The whole U.S. weight reduction market is estimated to have grown to a historic peak of $90 billion in 2023, boosted by hovering gross sales of the favored prescription GLP-1 weight reduction medication. This can be a main paradigm shift towards medical applications, and a serious problem for competing industrial weight-reduction plan corporations, which misplaced $1+ billion in revenues since 2022.
GLP-1 medication are a recreation changer by way of the variety of drugs now available on the market, plus others to return within the subsequent a number of years. They’ve affected dieter conduct and the way industrial weight-reduction plan corporations function. Practically all non-medical segments of the market have felt the ache of declining gross sales, and 26,500 weight reduction coaches have misplaced their jobs. Nevertheless, extra physicians are including weight reduction to their practices, bariatric surgical procedures are hitting new highs, and caseloads/revenues at medical weight reduction franchises and at bariatricians are rising.
High Weight Loss Trade Stats for 2024
- How massive is the load loss trade: Marketdata estimates that the whole U.S. weight reduction market reached new highs of $89.9 billion in 2023. The market is anticipated to develop one other 4.3% to $93.8 billion in 2024.
- Weight problems drugs: The marketplace for prescription weight reduction medication within the U.S. greater than doubled in 2023, from an estimated $5.1 billion in 2022 to $11.9 billion in 2023 as demand continued to soar for medication resembling Novo Nordisk’s Saxenda, Wegovy and Ozempic, in addition to the entry of recent medication resembling Mounjaro and Zepbound into the market.
- Medical weight reduction applications and companies: This phase was estimated to be value $21.0 billion in 2023—the very best share of the market posted since 1989. Medical applications are offered by unbiased physicians (incl. bariatricians), clinics, hospitals and medical weight reduction franchises.
- Business weight reduction chains: Revenues of the key industrial weight reduction chains (Weight Watchers, NutriSystem, Jenny Craig, Medifast and others) fell 25% from 2021 to 2023, to $3.35 billion. They’re scrambling so as to add medical applications and survive.
- Meal replacements and retail urge for food suppressants: Mixed gross sales for these weight reduction merchandise have been estimated to be value $4.86 billion in 2023—down 14% from 2021. The 2024 forecast is for a 4.7% decline to $4.63 billion in 2024.
- Weight reduction promoting spend: Business weight-reduction plan corporations and weight problems drug producers spent $882 million on promoting in 2023.
- Weight reduction coaches: An estimated 26,500 of them misplaced their jobs since 2020, because the industrial weight-reduction plan corporations applied layoffs. That is affecting the standard and nature of help for a lot of dieters.
The place to Be taught Extra
To search out out extra in regards to the US weight reduction trade, together with weight reduction trade revenues and segmentation, be sure you try Marketdata’s most up-to-date report on the U.S. weight reduction trade. The report contains in-depth analyses of: 2020-2023 market/income efficiency, current competitor and market developments, present dieter developments, and a brand new evaluation of the quantity and salaries of weight reduction coaches within the trade. Particular emphasis and evaluation on the weight problems medication market, dangers, what might derail the market, and why there’s a wild west setting rising.
Concerning the Creator:  John LaRosa is the President of Marketdata LLC and is the creator of 100+ trade and market research. His analysis seems in high media shops together with ABC, CNN, Fox, Forbes, USA In the present day, The Wall Road Journal, The New York Instances, and quite a lot of commerce journals.Â
