How Is the Weight Loss Services Market Expected To Grow Through 2023-2032?
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The global weight loss services market is poised for significant growth, with projections indicating an ascent from $14.46 billion in 2022 to $15.76 billion in 2023, marked by a noteworthy compound annual growth rate (CAGR) of 9%. The momentum is expected to continue, propelling the market to $21.80 billion in 2027, with a robust CAGR of 8.4%.
Aging Gracefully, Losing Weight Wisely
The Silver Surge
A key driver fueling the growth of the weight loss services market is the rising aging population. As the world witnesses a demographic shift with an increase in the proportion of elderly individuals, weight loss services play a crucial role. The aging population tends to face challenges related to obesity and excess weight due to age-related changes in body composition, including a rise in fat mass and a decrease in lean mass and bone density. According to the United Nations Department of Economic and Social Affairs, the population aged 65 and above is projected to reach around 16.0% by 2050. Additionally, the World Health Organization estimates that by 2030, there will be 1.4 billion individuals over the age of 60 globally, up from 1 billion in 2020. This demographic shift is a driving force behind the growth of the weight loss services market.
Market Giants: Leaders in the Journey
Navigating the Landscape
In this dynamic market, several key players are steering its growth. Herbalife Nutrition Ltd., Kellogg Company, NutriSystem Inc., and WW International Inc. are among the prominent figures navigating the weight loss services landscape. Other significant contributors include Nu Skin Enterprises, Atkins Nutritionals Inc., Brunswick Corporation, Gold’s Gym International Inc., Jenny Craig Inc., Covidien, eDiets.com Inc., Apollo Endosurgery Inc., Abbott Laboratories, Cargill Incorporated, General Mills Inc., and Ingredion Incorporated. Together, they form a robust coalition driving the weight loss services market forward.
Tech-Driven Transformation: Technological Advancements
Innovation at Every Step
A prominent trend in the weight loss services market is the infusion of technological advancements. Major companies in the weight loss products and services sector are leveraging cutting-edge technologies to sustain and enhance their positions in the market. An illustrative example is Performance Health Systems, a US-based company, which, in February 2021, introduced the Personal Power Plate featuring whole-body vibration technology. This technology, with its unique features, promises faster and more effective results for individuals of all fitness levels, overcoming physical limitations. Exercises such as squats, planks, and lunges performed on the vibrating power plate accelerate fitness objectives more efficiently than traditional training alone. This tech-driven trend is reshaping the landscape of weight loss services.
Segmenting the Journey: Market Overview
Diverse Paths to Wellness
The global weight loss services market follows diverse paths, segmented based on:
- By Service:
- Slimming Centers
- Fitness Centers
- Consulting Services
- Weight Loss Programs
- By Equipment:
- Fitness Equipment
- Surgical Equipment
- By Diet:
- By Medications:
Continental Momentum: Regional Dynamics
North America Takes the Lead
In 2022, North America emerged as the torchbearer in the weight loss services market, claiming the largest market share. The region’s proactive role is expected to persist, with North America leading the global market dynamics. Understanding regional dynamics becomes pivotal as the weight loss services market continues to evolve.
View More On The Weight Loss Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/weight-loss-services-global-market-report
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The Weight Loss Services Global Market Report 2023 provides comprehensive insights on the weight loss services market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the weight loss services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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