PUNE, India, May 14, 2020 /PRNewswire/ -- A recent report by Infinium Global Research "Weight Management and Wellbeing Products Market (By Product Type – Meals, Beverages and Supplements; By Distribution Channel – Pharmacy, Supermarket, Hospital and Other): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025." Weight Management and Wellbeing Products Market was valued at USD 205.81 Billion and it is projected to reach USD 341.17 Billion by 2025, registering a CAGR of 7.54% between 2019 and 2025. The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of weight management and wellbeing products market.
Meals are Preferred More than Other Types of Weight Management and Wellbeing Products
The report includes a detailed study on the consumer preference towards various products in the market. According to the survey results, majority of the people in the world preferred meals as compared to other types of weight management and wellbeing products. The major factor driving the preference of meals is the rise in the awareness among the consumers regarding low-calorie foods. Several media channels have been spreading awareness regarding significance of calorie intake and its effect on health. When people eat foods with high calorie levels, the excess calories in the body are stored in the form of fat, which contributes to the overweight and obesity of the person. In order to reduce the calorie intake, people are shifting to lower calorie weight management meals. Moreover, the meals are suitable for people with diabetes, making them more preferable than other types of weight management and wellbeing products.
Key Players in the Global Weight Management and Wellbeing Products Market are Focusing on New Product Launch and Mergers & Acquisitions
The global weight management and wellbeing products market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including the Kellogg, Nestle, and VLCC Healthcare hold a large share in the global weight management and wellbeing products market. These companies own some of the famous brands in the global weight management and wellbeing product market. These brands have higher brand value and loyal consumers, which contribute in the consolidation of the market. The major players in the market are focusing on various strategies including launching new products and undertaking mergers and acquisitions. For instance, in February 2020, PLT Health Solutions, Inc. launched a water-dispersible form of its industry-leading Slendacor® Weight Management Complex ingredient. The new product is expected to expand the range of product applications available for consumers. While in January 2020, Providence St. Joseph Health announced acquired HMR (Health Management Resources) weight-loss programs, from Merck. The addition of a weight management service to Providence's portfolio of health services is helping to improve the health and well-being of patients and communities.
Weight Management and Wellbeing Products Market to Grow on the Backdrop of Growing Prevalence of Overweight and Obesity
The rise in the prevalence of obesity and overweight is the major driving force for the growth of the global market. More than 2 billion people across the world aged 18 years and above are overweight and more than 700 million out of 2 billion adults are obese. Overweight and obesity was considered to be a health issue of high-income countries. However, today, it is on the rise in low- and middle-income countries as well, particularly among urban population. A large part of the world's population lives in countries where overweight and obesity kills more people than underweight. Moreover, most of the people suffering from overweight and obesity are willing to reduce their weight. A number of overweight and obese people spend on weight management products. This, in turn, boosts the demand for weight management and wellbeing products.
Moreover, the other factors including growing geriatric population, fast paced lifestyle, increasingly changing eating habits and lack of physical exercise is expected to augment the demand for weight management and wellbeing products across the world. Furthermore, emergence of e-commerce website is expected to boost the sale of weight management and wellbeing products in future. The online sales channel has wider reach than any other sales channel. The convenience, accessibility and wide product range offered by the e-commerce website attract more customers. This, in turn, offers lucrative business opportunities to the companies in the global weight management and wellbeing products market.
Supermarket to Augment the Sales of Weight Management and Wellbeing Products
The supermarket segment among the distribution channel generated highest revenue in the global weight management and wellbeing product market in 2019. The domination of the segment attributed to the growing number of new supermarkets opening around the world. As of February 2020, Kroger operated 2,757 stores across the US and it is planning to open more stores this year. Moreover, the better customer experience offered by the supermarkets is driving the segment in the global weight management and wellbeing product market. The supermarkets offer a wide range of products for the customers to choose from. A broader product range in the stores offer consumers with choices and encourage them to buy products. This, in turn, augments the sale of weight management and wellbeing products in supermarkets.
North America Generated Highest Revenue in the Global Weight Management and Wellbeing Products Market
In terms of geography, the North America region generated the highest revenue in the global weight management and wellbeing products market in 2019. The domination of the North America region in the global market attributes to better healthcare infrastructure and higher awareness regarding weight management and wellbeing products and their health benefits. Moreover, North America has a large population suffering from overweight and obesity. As of 2018, over 72% of adults aged 18 years and above were overweight and more than 40% adults aged 18 and above were obese. These people require products to reduce their weight and bring it under normal level. This, in turn, drives the weight management and wellbeing products market in North America. Furthermore, the presence of major market players such as Kellogg, and Abbott Nutrition in the region is expected to boost the demand for weight management and wellbeing products in North America.
This Report Offers Detailed Insights of the Industry Including-
1. Comprehensive analysis of the factors promoting the growth in the Weight management and wellbeing product market
2. Survey results for
a. Consumer preferences
b. Buying patterns
c. Spending habits
d. Purchase decision making
e. Preferred distribution channels
f. Choice of alternatives in case of unavailability of the product
g. Consumer feedback
h. Social listening
3. Competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the Weight management and wellbeing product market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the Weight management and wellbeing product market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, 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. While the 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 generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from Linkedin, Hoovers, Factiva and bloggers.