Weight Management Market: Introduction
A recent study published by Transparency Market Research on the weight management market includes
the U.S., Australia, Hong Kong, and South Korea industry analysis and
opportunity assessment for 2020-2030. The weight management
market is expected to reach US$ 9,071 Mn in the U.S. and
US$ 629.5 Mn in Australia by 2030. The revenue
generated from South Korea weight management market was valued at ~US$ 669.2 Mn
in 2020, which is estimated to rise at a CAGR of ~6.9%,
to reach US$ 1,304 Mn by 2030.
Advancements in science and research for healthy and nutritional
products have enabled customers to obtain quick solutions for specific health
needs. Consumers are now more conscious when choosing nutritional products for
their body. Moreover, they are progressively adopting different alternative
channels to self-diagnose and identify the body needs. There is an abundance of
knowledge available on the Internet about health nutritional products that can
be availed by the consumers, thus acting as the key factor driving the demand
for personalized nutrition products. The key companies operating in this market
also offer online quizzes that are mailed back to the company to receive
results about what supplements or routines are required, based on the
individual’s budget helping to target customers according to the individual
requirements.
Companies are also offering customized supplement plans and monthly subscriptions,
along with tailored delivery formats. Individual personalized plans offered by
the companies are aiding customers in creating long-lasting changes, along with
making it easier to stick to daily regimes. With consumers’ preference toward
personalized nutrition diet plans, the weight management market is expected to
benefit.
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Shifting Customer Preference toward Non-GMO
Supplements
The number of customers moving toward non-genetically modified foods has
increased over the past few years, owing to increased awareness and concerns
regarding the harmful effect. Distrust, discomfort, and uncertainty have
increased concerns over genetically modified foods, as consumers perceive such
products as being potentially harmful and unhealthy. Increased concerns over
bioengineered foods have influenced the demand for non-GMO Project-verified
products, forcing manufacturers to adapt to the trend. Consumers are also
willing to pay a premium amount to avoid the consumption of non-GMO products
and ingredients in their diet. Thus, manufacturers are using non-GMO products
as a point of differentiation to better market their products. Some of the
companies offering non-GMO verified weight loss supplements are Pure
Encapsulations LLC, Source Naturals Inc., and Plexus.
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Escalation in Distribution Channels for Weight
Management Products to Bolster Sales
Increasingly sophisticated consumer demands coupled with manufacturers’
focus on core competencies are the factors that are forcing manufacturers to
search for the shortest paths to reach out to consumers. Weight management
product manufacturers are accessing new sales channels to connect with diverse
consumer demographics.
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High fragmentation in the industry and lack of customer loyalty are
emerging as significant factors for the increase in retail sales of many weight
loss supplements. Internet sales are booming due to the ease of access to
products and convenient purchasing, along with increased choices across brands.
The companies are increasingly targeting to reduce the middle-men to reach the
customers at a faster rate and with affordable cost. With product
manufacturers, targeting different sales channels to reach customers the weight
management market is expected to benefit.
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