Since its conception, the weight loss market has been growing in popularity and revenue, and the numbers tell us that this is not going to change anytime soon. The search for a “quick solution” to losing weight has resulted in a growing weight loss industry. Dietary supplements especially have made a significant impact on the market, and because of access to online resources there is a wealth of information available on the topic. Due to increased information channels such as social media, the world has noticed. The industry is growing exponentially as more dietary supplements for weight loss appear on the market, and more brands sell themselves as a lifestyle choice rather than a short-term solution.
A growing market
Obesity rates are rising in developed economies such as America and Germany. This is mostly due to bad habits and easy access to unhealthy fast food. Unreasonable work hours and a hectic work schedule take away from a healthy eating routine. The convenience and accessibility of junk food has had a negative impact on our health, especially our weight. The need and urgency for an effective weight loss method that requires minimal effort has been created and will not go away unless we drastically change our diets and daily routines. For this reason, the dietary supplement market has grown, and at this current trend is expected to reach $278 billion by 2024.
The self-diagnosed consumer
Today, 70% of Americans use the internet to either confirm health advice, or to educate themselves on health issues in order to have more detailed discussions with their health care providers. This includes pre-diagnosis, diagnosis and treatment for various ailments. Individuals don’t depend on their primary care physicians as much as before, and this counts for weight loss as well.
In the information age, self-directed consumers are educating themselves and self-diagnosing. This has not gone unnoticed by producers of medicine and dietary supplements. Brands are focusing their marketing towards educating their target audience and providing them with a benefit-oriented solution. The celebrity factor also plays a significant role. Consumers trust the advice of media personalities, who are driving the market trends through the content they put out, and the methods they endorse. Due to the proliferation of social media channels, manufacturers can target a very specific audience and speak to their concerns.
A Personalized Solution
Increasingly, consumers are interested in a solution that is customized specifically for them, and that they can include in their daily health routine. This allows manufacturers of private label supplements to reach a wide audience who are actively searching for more health information. By branding their products as a lifestyle rather than a short-term solution, they gather a loyal following that generates recurring revenue. This allows private label manufacturers to compete with national brands, positioning themselves as lifestyle brands to set them apart. They can more easily provide focused, customized solutions for their customers, gaining their trust and loyalty through a personalized experience.
The growth in eCommerce has increased the online presence of brands, giving them a differentiated premium positioning in the marketplace. Online wellness tools and chatbots help create a customized supplement plan for each customer based on their health profile and goals. This helps to turn their goals to lose weight into a lifestyle.
For these reasons the weight loss market is trending and will continue to do so for the foreseeable future. There is a definite and increased need for weight loss supplements, bolstered by influencers and celebrities that tout the benefits of health supplements. Health is now a thriving consumer market as well as a lifestyle choice, with a price tag.