Weight Management Market: Introduction
A recent study published by Transparency Market Research on the weight management market includes the U.S., Australia, Hong Kong, and South Korea industry analysis and opportunity assessment for 2020-2030. The weight management market is expected to reach US$ 9,071 Mn in the U.S. and US$ 629.5 Mn in Australia by 2030. The revenue generated from South Korea weight management market was valued at ~US$ 669.2 Mn in 2020, which is estimated to rise at a CAGR of ~6.9%, to reach US$ 1,304 Mn by 2030.
Advancements in science and research for healthy and nutritional products have enabled customers to obtain quick solutions for specific health needs. Consumers are now more conscious when choosing nutritional products for their body. Moreover, they are progressively adopting different alternative channels to self-diagnose and identify the body needs. There is an abundance of knowledge available on the Internet about health nutritional products that can be availed by the consumers, thus acting as the key factor driving the demand for personalized nutrition products. The key companies operating in this market also offer online quizzes that are mailed back to the company to receive results about what supplements or routines are required, based on the individual’s budget helping to target customers according to the individual requirements.
Companies are also offering customized supplement plans and monthly subscriptions, along with tailored delivery formats. Individual personalized plans offered by the companies are aiding customers in creating long-lasting changes, along with making it easier to stick to daily regimes. With consumers’ preference toward personalized nutrition diet plans, the weight management market is expected to benefit.
Shifting Customer Preference toward Non-GMO Supplements
The number of customers moving toward non-genetically modified foods has increased over the past few years, owing to increased awareness and concerns regarding the harmful effect. Distrust, discomfort, and uncertainty have increased concerns over genetically modified foods, as consumers perceive such products as being potentially harmful and unhealthy. Increased concerns over bioengineered foods have influenced the demand for non-GMO Project-verified products, forcing manufacturers to adapt to the trend. Consumers are also willing to pay a premium amount to avoid the consumption of non-GMO products and ingredients in their diet. Thus, manufacturers are using non-GMO products as a point of differentiation to better market their products. Some of the companies offering non-GMO verified weight loss supplements are Pure Encapsulations LLC, Source Naturals Inc., and Plexus.
Escalation in Distribution Channels for Weight Management Products to Bolster Sales
Increasingly sophisticated consumer demands coupled with manufacturers’ focus on core competencies are the factors that are forcing manufacturers to search for the shortest paths to reach out to consumers. Weight management product manufacturers are accessing new sales channels to connect with diverse consumer demographics.
High fragmentation in the industry and lack of customer loyalty are emerging as significant factors for the increase in retail sales of many weight loss supplements. Internet sales are booming due to the ease of access to products and convenient purchasing, along with increased choices across brands. The companies are increasingly targeting to reduce the middle-men to reach the customers at a faster rate and with affordable cost. With product manufacturers, targeting different sales channels to reach customers the weight management market is expected to benefit.
Weight Management Market Segmentation
Weight Management Market, by Form
- Soft Gels/Pills
Weight Management Market, by End User
- Senior Citizen
Weight Management Market, by Sales Channel
- Pharmacies Drug Stores
- Health & Beauty Stores
- Online Retail
- Other Retail Channels
Weight Management Market, by Country
- Hong Kong
- South Korea
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