PORTLAND, Oregon, October 27, 2015 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Weight loss and weight management diet market- Opportunities and Forecasts 2014-2020," the global weight loss and weight management diet market would garner revenue of $422.8 billion by 2020, registering a CAGR of 9.1% during the forecast period of 2015-2020. Currently, North America occupies the largest market share of approximately 35%, owing to its largest percentage share of obese population. However, developing markets would witness a faster adoption of weight loss and weight management diet during the forecast period.
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Better-for-you food and beverage account for the largest share of the overall sales value and would continue to be the leading contributor over the forecast period (2015 - 2020). The segment would account for the highest sales value of $396.6 billion by 2020. Better-for-you products such as breakfast cereals, yogurt, low calorie beverages and portion control dessert & bakery products would continue to gain popularity among consumers. Adoption rate of dietary supplements would increase in developing economies including Asia Pacific and Latin America. Meal replacements, which include protein shakes and nutritional bars amongst others, would witness a CAGR of 7.3% over the forecast period and would find greater adoption amongst women, children and working professionals as a substitute for regular food items.
Weight loss dietary supplements and meal replacements are majorly sold through direct distribution, health & beauty stores and online distribution. Products of leading players in the market such as Herbalife are sold exclusively through a vast network of independent distributors across the globe. Supermarkets and Hypermarkets are major distribution channels for better-for-you food & beverages. However, small retail formats comprising of departmental stores, grocery stores and others are fast catching up in order to compete with large retail format.
North America would continue to account for the largest percentage of overall sales value. However, developing markets, particularly the Asia-Pacific, would exhibit significant growth during the forecast period. The market in the region is expected to register a CAGR of 11.6% during the forecast period.
KEY FINDINGS OF THE STUDY
- North America is the highest revenue generating market for weight loss and weight management diet due to high obesity rate
- Asia Pacific is the fastest growing market due to factors such as changing food habits and increasing per-capita income
- Adoption of better-for-you food & beverages would witness a rapid increase in developing economies such as China, India and Brazil
- Meal replacements would find greater adoption among working professionals, women and children as a substitute for regular food items
Prominent companies profiled in the report include The Coca-Cola Company, PepsiCo Inc., Herbalife International, Kellogg's Company, eDiets.com Inc., Nutrisystems Inc., Abbott Laboratories, Weight Watchers International Inc., Medifast Inc. and Kraft Foods. Herbalife has a robust network of over 2.3 million independent distributors across the globe. Diverse range of weight management products offered by Nutrisystems including breakfast, lunch, dinner, snacks and desserts has enabled it to gain competitive advantage.
Similar market studies published by Allied Market Research -
World Fitness Equipment Market - https://www.alliedmarketresearch.com/fitness-equipment-market
World Weight Loss and Obesity Market - https://www.alliedmarketresearch.com/weight-loss-obesity-market
World Nutraceutical Ingredients Market - https://www.alliedmarketresearch.com/nutraceutical-ingredients-market
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SOURCE Allied Market Research