Slimming Aids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Slimming Aids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Slimming Aids Market is expected to witness a CAGR of 8% during the forecast period.

The COVID-19 pandemic affected healthcare systems globally and resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients to significant risks. It was observed that obesity had increased exponentially during the pandemic situation. According to the article published in the Diabetes Obesity and Metabolism in August 2021 titled "A global country-level analysis of the relationship between obesity and COVID-19 cases and mortality" obesity prevalence is a significant and potentially modifiable risk factor for increased COVID-19 national caseload and mortality. This impacted the market growth. However, with the release of COVID-19 restrictions, and resuming treatment and service, the demand for slimming products is expected to increase which in turn is anticipated to boost the market growth over the forecast period.

Certain factors that are propelling the market growth are the increasing rate of obesity, changing lifestyles, and the growing fast food industry, as well as the launch of new and advanced products.

The incidence of obesity has been increasing fiercely over the past decades, and it is often described as a global endemic, especially in developed countries where lifestyle-related disorders, such as anxiety, stress, smoking, and drinking, are more prevalent. For instance, according to the Eurostat report published in July 2021, it has been observed that more than half of the population (53%) were overweight (36% pre-obese and 17% obese) in Europe, in 2020. In addition, as per the same source, the lowest share was recorded among those aged 18 to 24 (25%), while those aged 65 to 74 had the highest share (66%). Thus, the high burden of the obese population is expected to increase the demand for a variety of slimming aids that helps them in reducing weight safely and quickly, thereby propelling the market growth.

In addition, the changing lifestyle and growing fast food or processed food industry are also expected to increase the market growth. For instance, according to a report published by the United States Department of Agriculture Foreign Agricultural Service, in April 2022, titled 'Food Processing Ingredients, Columbia', it has been observed that the food and beverage industry in Columbia grew 7.7% in 2021. In addition, as per the same source, the consumption of bread is much higher in Chile at 98 kilograms/216 pounds, followed by Argentina at 82 kilograms/180 pounds, Uruguay at 55 kilograms/121 pounds, and Columbia at 22 kilograms/48 pounds. Thus, the high consumption of processed food by the population is increasing the risk of developing obesity which in turn is anticipated to propel the demand for slimming pills, drinks, and other products, thereby boosting the market growth.

Furthermore, in an article published in July 2020, titled ‘Effect of age and weight on physical activity’’, a Chi-Square test conducted in Indonesia showed that more than 60% of middle-aged women of low socioeconomic status were obese or overweighed due to factors such as high blood pressure, arthritis, and other issues related to activities of bending and getting up from chairs. In addition, obese adults were found to have moderate to low physical activity which increases their chances of developing a high body mass index. This is expected to boost the demand for products or treatments that reduces weight without any side effects, thereby propelling market growth.

Moreover, the rising product launches related to weight loss are also contributing to the market growth. For instance, in June 2022, CoBionic launched Peak Burn, a new weight loss product. It uses a breakthrough mechanism that activates the body's natural ability to burn off white fat. Also, in March 2022, Auric launched effervescent tablets for liver detox and weight loss.

However, deceptive marketing practices and the presence of counterfeit products are expected to restrain the market growth over the forecast period.

Key Market TrendsNatural Products Segment is Expected to Dominate the Slimming Aids Market Over the Forecast Period

The natural product segment is expected to witness a significant growth in the slimming aids market over the forecast period owing to the factors such as increasing incidence of obesity, higher adoption among the consumers, less side effects and long term effects.

Natural or herbal supplements are among those that patients frequently utilize to lose weight. In human trials, these natural compounds have been shown to be efficient and secure in managing body weight. In addition, the natural products has the potential to serve as sources of nutraceuticals or medications to control body weight that includes catechins, capsaicin, conjugated linoleic acid, fucoxanthin, soy isoflavone, glabridin, astaxanthin, and cyaniding-3-glucoside.

