Weight Management Market Revenue to Surpass $298.7 Billion By 2030

Posted on 2023-02-28 by researchinsights in Biotech, Healthcare, Industrial, Pharmaceuticals, Technology // 0 Comments

San Francisco, Calif., USA, Feb 28, 2023 — /EPR Network/ —

Weight Management Industry Overview

The global weight management market size was valued at USD 132.7 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 9.7% over the forecast period. The market growth can be attributed to the rising volumes of bariatric surgeries, rapid adoption of online weight loss & management programs, growth in disposable income levels in developing countries, increasing government initiatives for creating awareness about weight management, and growing cases of obesity due to sedentary lifestyles. According to the Institute of Health Metrics and Evaluation, 30.0% of the world’s population is either obese or overweight. Obesity poses an enormous challenge for the developed countries and the lower & middle-income countries.

The overweight and obese population report a high prevalence of chronic diseases including diabetes, hypertension, and orthopedic diseases. Thus, the growing obese population is driving the market growth. The penetration of childhood obesity is growing throughout the world due to factors, such as unhealthy eating habits and a lack of physical activity. The percentage of childhood obesity cases that occurred due to hormonal problems is very low. As per the article published by Narayana Health, India reported about 14.4 million cases of obesity in children, which is the second-highest number of obese children in the world.

Gather more insights about the market drivers, restraints, and growth of the Global Weight Management market

Due to the increasing number of hours in front of televisions and computers, there is a significant rise in inactive hours. Overweight or obese children have higher chances of having chronic diseases at an early age. Increasing consumption of junk food, physical inactivity, and the growing fast-food industry are leading to an unhealthy & sedentary lifestyle, which results in weight gain. In addition, increasingly hectic routines and growing stress are causing people to consume fast foods, which is leading to untoward health effects. Thus, all these factors together are fueling the market growth. Rapid globalization and digitalization are ensuring easier access to information about the repercussions of being overweight.

This is leading to increased awareness about various weight management solutions, such as diet meals, beverages & supplements, exercise, and surgical procedures. An increase in the prevalence of chronic diseases due to rapid urbanization and changing lifestyles has contributed heavily to the growth of the market. People, to avoid getting diseases associated due to a lack of physical activity, are increasingly opting for weight management products and services. The COVID-19 pandemic has had a negative impact on the market. There was a decline in the sales of products & services as consumers were focusing on the purchase of essential goods.

Moreover, the temporary closure of gyms, fitness centers, health clubs, and sports institutes negatively impacted the market growth. However, online sales increased rapidly in 2020 due to the increased awareness about the importance of having a healthy lifestyle and overall wellbeing. The availability of a wide range of products in different forms including Ready-to-Drink (RTD) beverages, bars, gels, and powders is projected to drive the market. Manufacturers are adding innovative flavors and functional ingredients to enhance the nutritional value of their products. For instance, brands are adding natural ingredients, caffeine, and low-sugar contents to RTD products. For, instance, Life Extension, in April 2022, launched Waistline Control, which helps in reducing the waistline.

Browse through Grand View Research’s Healthcare IT Industry Research Reports.

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