Weight Loss Products Market Research Report - Forecast till 2027

Weight Loss Products Market Research Report by Type (Food, Beverages, and Supplements), Distribution Channel (Store-Based and Non-Store-Based), and Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2027

ID: MRFR/F-B & N/3346-HCR | August 2022 | Region: Global | 110 Pages         

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

1.1. Market Attractiveness Analysis

1.1.1. Global Weight Loss Products Market, by Type

1.1.2. Global Weight Loss Products Market, by Distribution Channel

1.1.3. Global Weight Loss Products Market, by Region

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope of the Study

2.3. Market Structure

2.4. Key Buying Criteria

2.5. Macro Factor Indicator Analysis

3. RESEARCH METHODOLOGY

3.1. Research Process

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

3.5. Forecast Model

3.6. List of Assumptions

4. MARKET DYNAMICS

4.1. Introduction

4.2. Drivers

4.3. Restraints

4.4. Opportunities

4.5. Challenges

5. MARKET FACTOR ANALYSIS

5.1. Value Chain Analysis

5.2. Supply Chain Analysis

5.3. Porter’s Five Forces Model

5.3.1. Bargaining Power of Suppliers

5.3.2. Bargaining Power of Buyers

5.3.3. Threat of New Entrants

5.3.4. Threat of Substitutes

5.3.5. Intensity of Rivalry

6. GLOBAL WEIGHT LOSS PRODUCTS MARKET, BY TYPE

6.1. Introduction

6.2. Food

6.2.1. Food: Market Estimates & Forecast by Region/Country, 2020–2027

6.2.2. Meal Replacements

6.2.2.1. Meal Replacements: Market Estimates & Forecast by Region/Country, 2020–2027

6.2.3. Low-Calorie Sweeteners

6.2.3.1. Low-Calorie Sweeteners: Market Estimates & Forecast by Region/Country, 2020–2027

6.2.4. Low-Calorie Food

6.2.4.1. Low-Calorie Food: Market Estimates & Forecast by Region/Country, 2020–2027

6.2.5. Organic Food

6.2.5.1. Organic Food: Market Estimates & Forecast by Region/Country, 2020–2027

6.2.6. Others

6.2.6.1. Others: Market Estimates & Forecast by Region/Country, 2020–2027

6.3. Beverages

6.3.1. Beverages: Market Estimates & Forecast by Region/Country, 2020–2027

6.3.2. Diet Soft Drinks

6.3.2.1. Vitamin B9: Market Estimates & Forecast by Region/Country, 2020–2027

6.3.3. Herbal Tea

6.3.3.1. Herbal Tea: Market Estimates & Forecast by Region/Country, 2020–2027

6.3.4. Slimming Water

6.3.4.1. Slimming Water: Market Estimates & Forecast by Region/Country, 2020–2027

6.3.5. Others

6.3.5.1. Others: Market Estimates & Forecast by Region/Country, 2020–2027

6.4. Supplements

6.4.1. Supplements: Market Estimates & Forecast by Region/Country, 2020–2027

6.4.2. Protein Supplements

6.4.2.1. Protein Supplements: Market Estimates & Forecast by Region/Country, 2020–2027

6.4.3. Fiber Supplements

6.4.3.1. Fiber Supplements: Market Estimates & Forecast by Region/Country, 2020–2027

6.4.4. Medium Chain Triglycerides

6.4.4.1. Medium Chain Triglycerides: Market Estimates & Forecast by Region/Country, 2020–2027

6.4.5. Others

6.4.5.1. Others: Market Estimates & Forecast by Region/Country, 2020–2027

7. GLOBAL WEIGHT LOSS PRODUCTS MARKET, BY DISTRBUTION CHANNEL

7.1. Introduction

7.2. Store-Based

7.2.1. Store-Based: Market Estimates & Forecast by Region/Country, 2020–2027

7.2.2. Supermarkets & Hypermarkets

7.2.2.1. Supermarkets & Hypermarkets: Market Estimates & Forecast by Region/Country, 2020–2027

7.2.3. Specialty Stores

7.2.3.1. Specialty Stores: Market Estimates & Forecast by Region/Country, 2020–2027

7.2.4. Convenience Stores

7.2.4.1. Convenience Stores: Market Estimates & Forecast by Region/Country, 2020–2027

7.2.5. Others

7.2.5.1. Others: Market Estimates & Forecast by Region/Country, 2020–2027

7.3. Non-Store-Based

7.3.1. Non-Store-Based: Market Estimates & Forecast by Region/Country, 2020–2027

8. GLOBAL WEIGHT LOSS PRODUCTS MARKET, BY REGION

8.1. Introduction

8.2. North America

8.2.1. Market Estimates & Forecast by Type, 2020–2027

8.2.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.2.3. Market Estimates & Forecast by Country, 2020–2027

