Number of pages: 100 | Report Format: PDF | Published date: July 26, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global diet pills market was pegged at US$ 1.3 billion in 2021 and is expected to witness a CAGR of 9.8% during the forecast period.
Obesity is becoming one of the global issues of concern, which significantly increases the risk for life-threatening conditions such as cardiac diseases, diabetes, high blood pressure, etc. This encourages obese individuals to opt for weight management solutions, diet pills, or anti-obesity medications being one of the options. These diet pills or medications work either by altering the appetite or absorption of calories. These medications have different mechanisms of action in the body such as increasing the body’s metabolism, preventing fat absorption, or suppressing appetite. These should be used in conjunction with regular workouts and a balanced diet.
Demand for diet pills is anticipated to be driven by the increase in incidences of obesity and related illnesses such as cardiovascular diseases (CVDs), diabetes, and hypertension. According to a WHO report, 115 million people in developing nations experience obesity-related illnesses as of 2021. Therefore, it is expected that the increasing reliance on weight reduction pills to maintain a healthy body weight will fuel market expansion. Furthermore, market growth is anticipated to be fueled by rising disposable income and increased concerns about leading healthy lives. Government and private health organizations are developing and putting into action awareness campaigns and programs about the global obesity epidemic to encourage people to adopt healthier eating habits and lead more active, physical lifestyles to maintain nutritional well-being and normal body weight.
However, several regional and national governments have established strict regulatory frameworks that require market participants to present adequate evidence of the safety and efficacy of each chemical used in the supplements, which is estimated to hinder the global diet pills market growth.
The global diet pills market has been analyzed from four perspectives: product type, application, distribution channel, and region.
Diet Pills Market by Product Type
Based on product type, the global diet pills market is segmented into over-the-counter drugs and prescriptions. The prescription segment holds the largest share in the market. Diet pills are prescribed by healthcare professionals as an additional supportive weight loss option when the exercise and a balanced diet. These prescribed diet pills are approved for long-term use and produce significant results. Hence, more obese individuals prefer taking prescribed pills because of the authenticity and proper suggested dosage.
Diet Pills Market by Application
Based on application, the global diet pills market is segmented into fat blocking, appetite suppression, and others. The appetite suppression segment is dominating the market. This is attributed to the absence of caffeine content or other stimulants and still being able to provide energy and focus. With more energy, the person is more likely to persist with the exercise regimen and maintain a healthy lifestyle. Therefore, these factors are probably going to help the segment progress during the forecast period.
Diet Pills Market by Distribution Channel
Based on distribution channels, the global diet pills market is segmented into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment accounted for the highest revenue share. The segment is growing because of the simple accessibility of weight loss supplements from department stores, drugstores, health & beauty shops, and retail pharmacies. Additionally, department stores and health & beauty shops are actively launching campaigns to raise public awareness about the need of maintaining excellent health, which is anticipated to have a beneficial effect on the segment growth. Additionally, offline retailers are constantly working to improve the general level of customer interaction and experience. To speed up checkout, several department stores and health & beauty shops have installed point-of-sale terminals. Because there is a risk of buying inferior or counterfeit goods, consumers tend to rely more on offline channels than online platforms.
However, over the forecast period, the online distribution channel category is anticipated to achieve the fastest CAGR. The penetration of e-commerce, convenience of purchasing, and discounts on the products are the factors responsible for the growth of the online pharmacies segment.
Diet Pills Market by Region
Due to the high prevalence of obesity, rising disposable incomes, and growing health consciousness among consumers, Asia Pacific accounts for the greatest portion of global diet pills sales. To support an ideal physique and general well-being, the adult and elderly population heavily use appetite suppressants and weight management drugs. Due to improved distribution tactics adopted by the major players to promote product availability. Asia Pacific regional market is anticipated to expand at a consistent CAGR during the forecast years. Additionally, untapped potential in the developing nations reflects the region's expanding need. One of the major reasons boosting the market is the expanding patient base in Asia Pacific.
Some of the prominent players operating in the diet pills market are
In June 2022, Eli Lilly announced the launch of the weight loss medication Tirzepatide, to treat patients with type-2 diabetes, approved by the FDA.
Global diet pills market is pegged at US$ 1.3 billion in 2021, and is expected to grow at approximately 9.8% in the forecast period.
The increasing cases of obesity due to lifestyle changes, enhanced focus on self-care, and rise in disposable income governs the global diet pills market.
Novo Nordisk, F. Hoffman Roche, GlaxoSmithKline, Herbalife etc. are some of the key players in the global diet pills market. These key players are aggressively coming up with innovative products in the market and mergers, acquisitions, etc. as key strategies.
The prescribed diet pills segment holds the lion’s share in the market while OTC segment is expected to boost in the forecast period.
Asia Pacific region is expected to witness the highest growth in the coming years, owing to high prevalence of obesity cases and the rise in disposable income.
*Insights on financial permanence is subject to availability of information in public domain