According to market research report Weight Loss and Weight Management Market to grow from $175.94 billion in 2017 to $303.81 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.
Increasing number of bariatric surgeries, growing rate of obesity, increasing prevalence of lifestyle diseases, and launch of new and advanced products are the factors driving the growth of the market.
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By equipment, the weight loss and weight management market is segmented into fitness equipment and surgical equipment. The fitness equipment segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the continuous technological advancements in fitness equipment and growing accessibility to gyms.
Based on diet, the weight loss and weight management market is segmented into meals, beverages, and supplements. In 2017, the beverages segment is expected to account for the largest share of the weight loss management market. Growth in this segment is majorly driven by the growing diabetic population across the globe.
Prominent players in the weight loss and weight management market, by diet, include Atkins Nutritionals, Inc. (Atkins) (US), Herbalife Ltd. (Herbalife) (US), Nutrisystem Ltd. (Nutrisystem) (US), and Kellogg Company (Kellogg) (US).
Ethicon, Inc. (Ethicon) (US), Covidien, plc. (Covidien) (US), Apollo Endosurgery (US), and Olympus Corporation (Olympus) (Japan) are some prominent players in the surgical equipment market, while Brunswick Corporation (Brunswick) (US), Amer Sports (Finland), Johnson Health Technology, Ltd. (Johnson Health Tech) (Taiwan), Cybex International (Cybex) (US), and Technogym SpA (Technogym) (Italy) operate in the fitness equipment segment.
Opportunity: Increasing rate of childhood obesity
The prevalence of childhood obesity is increasing across the globe owing to factors such as the lack of physical activity and unhealthy eating habits. Cases where childhood obesity is caused due to hormonal problems are very rare. In children, the total number of inactive hours is increasing as they are spending a significant amount of time in front of the television and playing computer games. Overweight or obese children are more likely to be obese in their adulthood and are more prone to suffer from diabetes and CVD at an early age. In 2014, globally, the number of overweight children (under the age of 5) was estimated to be over 41 million (Source: World Health Organization); around half of these children are living in Asia. As a result of this trend, the demand for healthier balanced diets is expected to increase across the globe. This, in turn, will provide significant growth opportunities for players operating in the weight loss and weight management products and services market.
Challenge: Increasing stringency of regulation
Despite less stringent guidelines by regulatory authorities, the weight loss and weight management industry faces challenges in terms of meeting regulatory guidelines for the manufacturing and marketing of weight loss products, especially dietary supplements. For instance, in August 2017, Amrita Health Foods voluntarily recalled Protein Bars due to possibilities of being contaminated with Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections and weaken the immune system.
In May 2017, Herbalife voluntarily recalled lots of its Protein Bar - Peanut Butter as the product had chances to contain a trace amount of fish gelatin, which was added as part of a flavoring ingredient provided by a third-party supplier. Similarly, in June 2015, the Food Safety and Standards Authority of India (FSSAI) ordered the recall of four protein supplements—Mulmin Pro, Mulmin Syrup, Mulmin Plus Capsule, and Mulmin Drops from Juggat Pharma (India) as they were against the standards set by National Recommended Dietary Allowance (RDA). Hence, FSSAI recommended the rejection of the product approval. In 2014, the FDA issued 30 public notifications and recalled 7 tainted weight loss products from the US market.
Also, in the same period, the FDA issued warning letters and legal cases against manufacturers who are responsible for false marketing of weight loss products. Considering such developments, quality assurance, coupled with ensuring compliance with regulatory guidelines, is a challenging task for manufacturers.
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