8.2.4. US

8.2.4.1. Market Estimates & Forecast by Type, 2020–2027

8.2.4.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.2.5. Canada

8.2.5.1. Market Estimates & Forecast by Type, 2020–2027

8.2.5.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.2.6. Mexico

8.2.6.1. Market Estimates & Forecast by Type, 2020–2027

8.2.6.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3. Europe

8.3.1. Market Estimates & Forecast by Type, 2020–2027

8.3.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.3. Market Estimates & Forecast by Country, 2020–2027

8.3.4. Germany

8.3.4.1. Market Estimates & Forecast by Type, 2020–2027

8.3.4.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.5. UK

8.3.5.1. Market Estimates & Forecast by Type, 2020–2027

8.3.5.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.6. France

8.3.6.1. Market Estimates & Forecast by Type, 2020–2027

8.3.6.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.7. Spain

8.3.7.1. Market Estimates & Forecast by Type, 2020–2027

8.3.7.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.8. Italy

8.3.8.1. Market Estimates & Forecast by Type, 2020–2027

8.3.8.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.3.9. Rest of Europe

8.3.9.1. Market Estimates & Forecast by Type, 2020–2027

8.3.9.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4. Asia-Pacific

8.4.1. Market Estimates & Forecast by Type, 2020–2027

8.4.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4.3. Market Estimates & Forecast by Country, 2020–2027

8.4.4. China

8.4.4.1. Market Estimates & Forecast by Type, 2020–2027

8.4.4.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4.5. Japan

8.4.5.1. Market Estimates & Forecast by Type, 2020–2027

8.4.5.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4.6. India

8.4.6.1. Market Estimates & Forecast by Type, 2020–2027

8.4.6.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4.7. Australia & New Zealand

8.4.7.1. Market Estimates & Forecast by Type, 2020–2027

8.4.7.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.4.8. Rest of Asia-Pacific

8.4.8.1. Market Estimates & Forecast by Type, 2020–2027

8.4.8.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.5. Rest of the World

8.5.1. Market Estimates & Forecast by Type, 2020–2027

8.5.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.5.3. Market Estimates & Forecast by Region, 2020–2027

