Dublin, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The "Weight Loss Services in Canada - Market Research Report" has been added to ResearchAndMarkets.com's offering.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
The weight loss service industry has experienced considerable change as rising obesity rates spur demand for various health solutions. A growing consciousness regarding the health risks associated with being overweight has driven individuals to seek specialized help. The market now offers diverse programs, from technology-driven solutions to personalized coaching, addressing varied consumer preferences. Heightened competition among businesses, along with freely accessible online resources, intensifies the race to capture attention. These dynamics push companies to continually evolve their offerings to stay relevant and appealing to consumers seeking comprehensive well-being solutions.
Industry revenue has been declining at a CAGR of 5.3% over the past five years and is expected to total $296.2 million in 2024, when revenue is expected to drop at 3.5%.
Trends and Insights
- The intense competition in weight loss services pushes companies to innovate. With numerous options available and digital platforms gaining traction, businesses must adapt or risk losing their market share.
- Digital subscriptions will continue to supplant in-person services. Digital platforms and mobile technology facilitate pricing options, variety and personalization of services, all of which are valued by consumers.
- Ontario and Quebec hold a dominant share of establishments and account for over 60% of the population. The only other provinces to represent more than 10% of establishments are Alberta and British Columbia.
- Dominant firms are adopting technologies to fit evolving trends. Large enterprises are embracing new technologies (AI, VR and telemedicine) that can change the face of weight loss services and meet consumers' preferences.
- Rising obesity rates drive demand for weight loss services. Growing rates of obesity in recent years have driven consumers towards weight loss services. Higher obesity rates lead to consumers seeking ways to manage their weight. According to Statistics Canada, the obesity rate for individuals 18 years and over rose from 27.7% to 30% from 2019 to 2022.
- Digital platforms and hybrid models will match consumer preferences. Many consumers gravitate toward a blend of in-person and virtual weight management services. This trend allows businesses to cater to varied preferences, offering a mix of in-person consultations and digital support like virtual check-ins and online communities, enhancing the overall customer experience.
Market size and recent performance (2014-2029)
- Industry revenue has declined at a CAGR of 5.3 % over the past five years, to reach an estimated $296.2m in 2024.
Key Highlights:
- The market size of the Weight Loss Services industry in Canada is $296.2m in 2024.
- There are 553 businesses in the Weight Loss Services industry in Canada, which has declined at a CAGR of 2.7 % between 2019 and 2024.
- The market size of the Weight Loss Services industry in Canada has been declining at a CAGR of 5.3 % between 2019 and 2024.
- Over the next five years, the Weight Loss Services industry in Canada is expected to grow.
- The biggest companies operating in the Weight Loss Services market in Canada are WW International and EWYN Studios International
- The company holding the most market share in Canada is WW International Inc..
- The level of competition is high and increasing in the Weight Loss Services industry in Canada.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
For more information about this report visit https://www.researchandmarkets.com/r/ruifrl
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