The Global Weight Management Market: A Booming Industry with Growth Prospects
Krissy Vann | Host, All Things Fitness and Wellness
In 2022, the global weight management products, fitness equipment, and services market reached a staggering $256.9 billion, and the numbers are only going up from there. With a projected compound annual growth rate (CAGR) of 8.8%, the market is expected to hit approximately $424.8 billion by 2028.
North America leads the charge, holding the largest market share at 39.9% with revenue of nearly $102.5 billion in 2020.
The market is segmented into products, fitness equipment, and services. Products dominated in 2022, boasting the largest share and expected to grow at an impressive 8.4% during the forecast period.
When it comes to sales channels, supermarkets and hypermarkets held the throne in 2022. However, keep an eye on the e-commerce segment, projected to skyrocket with a growth rate of 10.7% during the forecast period.
Driving this industry's exponential growth are increasing health concerns, an aging population, and rising per capita income in developing countries like China, India, and Brazil.
But challenges exist too, with high prices for weight management products and a lack of awareness about them.
Nonetheless, this thriving market offers lucrative opportunities. Contract manufacturers can enhance their processes and delivery times, while increasing industry regulations worldwide, the introduction of new products, and a surge in acquisitions contribute to the market's expansion.
The future looks promising for the weight management market, where health and fitness take center stage. With continuous growth and evolving consumer preferences, the global weight management industry is set to transform lives and businesses alike.
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