Diet Pills Market by Product Type (Over the Counter and Prescription), by Application (Fat Blocking and Appetite Suppression), by Distribution Channel (Drug Stores & Retail Pharmacies, Hospital Pharmacies and Online Pharmacies) - Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the global diet pills market was pegged at ~US$ 1.3 billion in 2021. The market is expected to witness a CAGR of ~9.8% from 2022 to 2030.
The demand for diet pills is expected to be driven by an increase in related diseases such as obesity, cardiovascular diseases (CVDs), diabetes, and hypertension. In addition, market growth is expected to be driven by rising disposable income and growing concerns about a healthy life. The increase in self-care, the rising problem of obesity, an increase in the aging population, and increasing demand for consuming diet pills among the female population are driving the diet pills market. Public and private health agencies globally are encouraging people to adopt healthier eating habits, accept a more active and physical lifestyle, and maintain a healthy weight. They are developing and implementing awareness campaigns and programs on the spread of obesity.
However, the strict regulatory environment is expected to limit market growth during the forecast period. Also, there is a limited number of diet pills that shows effective weight loss results, thus restricting the full potential of the diet pills market.
Consumer awareness on the importance of health and disease prevention is increasing with the growing availability and use of online medical portals and health organization websites for consultation. The general population is becoming more health conscious and taking a proactive approach to the treatment and prevention of illnesses.
In addition, the growing popularity of fitness, bodybuilding, and specialty sports among people in their 20s and 40s has increased the demand for diet pills and supplements to help them reach their aesthetic goals and improve their performance. The number of gym and fitness enthusiasts has increased dramatically over the last decade. Many fitness trainers and professionals recommend taking diet pills for weight loss. Many global key players in the diet pills market have the potential to launch new diet pills over the next decade.
Increased consumer purchasing power can lead to a variety of lifestyle changes, including reduced physical activity and an unhealthy diet, leading to high-calorie intake and ultimately an increase in the obese population. However, increased consumer health awareness has led consumers to adopt a healthy lifestyle that includes more physical activity and a more conscious diet.
However, strict FDA regulations to market diet pills are one of the challenges for the pharmaceutical industry. Currently around five weight loss drugs have been approved by the FDA, with a complicated process. Also, side effects associated with the use of diet pills such as insomnia, high blood pressure, nausea & vomiting, restlessness, etc. refrain many consumers from buying these drugs.
In terms of the occurrence of obesity globally, Europe ranks second as compared to North America. This rigorous occurrence of obesity is anticipated to grow within the region, which is an issue of concern. Moreover, there is an increased burden on the economy as a result of the obesity epidemic. Therefore, there has been a substantial rise in administrative health programs conducted by the government to tackle the problem of obesity within the region. Thus, such improvements are expected to contribute to the expansion of the market during the forecast period. In terms of countries, Germany holds the largest share in the diet pills market in Europe. The UK is anticipated to be accounting as the second-highest market share in Europe. The corporates making investments in research activities are probably going to contribute to the dominance of the European market.
Some of the prominent players operating in the diet pills market are Novo Nordisk A/S, Gelesis, Zoller Laboratories, GlaxoSmithKline plc, Chong's Health Care, Herbalife Limited, Currax Pharmaceuticals LLC, Arena Pharmaceuticals, Nutrisystem Limited, and F. Hoffmann-La Roche Ltd. among others.