Global Weight Management and Wellbeing Products Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and Their Market Strategies

NEW YORK, July 8, 2020 /PRNewswire/ --

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The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local as well as global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global weight management and wellbeing product market.

Overweight and obesity are some of the major health issues affecting a large part of population in the world. More than 2 billion adults in the world are overweight and over 700 million out of 1.9 billion adults are obese. The main cause of obesity and overweight is an imbalance between intake of calories and expenditure of calories. Overweight and obesity may lead to several health issues including cardiovascular diseases, diabetes, musculoskeletal disorders and different types of cancers. There are several ways to avoid or reduce obesity and overweight including reducing fat intake, consuming healthy food, regular exercise, medication, using weight loss products and having weight loss surgery. Weight loss or weight management products have came into prominence in past couple of decades. They are more convenient than other weight management methods and include different type of products including meals, beverages and supplements.

Increasing Prevalence of Obesity and Overweight Augment the Growth of the Global Weight Management and Wellbeing Products Market
According to the report, the global weight management and wellbeing product market was valued at USD 20.56 billion in 2019 and it is expected to grow with a CAGR of 6.98% over the forecast period of 2020-2025. The growth of the market is driven by the rise in the population suffering from obesity and overweight. Over 2 billion adults across the world aged 18 years and older are overweight and more than 700 million out of 2 billion adults are obese. Overweight and obesity was believed to be a high-income country problem. However, today, it is on the rise in low- and middle-income countries as well, particularly in urban settings. A large part of the world's population live in countries where overweight and obesity kills more people than underweight. Moreover, most of the people suffering from overweight and obesity are willing and try to manage their weight. A number of people adopt more convenient ways for weight management owing to their hectic lifestyle. This, in turn, increases the demand of weight management and wellbeing products.

The survey conducted found most of the people across the world consume weight management and wellbeing product at least once in a day. While a considerable part of population consume weight management product twice a day. The higher consumption of the weight management and wellbeing product is largely due to the growing awareness regarding the obesity and overweight and its effect on the health. The weight management products help in reducing overweight and obesity. Moreover, availability of number of OTC weight management and wellbeing products in the market makes them more accessible to the consumers. Thus people can easily buy weight management products from the nearest pharmacy or retail stores. This, in turn, lead to more consumption of weight management and wellbeing products.

FIGURE 1 USAGE FREQUENCY OF WEIGHT MANAGEMENT AND WELLBEING PRODUCTS IN THE US

The United States, China and Germany among Top Markets for Weight Management and Wellbeing Products
According to the findings in the report, countries in the United States, China and Germany are some of the best markets for weight management and wellbeing products. North America and Asia Pacific together make more than 65% of the total sales of weight management and wellbeing products in the world. The US is the leading country in terms of sales in the global weight management product market followed by China and Germany. Higher prevalence of obesity and greater awareness about its effect on health coupled with a higher willingness to spend on wellbeing are the major drivers for the sale of weight management and wellbeing products in these countries. On the other side, the sale of weight management and wellbeing products in developing countries such as India is anticipated to grow rapidly. Factors including improving economic conditions and higher awareness of the products are majorly influencing the sale of weight management product s in developing countries.

FIGURE 2 TOP COUNTRIES IN THE GLOBAL WEIGHT MANAGEMENT AND WELLBEING PRODUCT MARKET IN 2019 (REVENUE % SHARE)

North America Generated Highest Revenue from Weight Management and Wellbeing Products
In terms of geography, North America generated the highest revenue in the global weight management and wellbeing product market. Higher prevalence of overweight and obesity and preventive healthcare is the major driver for the growth of the market in North America. Furthermore, higher geriatric population and strong distribution channels are augmenting the growth of the market. Additionally, the presence of major players in the market such as Amway and NBTY are propelling the North American market. Moreover, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness about weight management and wellbeing product and improving healthcare and economic conditions in the region.

Research Methodology

Primary Research
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
• Key Opinion Leaders associated
• Internal and External subject matter experts
• Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
• Our primary research respondents typically include
• Executives working with leading companies in the market under review
• Product/brand/marketing managers
• CXO level executives
• Regional/zonal/ country managers
• Vice President level executives

Methods of Primary Research
• Computer-assisted telephone interview (CATI)
• Computer-assisted personal interview (CAPI)
• Computer-assisted web interview (CAWI)
• Questionnaires/Surveys

Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include
• Company reports and publications
• Government/institutional publications
• Trade and associations' journals
• Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.
• Websites and publications by research agencies

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