- The global weight loss supplements market is highly fragmented.
- Many vendors are opting for product launches, partnerships, agreements, and mergers as their major growth strategies.
- The market in North America is projected to dominate the global weight loss supplements market due to growing health awareness among consumers.
The global weight loss supplements market is projected to register a notable growth rate of 5.5% from 2019 to 2024 to reach a market value of $40 million by the end of 2024. However, the market faces a major challenge. Increasing sales of fraudulent and adulterated products affects the industry reputation.
Weight loss supplements are being adulterated with prescription drugs or controlled substances that can have harmful effects on the human body upon consumption. Market players are faced with the challenge of tackling such counterfeit products in the weight loss supplements industry and gaining a higher share of the global market. Many vendors are opting for product launches, partnerships, agreements, and mergers as their major growth strategies to gain a competitive edge in the highly fragmented global weight loss supplements market.
Some of the key players in the Global Weight Loss Supplements Market are Glanbia plc (Ireland), Abbott (US), Dub Nutrition (US), EuroPharma USA (US), Nutratech Ltd (New Zealand), General Nutrition Centers, Inc. (US), Ultimate Life Ltd. (UK), Vitaco (New Zealand), GlaxoSmithKline plc (UK), Herbalife International of America, Inc. (US), Shaklee Corporation (US), Wolfson Berg Limited (Cyprus), Iovate Health Sciences International Inc. (Canada), Amway (US), ABH Pharma Inc. (US), and Transparent Labs (US).
The global weight loss supplements market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is projected to dominate the global weight loss supplements market during the assessment period owing to the growing health awareness among consumers. The presence of a large population, suffering from obesity, in the region, is a crucial determinant fueling the demand for weight loss supplements in the region.
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According to the Robert Wood Johnson Foundation, in 2018, the obesity rate in seven states of the US exceeded 35% and the obesity rate in the 48 states of the US is 25%. West Virginia registered the highest obesity rate of 38.1%, whereas, in Colorado, the obesity rate was the least, at 22.6%. Additionally, the presence of several vendors in the region is also contributing to the weight loss supplements market growth in North America.
The market in Europe is expected to account for the second-largest share of the global weight loss supplements market owing to rising obesity issues and body weight-related disorders among the population. Moreover, the changing lifestyles of people, inclination toward healthy diet, and the growing concern of the people in Europe to keep their body weight in check are also fueling the regional market growth. France and the UK are the major country-level markets contributing to the growth of the European weight loss supplements market.
The global weight loss supplements market has further been segmented by form and distribution channel.
By form, the global weight loss supplements market has been classified as tablets, capsules, & softgels, powder, and liquid. The tablets, capsules, & softgels segment is expected to account for the largest revenue share and register the highest growth rate during the forecast period.