With obesity rates rising globally, an increasing number of people are turning to weight reduction and weight management diets to enhance their health and well-being. This market includes a wide variety of products such as meal replacements, weight loss supplements, beverages, low-calorie sweeteners, and others. Meal replacements are the most common option for weight loss control in a diet plan. Meal replacements are easy and frequently have fewer calories than regular meals, which can help individuals consume fewer calories overall and generate a calorie deficit that promotes weight reduction. In addition, many meal replacements are supplemented with key nutrients such as protein and fiber, which can help people feel full and satisfied while eating fewer calories. One such example of meal replacement is the PhenQ Complete Meal Shake offered by a US-based company, PhenQ. This gluten-free meal replacement can replace one full meal, boosts energy, and contains 16gm of whey protein concentrate and 13 key vitamins. It comes in three flavors, including chocolate, vanilla, and strawberry & cream. Owing to such products’ availability in the market, the demand for weight loss and weight management diet market is increasing.
Key Drivers of the Weight Loss and Weight Management Diet Market
Increasing Obesity and Health Issues
One of the primary factors driving the weight loss and weight management diet market’s development is the growing prevalence of obesity. Obesity has become increasingly common because of poor lifestyle choices and excessive fast-food intake. Obesity relates to an increase in the prevalence of chronic illnesses such as heart attacks, diabetes, hypertension, and orthopaedic problems. According to the NHS UK’s article published in February 2023, around one in four adults and one in five children (aged 10-11) are living with obesity in the UK. According to the same source, these individuals have a higher risk of type 2 diabetes, coronary heart disease, cancer, and even mental health issues such as depression. Additionally, according to the World Health Organization (WHO), overweight and obesity rates in adults and children continue to rise. Between 1975 and 2016, the worldwide incidence of overweight or obese children and adolescents aged 5 to 19 years grew more than fourfold, from 4% to 18%. As a result, the desire for healthy food and a well-balanced diet is driving market growth.
Growing Trend of Healthy Habits
Individuals are increasingly inclining towards healthier habits that include a healthy diet as well. The change is attributed to increasing unhealthy food consumption, growing diseases that occur with unhealthy eating, and increasing dieticians or diet planners. Social media influencers are also assisting in this trend toward healthy eating. As a result, consumers are more likely to demand weight reduction and weight management solutions to assist them in reaching their goals because of this trend. For instance, according to McKinsey & Company’s 2022 survey results, at least 70% of survey respondents in all markets examined want to be healthy. Food is critical to attaining that objective, and about half of consumers across all age groups believe healthy eating is a major priority. Hence, this factor further drives the market’s growth.
Rising Disposable Income
Consumers are increasingly willing to make investments in goods that support a healthy lifestyle, such as weight loss and weight management diet products, as disposable incomes grow. This has led to market expansion, particularly in emerging economies. According to the US Bureau of Economic Analysis, the disposable monthly income of US individuals in January 2010 was 11,644.6 Billion of Chained 2012 Dollars, which increased to 15,591.1 Billion of Chained 2012 Dollars in January 2023. Additionally, according to the National Bureau of Statistics’ report for China, in 1990, the country’s urban per capita disposable income was 1,510 RMB ($219.2), which increased to 36,396 RMB ($5,284.3) in 2017.
Expansions and Innovations by Major Market Players
The weight loss and weight management diet market has significant contributors such as Abbott Laboratories, Cargill Inc., General Mills Inc., Ingredion Inc., Kellogg Co., Medifast Inc., Nutrisystem Inc., The Kraft Heinz Company, WW International, Inc., and PepsiCo, Inc., among others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments in the market include-
• In March 2023, Nestlé made an undisclosed amount of investment in a German nutrition company, YFood. The company offers meal replacement drinks, snack bars, and powders and was founded in 2017.
• In January 2023, Cymbiotika, a nutritional supplement brand, launched a new product called Metabolic Health. The supplement contains compounds that have been scientifically and clinically proven to improve metabolic function and efficiency, decrease cravings, and support weight loss goals. Unlike other metabolism-boosting supplements that use stimulants, Metabolic Health takes a therapeutic approach to target metabolism physically and physiologically. According to the company, Metabolic Health helps regulate appetite, improve energy levels, and promote weight loss in a healthy way.
• In June 2022, CTRL, a rapidly growing meal replacement business, introduced new Meal On-The-Go Bars, marking the company's entry into functional foods. Currently, the bars are available in two flavors- Chocolate Chip Cookie Dough and Magic Charms. They provide 15 g of quality whey protein, 240 calories, 27 g of healthy carbs, and 9 g of fiber.
• In March 2022, KaraMD introduced Pure Health Apple Cider Vinegar Gummies, a vegan gummy that promotes ketosis, digestive regulation, weight management, and increased levels of energy.