(PharmaNewsWire.Com, July 03, 2019 ) The latest report by IMARC Group, titled “GCC Weight Loss Market Report and Forecast 2019-2024”, estimates that the GCC weight loss market reached a value of around US$ 3 Billion in 2018. Over the years, obesity has emerged as a key health concern in the Gulf Cooperation Council (GCC) region owing to the sedentary lifestyle habits of the majority of the population. This has consequently led to an increase in the prevalence of diseases such as cancer, cardiovascular disorders (CVD) and diabetes. Rising awareness among the consumers regarding the risks posed by obesity and related health issues has led a large section of the population to adopt weight loss solutions like gyms, sports clubs, weight loss centers, slimming supplements and bariatric surgery.
A shift in the dietary preference is one of the key factors driving the market growth in the region. Owing to the hectic lifestyle of the working population, there has been a significant shift from the usual home-cooked food toward fast foods, which have high-calorie content. This shift has been further propelled by factors such as rapid urbanization, increasing influence of westernization, rising disposable incomes and easy accessibility to packaged food items owing to the proliferation of supermarkets and hypermarkets. Additionally, since the region experiences high average temperature throughout the year, people living in the Gulf countries avoid participating in outdoor sports events, which has resulted in a lack of physical activities. However, people are becoming increasingly aware of the health risks associated with obesity and the need to maintain a healthy lifestyle as a preventive measure to avoid any severe health issues. All these factors have led the population to explore weight loss services and products, which are gaining preference in the region. Other factors such as the launch of innovative variants and aggressive promotional activities by the manufacturers of weight loss products and services are also contributing to the growth of the market in the region. On account of the aforementioned factors, the GCC weight loss market size is expected to reach US$ 5 Billion by 2024, growing at a CAGR of more than 9% during 2019-2024.
On the basis of the diet, the market has been divided into supplements, meals and beverages. Amongst these, supplements represent the most preferred segment.
Based on the equipment type, the market has been bifurcated into fitness and surgical equipment, wherein fitness equipment is the most popular type.
On the basis of the services, fitness centers and health clubs account for the majority of the total market share. Other major services include consulting service, surgical clinics, online weight loss programs and others.
Based on gender, men dominate the overall market, followed by women.
On the basis of the age group, consumers between 31 to 60 years of age exhibit a clear dominance in the market. Other major segments include consumers between 15 to 30 years of age, consumers aging more than 60 years and consumers who are below 15 years of age.
On the geographical front, Saudi Arabia holds the leading position in the market. Other major regions including the UAE, Kuwait, Qatar, Bahrain and Oman.
The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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