Obesity! A US$ 269.2 Billion market by 2024

Online weight loss services account for the majority of the market share. North America exhibits a clear dominance in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.

Obesity! This may be a disease for you but a huge business opportunity for many. According to the latest report by IMARC Group, titled "Weight Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global weight management market size reached US$ 189.8 Billion in 2018.

Weight management refers to a set of practices that enable an individual to lose unwanted weight by adopting a healthy diet and increasing physical activity. The purpose of weight management is to help people attain good health and foster a better lifestyle as well as prevent and treat diseases associated with obesity or other eating disorders. With the rising obesity rates, people nowadays are consulting nutritionists and health care professionals to learn the skills necessary for weight management. The major players in the market are - Herbalife International, Inc., NutriSystem, Inc., Weight Watchers International, Inc., eDiets.com, Brunswick Corporation, Ethicon Endo-surgery, Inc., Golds Gym International, Inc., Amer Sports, Technogym SPA, Jenny Craig Inc., Medtronic Inc., Kellogg Company, Atkins Nutritionals Inc., Apollo Endosurgery Inc., Cyber International, Inc., and Johnson & Johnson.

Global Weight Management Market Trends

In recent years, unhealthy lifestyles and increasing consumption of fast food have led to higher obesity rates. Since being overweight or obese increases the risk of health-related issues, including type 2 diabetes, heart disease, stroke, fatty liver and kidney disease, individuals are adopting nutritious diets and workout programs to stay fit and healthy. Along with this, various government and non-profit health organizations are promoting weight management programs, which offer education about healthful eating as well as modifying the person's food intake. These programs also provide information to individuals about the scientific foundation of nutrition that enables them to make informed decisions about food, cooking methods and estimating portion sizes. Besides this, the advancements made in the healthcare industry have led to the development of various surgical procedures, such as gastric bypass, sleeve gastrectomy, adjustable gastric band and biliopancreatic diversion, which aid in losing weight. Moreover, market players are launching new dietary supplements containing ingredients that help in improving metabolism. As a result of these factors, the market value is projected to reach US$ 269.2 Billion by 2024, registering a CAGR of around 6% during 2019-2024.

Based on the diet, the market has been segmented into beverages, meals and supplements. Beverages currently represent the most popular segment, holding the largest market share. On the basis of the equipment, the market is dominated by fitness equipment, including strength training, cardiovascular training and other equipment. It is followed by surgical equipment, which comprises minimally invasive/bariatric and non-invasive surgical equipment. The market has been categorized based on the services into fitness centres, slimming centres, consultation services and online weight loss services. Amongst these, online weight loss services account for the majority of the market share.

(With inputs by Stuart Billy from IMARC Group)