Some of the common ingredients present in the weight loss supplements are African mango (inhibits adipogenesis and reduces leptin level), bitter orange (increases energy expenditure and lipolysis and acts as mild appetite suppressant), caffeine (stimulate central nervous system and increases thermogenesis of fat oxidation) and others.

Furthermore, the rising company activities in developing natural or herbal products is also contributing to the market growth. For instance, in July 2021, Youtheory, Southern California based supplement company, launched a Daily Fat Burner supplement, designed for customers desiring healthy weight management. The product is a combination of Chromium clinically researched Sinetrol Citrus Fruit Blend, and Capsimax which is essential for maximizing fat burning. Also, in July 2022, Herbalife launched a new weight management product, Fat Release, based on a fiber dervived from prickly pear cactus, Litramine, that helps to control fat formation in the body. Similarly, in February 2022, Sabinsa launched a turmeric extract, CurCousin that contains bioactive Calebin A, a curcumin analog naturally present in Curcuma longa and Curcuma caesia, for treating obesity, weight management and inflammation.

Thus, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.

North America Dominates the Market and Expects to do Same Over the Forecast Period

North America is expected to dominate the slimming aids material market over the forecast period, owing to factors such as the rising prevalence of obesity, rising awareness regarding weight loss and weight management among the population, high consumption of fast food, and increasing healthcare expenditure in the country.

The increasing burden of obesity in the region is the key factor driving the market growth. For instance, according to Organization for Economic Co-operation and Development (OECD), 2020, the United States ranks 12th in the world of obesity. Additionally, according to World Population Obesity Rate by State 2022 statistics, the states with the highest rate of obesity in 2022 are Mississippi (40.80%), followed by West Virginia (39.70%), Arkansas (37.40%), Oklahoma (36.80%), Tennessee (36.50%), South Carolina (35.40%), and Ohio (34.80%). Thus, the high burden of obesity among the population is expected to increase the demand for weight loss products and supplements, thereby boosting the market growth.

In addition, according to the data published by the Organization for Economic Co-operation and Development (OECD), in June 2022, United States healthcare spending in 2021 was 17.8% of the total GDP of the country. As per the same source, Mexico’s health spending as a share of GDP was 6.2% in 2020. This is expected to positively impact market growth. As per Centers for Medicare and Medicaid Services (CMS), approximately USD 147 billion is spent on medical expenses per year within the United States. This number is suspected to increase approximately to USD 1.24 billion per year, until 2030.

Furthermore, the increasing lifestyle changes and hectic schedules of the people in the region are increasing their dependency on fast food or processed food items which is increasing the risk of high body mass index and leading to obesity. This is expected to propel the market growth over the forecast period. For instance, as per the 2022 statistics published by the Barbecue Lab, 44.9% of people aged between 20-39 years eat fast food on any given day, followed by 37.7% of people aged between 40-59 years and 24.1% of people aged 60 years or above.

Moreover, the rising product approvals and launches in the region are also contributing to the market growth. For instance, in August 2022, Currax launched One Size Does Not Fit All, a branded project to bolster the benefits of meds for obesity as well as to promote a personalized approach to weight loss. Also, in June 2021, the United States Food and Drug Administration approved Novo Nordisk’s new drug application (NDA) for Wegovy (semaglutide) injection 2.4 mg, a prescription weight-loss medication with once-weekly dosing. The drug is used with a reduced calorie meal plan and increased physical activity for adults with obesity (BMI ≥30) or overweight (excess weight) (BMI ≥27).

Thus, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.

Competitive Landscape

The slimming aids market is highly competitive, price-sensitive, and growing, due to greater adoption from smaller and medium-sized market players. The market concentration ratio is expected to increase in emerging markets, like Asia-Pacific and Latin America, offering growth opportunities for smaller companies. Some of the players in the market are Amway, GlaxoSmithKline plc, Nestle SA, Himalaya Wellness, XLS-Medical, Herbalife, and Glanbia.

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