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Diet Pills Market Research, Size, Share And Demand Analysis By 2033
Diet Pills Market
According to The Business Research Company's, The diet pills market size has grown rapidly in recent years. It will grow from $1.62 billion in 2023 to $1.81 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increased awareness of health and fitness, rising obesity rates, changing lifestyles and dietary patterns, marketing and promotion strategies, medical endorsements and prescriptions..
The diet pills market size is expected to see rapid growth in the next few years. It will grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to continued focus on health and wellness, global increase in overweight population, expansion of weight management services, innovations in formulations and ingredients, growing e-commerce and direct-to-consumer channels.. Major trends in the forecast period include technological innovations in formulations, emphasis on mental well-being, incorporation of appetite suppressants, digital health integration, expansion of online and e-commerce distribution..
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Market Drivers and Trends:
The rising problem of obesity is expected to propel the growth of the diet pill market going forward. Obesity refers to weight gain that is abnormal or excessive, usually a body mass index (BMI) greater than 30, which poses a health risk. Obesity raises the risk of dying from the esophagus, colon, liver, gallbladder, pancreas, and kidney cancers. It also encourages the occurrence of disorders, including type 2 diabetes (T2D) and cardiovascular diseases (CVD). Obese people use diet pills as a form of medication to help them lose weight. Diet pills decrease a person's appetite and food cravings, thus reducing weight. For instance, in May 2022, according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), more than 2 in 5 adults (42.4%) have obesity, and about 1 in 11 adults (9.2%) have severe obesity. Therefore, the increasing prevalence of obesity is driving the growth of the diet pill market.
The popularity of plant-based supplements is a key trend in the diet pill market. Companies operating in the diet pill market are developing plant-based diet pills to sustain their position in the market. For instance, in April 2022, Wellbeing Nutrition, an India-based plant-based nutrition company, launched SLOW. The formulation consists of 13 supplements and has been specifically tailored for a variety of distinct health and wellness needs, including reproductive assistance, bone health, weight loss, and everyday multivitamins and nutrition, among many others. The SLOW technology employs continuous-release coated pellets in a capsule to ensure the human body's timely digestion of vitamins and nutrients throughout the day. This new line is intended to meet consumer demands for increased energy, physical endurance, mental alertness, and functional health advantages for disease prevention.
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Major Key Players of the Market:
GlaxoSmithKline plc; Iovate Health Sciences International Inc.; Novo Nordisk A/S; Gelesis Inc.; VIVUS Inc.; Pfizer Inc.; Zoller India Pvt. Ltd.; Creative Biosciences Pvt. Ltd.; Applied Nutrition Ltd. (India); Herbalife Nutrition India Private Limited; Camillotek India Pvt. Ltd.; Avon Products Inc.; NOW Foods; MuscleTech Research and Development LLC; Healthviva Group of Companies; Nalpropion Pharmaceuticals LLC; Chong's Health Care Pte. Ltd.; Currax Pharmaceuticals LLC; TEVA PHARMACEUTICAL INDUSTRIES LTD; Eli Lilly and Company; Arena Pharmaceuticals GmbH & Co. KG; Orexigen Therapeutics Inc.; Takeda Pharmaceutical Company Limited; Eisai Co. Ltd.; Roche Holding AG; Sanofi SA; Boehringer Ingelheim International GmbH; Merck & Co. Inc.; Johnson & Johnson; Abbott Laboratories
Diet Pills Market 2024 Key Insights:
• The diet pills market size will grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Obesity-Related Health Risks Boost Demand For Diet Pills
• Wellbeing Nutrition Launches Plant-Based Slow Supplements
• North America was the largest region in the diet pills market in 2023
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