8.5.4. South America

8.5.4.1. Market Estimates & Forecast by Type, 2020–2027

8.5.4.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.5.5. Middle East

8.5.5.1. Market Estimates & Forecast by Type, 2020–2027

8.5.5.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

8.5.6. Africa

8.5.6.1. Market Estimates & Forecast by Type, 2020–2027

8.5.6.2. Market Estimates & Forecast by Distribution Channel, 2020–2027

9. COMPETITIVE LANDSCAPE

9.1. Introduction

9.2. Competitive Benchmarking

9.3. Development Share Analysis

9.4. Key Developments & Growth Strategies

10. COMPANY PROFILES

10.1. General Mills, Inc.

10.1.1. Company Overview

10.1.2. Financial Overview

10.1.3. Products Offered

10.1.4. Key Developments

10.1.5. SWOT Analysis

10.1.6. Key Strategies

10.2. Amway

10.2.1. Company Overview

10.2.2. Financial Overview

10.2.3. Products Offered

10.2.4. Key Developments

10.2.5. SWOT Analysis

10.2.6. Key Strategies

10.3. Conagra Brands, Inc.

10.3.1. Company Overview

10.3.2. Financial Overview

10.3.3. Products Offered

10.3.4. Key Developments

10.3.5. SWOT Analysis

10.3.6. Key Strategies

10.4. Cargill, Incorporated

10.4.1. Company Overview

10.4.2. Financial Overview

10.4.3. Products Offered

10.4.4. Key Developments

10.4.5. SWOT Analysis

10.4.6. Key Strategies

10.5. Abbott Laboratories

10.5.1. Company Overview

10.5.2. Financial Overview

10.5.3. Products Offered

10.5.4. Key Developments

10.5.5. SWOT Analysis

10.5.6. Key Strategies

10.6. Kraft Foods Group, Inc.

10.6.1. Company Overview

10.6.2. Financial Overview

10.6.3. Products Offered

10.6.4. Key Developments

10.6.5. SWOT Analysis

10.6.6. Key Strategies

10.7. The Coca-Cola Company

10.7.1. Company Overview

10.7.2. Financial Overview

10.7.3. Products Offered

10.7.4. Key Developments

10.7.5. SWOT Analysis

10.7.6. Key Strategies

10.8. PepsiCo, Inc.

10.8.1. Company Overview

10.8.2. Financial Overview

10.8.3. Products Offered

10.8.4. Key Developments

10.8.5. SWOT Analysis

10.8.6. Key Strategies

10.9. Atkins Nutritionals, Inc.

10.9.1. Company Overview

10.9.2. Financial Overview

10.9.3. Products Offered

10.9.4. Key Developments

10.9.5. SWOT Analysis

10.9.6. Key Strategies

10.10. Brunswick Corporation

10.10.1. Company Overview

10.10.2. Financial Overview

10.10.3. Products Offered

10.10.4. Key Developments

10.10.5. SWOT Analysis

10.10.6. Key Strategies

11. APPENDIX

11.1. General Sources & References

11.2. List of Abbreviation

 

LIST OF TABLES

Table 1 Global Weight Loss Products, by Region, 2020–2027 (USD Million)

Table 2 Global Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 3 Global Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 4 North America: Weight Loss Products, by Country, 2020–2027 (USD Million)

Table 5 North America: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 6 North America: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 7 US: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 8 US: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 9 Canada: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 10 Canada: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 11 Mexico: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 12 Mexico: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 13 Europe: Weight Loss Products, by Country, 2020–2027 (USD Million)

Table 14 Europe: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 15 Europe: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 16 Germany: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 17 Germany: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 18 France: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 19 France: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 20 Italy: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 21 Italy: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 22 Spain: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 23 Spain: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 24 UK: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 25 UK: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 26 Rest of Europe: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 27 Rest of Europe: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 28 Asia-Pacific: Weight Loss Products, by Country, 2020–2027 (USD Million)

Table 29 Asia-Pacific: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 30 Asia-Pacific: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 31 China: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 32 China: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 33 India: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 34 India: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 35 Japan: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 36 Japan: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 37 Australia & New Zealand: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 38 Australia & New Zealand: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 39 Rest of Asia-Pacific: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 40 Rest of Asia-Pacific: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 41 Rest of the World (RoW): Weight Loss Products, by Country, 2020–2027 (USD Million)

Table 42 Rest of the World (RoW): Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 43 Rest of the World (RoW): Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 44 South America: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 45 South America: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 46 Middle East: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 47 Middle East: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

Table 48 Africa: Weight Loss Products, by Type, 2020–2027 (USD Million)

Table 49 Africa: Weight Loss Products, by Distribution Channel, 2020–2027 (USD Million)

 

LIST OF FIGURES

FIGURE 1 Global Weight Loss Products Market Segmentation

FIGURE 2 Forecast Research Methodology

FIGURE 3 Five Forces Analysis of the Global Weight Loss Products Market

FIGURE 4 Value Chain of the Global Weight Loss Products Market

FIGURE 5 Share of the Global Weight Loss Products Market in 2020, by Country (%)

FIGURE 6 Global Weight Loss Products Market, by Region, 2020–2027,

FIGURE 7 Global Weight Loss Products Market Size, by Type, 2020

FIGURE 8 Share of the Global Weight Loss Products Market , by Type, 2020–2027 (%)

FIGURE 9 Global Weight Loss Products Market Size, by Distribution Channel, 2020

FIGURE 10 Share of the Global Weight Loss Products Market , by Distribution Channel, 2020–2027 (%)


Weight Loss Products Market

Weight Loss Products Market Size is anticipated to reach USD 408.36 Billion by 2027, registering a CAGR of 16.26% during 2021-2027.

