DUBLIN--(BUSINESS WIRE)--The "Diet Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Application, Age Group and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
Increase in Self-care to Drive Global Diet Pills Market
The market is expected to grow from US$ 1,132.55 million in 2021 to US$ 3 2,270.94 million by 2028; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028.
The increase in self-care, the rising problem of obesity, an increase in the elderly population, and a surge in women taking dietary supplements are driving the diet pills market. However, the challenging regulatory environment is expected to restrict the market growth during the forecast period.
In the first half of 2020, the demand for diet pills declined due to lockdown and social distancing owing to the COVID-19 pandemic, whereas demand increased globally during the second half of 2020. In 2021, as the condition was normalizing with the fastest recovery rates, well-established and newer market players are spending on research & developments to establish highly effective additions with no side effects.
Consumers' knowledge of the importance of well-being and disease prevention is rising with the growing availability and use of online medicine portals and health organization websites for consultation. They are becoming more health-conscious and taking a proactive approach to disease treatment and prevention.
Further, the rising popularity of fitness, bodybuilding, and specialist sports among people aged 20-40 drives the demand for diet pills and supplements that can help them achieve their aesthetic goals or improve their performance. The number of gym and fitness enthusiasts has risen dramatically in the last decade. Many fitness coaches and professionals recommend the intake of diet pills for weight loss. Many global diet pill industry players will likely introduce new diet pills in the next decade.
The rise in consumers' purchasing power has resulted in various lifestyle changes, including decreased physical activities and unhealthy eating habits that cause high-calorie intake, eventually leading to a surge in the obese population. However, increased health awareness among consumers has prompted them to choose a healthy lifestyle that includes more physical activities and food intake awareness.
Due to their hectic lifestyles, many consumers are significantly inclined toward dietary supplements to preserve the fitness and appearance of their bodies. Obesity is on the rise among young people in the US and Europe. According to body mass index (BMI), 45% of adults in the European Union (EU) had normal weight in 2019, while 53% were considered overweight (36% pre-obese and 17% obese). ~45% of overweight and ~67% of obese US citizens are trying to lose weight. ~15% of adults in the US have taken weight-loss dietary supplements, including 21% of women and 10% of men in the country.
Dietary supplements in pill form, such as tablets, capsules, and softgels, cost ~US$ 2.1 billion per year. Weight loss has been 1 of the top 20 reasons for taking dietary supplements. Thus, with the rising obesity rate, the demand for diet pills and supplements has increased.
Novo Nordisk A/S, Gelesis, VIVUS LLC, Chong's Health Care, GlaxoSmithKline plc., Pfizer Inc. (Arena Pharmaceutical GmbH), Iovate Health Sciences International Inc., Zoller Laboratories, Currax Pharmaceuticals LLC., TEVA PHARMACEUTICAL INDUSTRIES LTD. are a few leading companies operating in the diet pills market.
Key Market Dynamics
- Increase in Self-Directed Care
- Rising Problem of Obesity
- Increase in Elderly Population and Surge in Women Taking Dietary Supplements
- Challenging Regulatory Environment
- Shift Toward Plant-Based Supplements
- Easy and Improved Access with Online Availability
- Nov- Nordisk A/S
- Vivus LLC
- Chong's Health Care
- GlaxoSmithKline plc.
- Pfizer Inc. (Arena Pharmaceutical Gmbh)
- Iovate Health Sciences International Inc.
- Zoller Laboratories
- Currax Pharmaceuticals LLC.
- Teva Pharmaceutical Industries Ltd
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