has resulted in a rapid increase in the number of bariatric surgeries across the globe. For instance, according to the American Society for Metabolic and Bariatric Surgery (ASMBS), the total number of bariatric surgeries performed in the US increased to 196,000 in 2015 from 158,000 in 2011.
United States to Drive the Regional Market
The United States has been dominating the weight management products market in the North America region, owing to the rising prevalence of overweight and obesity in the country, along with rising awareness regarding personal well-being, and increasing disposable income. The consumers in the region mostly prefer herbal and non-herbal weight managing products such as slimming teas and calorie-restricted meal replacements, like shakes, powders, soup, and bars among other products. Despite the backslash against weight loss supplements, the meal replacement category recorded significant growth, as these products are considered as healthier alternatives to over-the-counter obesity and weight loss supplements.
Also, these meal replacement products are healthier and safer to follow, as they provide less caloric density, along with providing the essential nutrients, vitamins, and minerals, which are necessary for healthy weight loss and diet. Along with increasing awareness about nutrition and healthy lifestyles, the growth in the number of fitness centers in the country also supports the growth of the weight loss and weight management market, as these centers are involved in the endorsement of weight loss products among their respective consumers.
The North America weight-management products market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the market include NOW Health Group, Inc., Amway Corp., Herbalife International of America, Inc., Carson Life Inc., and The Hut.com Limited (Myprotein), among others.
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