The overall 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 medicine. It is a main paradigm shift towards medical packages, and a serious problem for competing industrial weight-reduction plan firms, which misplaced $1+ billion in revenues since 2022.
GLP-1 medicine are a recreation changer when it comes to the variety of drugs now in the marketplace, plus others to come back within the subsequent a number of years. They’ve affected dieter conduct and the way industrial weight-reduction plan firms 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 large is the load loss trade: Marketdata estimates that the overall U.S. weight reduction market reached new highs of $89.9 billion in 2023. The market is predicted to develop one other 4.3% to $93.8 billion in 2024.
- Weight problems drugs: The marketplace for prescription weight reduction medicine 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 medicine comparable to Novo Nordisk’s Saxenda, Wegovy and Ozempic, in addition to the entry of latest medicine comparable to Mounjaro and Zepbound into the market.
- Medical weight reduction packages and companies: This section was estimated to be value $21.0 billion in 2023—the best share of the market posted since 1989. Medical packages are offered by unbiased physicians (incl. bariatricians), clinics, hospitals and medical weight reduction franchises.
- Business weight reduction chains: Revenues of the main 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 packages and survive.
- Meal replacements and retail urge for food suppressants: Mixed gross sales for these weight reduction merchandise had 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 firms 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 firms carried out layoffs. That is affecting the standard and nature of help for a lot of dieters.
The place to Study Extra
To seek out out extra in regards to the US weight reduction trade, together with weight reduction trade revenues and segmentation, you should definitely take a look at Marketdata’s most up-to-date report on the U.S. weight reduction trade. The report consists of in-depth analyses of: 2020-2023 market/income efficiency, current competitor and market developments, present dieter traits, 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 medicine market, dangers, what might derail the market, and why there’s a wild west atmosphere rising.
In regards to the Creator:  John LaRosa is the President of Marketdata LLC and is the creator of 100+ trade and market research. His analysis seems in prime media retailers together with ABC, CNN, Fox, Forbes, USA Right now, The Wall Avenue Journal, The New York Instances, and quite a lot of commerce journals.Â
