Market Trends of Global Slimming Aids Industry
This section covers the major market trends shaping the Slimming Aids Market according to our research experts:
Natural 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.
