Weight Loss Supplements Market Strategies, Analysis and Forecasts Till 2028

Weight Loss Supplements Industry Overview

The global weight loss supplements market size is expected to reach USD 116.6 billion by 2028, registering a CAGR of 16.6% over the forecast period, according to a new report by Grand View Research, Inc. Rising cases of obesity across the globe coupled with increasing consumer awareness levels about following a healthier and fit lifestyle will drive the market. In addition, a rising number of fitness centers and gyms in several countries and increased awareness about the importance of weight loss supplements are projected to drive the market growth. Moreover, rising disposable income levels and improved accessibility & affordability of surgeries are propelling the market growth.

U.S. weight loss supplements market size, by ingredient, 2018 - 2028 (USD Million)

Weight Loss Supplements Market Segmentation

Grand View Research, has segmented the global weight loss supplements market on the basis of type, ingredient, end user, distribution channel, and region:

Based on the Type Insights, the market is segmented into Liquid, Powder, Pills, Softgels, Others.

  • In 2020, the powders segment accounted for the highest revenue share of 32.7%. The powdered formulation makes provision of higher quantities of supplement and has a longer shelf life with the easily regulated dosages as per individual requirement, which is a driving factor for this segment. The ease of administration and dosage allows the body to digest and absorb the nutrients quickly & efficiently making them more bioavailable when compared to other formulations. Powdered formulations are perfect for individuals with hampered ingestion or clinically diagnosed dysphagia where solid oral supplement formulations, such as pills and softgels, cannot be administered.
  • However, the pills type segment is expected to record the fastest CAGR over the forecast years. Arise in preference for weight loss supplements in pills formulation due to the easy availability of the same in chewable tablets sustained-release pills, and sublingual pills is contributing to the segment growth. In addition, factors, such as pills being comparatively cheaper than other formulations, and their higher shelf life, and wide acceptance among patients of all age groups, are driving the demand for pill type formulation in the market.

Based on the Ingredient Insights, the market is segmented into Vitamins & Minerals, Amino Acids, Natural Extracts/Botanicals.

  • In 2020, the vitamins and minerals segment dominated the market with a revenue share of 58.0%, owing to the widespread consumption of vitamin- and mineral-based weight loss supplements. These vitamin- and minerals-based supplements along with supporting weight management also provide nutrition and support proper functioning & metabolism of the body. Several vitamins- and mineral-based products comprise antioxidants, which prevent cell damage from structural changes as well as enhance an individual’s overall health and performance. In addition, they help in energy production and maintain healthy heart, brain, and other body functions.
  • On the other hand, the natural extracts and botanicals segment is anticipated to register the fastest growth rate over the forecast years. The growing demand for organic and vegan supplements across the globe due to the rising environmental concerns is expected to positively impact the segment growth. The natural extract and botanicals-based supplements are commonly composed of caffeine, green tea extract, Garcia Cambodia, licorice root, ginseng, and green coffee bean extract. In addition, the demand for traditional medicine is creating opportunities for small-size local players to enter the market with their innovative products.

Based on the End-user Insights, the market is segmented into Under 18 Years, 18 to 40 Years, 40 to 50 Years, Above 50 Years.

  • In 2020, the 18 to 40 years end-user segment dominated the market with a revenue share of 61.6% owing to rapidly growing cases of obesity in this population segment. The growing need to maintain normal body weight and optimum physique is expected to drive the growth of this segment. Rising disposable income and increasing participation in physical fitness activities are expected to positively impact the growth of the segment.
  • The growing awareness levels of the benefits and functioning of weight loss supplements are expected to drive the segment. As per the National Institutes of Health estimates in 2021, approximately 15% of the U.S. adults have claimed to have consumed weight-loss dietary supplements in their lifetime, with higher consumption recorded in female adults compared to males. The growing demand for appetite suppressants, fat burners, and craving curbers are driving the segment growth.
  • However, the under 18 years end-users segment is anticipated to record the fastest CAGR over the forecast period. Rising awareness levels among the consumers under this age group about the product benefits will drive the segment. The growth in disposable income in this segment is also expected to have a positive impact on the segment growth.

Based on the Distribution Channel Insights, the market is segmented into Offline Channel and Online Channel.

  • In 2020, the offline distribution channel segment accounted for the highest revenue share of 70.4%. The easy availability of weight loss supplements at retail pharmacies, drug stores, health & beauty stores, and department stores is contributing to the segment growth. In addition, health & beauty stores and department stores are proactively undertaking initiatives to spread awareness about maintaining good health, which is expected to positively impact the segment growth. Moreover, offline stores are continuously involved in increasing the overall customer engagement and experience at the stores. Several health & beauty stores and department stores have introduced point-of-sale terminals to accelerate the checkout process. Consumers tend to rely more on offline channels as compared to online platforms as there is a threat of purchasing substitute or counterfeit products.
  • However, the online distribution channel segment is expected to record the fastest CAGR over the forecast period. Online retailers offer lucrative discounts on product prices, which, in turn, drives sales through online channels. In addition, online platforms are devising and implementing numerous strategies to compete with their offline counterparts. The convenience offered by online distribution channels is positively impacting the segment growth. Furthermore, with the penetration of e-commerce, there is a gradual shift towards online distribution channels of supplements. The rise in self-directed consumers is also one of the key factors driving the segment growth.

Weight Loss Supplements Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

Key market players are constantly focusing on devising innovative product strategies to expand their existing product portfolios. In addition, these players are focusing on merger & collaboration strategies to support product research & development.

Some of the prominent players operating in the global weight loss supplements market include,

  • Glanbia PLC
  • GlaxoSmithKline PLC
  • Herbalife Nutrition Ltd.
  • Abbott
  • Kellogg Company
  • Nestle
  • Kraft Heinz Company
  • Amway Corp.
  • PepsiCo
  • Ajinomoto Co. Inc.

Order a free sample PDF of the Weight Loss Supplements Market Intelligence Study, published by Grand View Research.

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