Segmentation

By Type Food Beverages Supplements
By Distribution Channel Store Based Non Store Based
By Region North America Europe Asia Pacific Rest Of The World

Key Players

  • AMWAY (US)
  • ATKINS NUTRITIONALS INC. (US)
  • KELLOGG COMPANY (US)
  • CONAGRA BRANDS INC. (US)
  • KRAFT FOODS GROUP INC. (US)
  • APOLLO ENDOSURGERY (US)
  • THE COCA-COLA COMPANY (US)
  • PEPSICO INC. (US)
  • BRUNSWICK CORPORATION (US)
  • ETHICON INC. (US)

Drivers

  • Rise in Health Issues & Concerns
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Weight Loss Products Market Overview

Weight Loss Products Market is projected to register a significant growth rate of 16.26% from 2021 to 2027 and reach a market value of USD 408.36 billion by the end of 2027. Weight loss products have been enjoying wide limelight lately and hence, the favorable momentum is helping them attain such a whopping market figure.


Due to the unhealthy lifestyle and bad eating habits of the target population, they are becoming overweight and leading the way towards obesity. Also, an increase in the number of bariatric surgeries is helping the weight loss products market reach the predicted figures during the forecast period. Both the weight loss products and the weight management programs offered by coaches, fitness experts, and enthusiasts, alongside nutrition experts and dieticians, are being adopted on a larger scale to lead a healthy lifestyle and cut down on the extra fat, inches, and kilos. Rising awareness related to the ill effects of a bad lifestyle and body problems like obesity is pushing people to demand these products and programs on a large scale.


COVID 19 Analysis of Weight Loss Products Market


The arrival of the pandemic and the obnoxious rate of its spread was nothing less than a wake-up call for people across the globe to take their health seriously. As one of the major challenges to healthcare professionals and services, the pandemic made us realize the importance to lead a healthy lifestyle. The healthcare services, medicine, and pharmaceutical sector experienced a major increase in the demand for aid and assistance. However, the rest of the businesses and industries faced functional issues due to a series of factors like the imposition of lockdown, unavailability of raw materials that resulted in hampering the capability of the manufacturing and production unit, alongside, the logistic and labor unavailability to make delivers and customer service possible.


To help the weight loss products market covers the losses incurred during the pandemic, the key market players are investing in the research and development of both products and programs that will help in a wider market expansion during the forecast period. Also, the government is investing in organizing campaigns and programs to help people recognize various health issues and motivate them to take their health seriously and make better choices and reduce the weight that might cause health concerns in the future.


Weight Loss Products Market Dynamics



  • Drivers


The Australian Institute of Health and Welfare released statistics stating that there was an increase in the number of bariatric surgeries and the number reached 22,713. Similarly, in the US, the number of surgeries performed increased or 196,000 in 2015. A similar trend is expected in the current forecast period. The rise in health issues and concerns resulting in expensive surgeries are pushing people to begin taking care of their health and opt for innovative and creative weight loss products offered by the players as their growth strategies.



  • Restraints


The nutritionists, health coaches, and dieticians tend to offer low-calorie diets to the target audience that have an aim to get rid of their extra kilos, alongside body negativity. However, these diet plans and management programs as offered, do not ten to solve the problems of all customers. The main reason behind this is that these programs, diets, and products are expensive and hence, cannot be afforded by all. In countries like the US, low-calorie food will require you to shed a minimum of USD 36.32 for a day. The high-calorie food can be eaten for less than USD 4 per day. Also, medium, and low-income families face issues while opting for low-calorie food items.



  • Technology Analysis


Childhood obesity is one of the major factors that is increasing the market for the global growth of weight loss products market. Overweight children are more prone to contracting health issues like CVD, and diabetes since a very tender age. Hence, to reduce the risk and safeguard the childhood of children, parents tend to opt for weight loss programs and also, cater to heavy investments in weight loss products and let children follow a low-calorie diet. Healthier and balanced diets are witnessing a great demand owing to the excellent results.


Segment Overview


Weight loss products market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the beverages segment will be the fastest-growing and also contribute towards this market growth more than any other segment. The reason attributed to the growth of this segment is the rising number of obese population, increasing awareness among consumers about low-calorie food & beverages, and growing population with diabetic problems.  For an amplifying use the market has been segmented into the following on different bases:


Based on type, it has food, beverages, and supplements.


Based on the distribution channel, it has store-based and non-store-based.


The food segment is further classified into meal replacements, low-calorie sweeteners, low-calorie food, and organic food.


The beverage segment is also segregated into diet soft drinks, herbal tea, slimming water, and others.


The supplement segment is further bifurcated protein supplements, fiber supplements, medium-chain triglycerides, and others.


The store segment is sub-segmented into supermarkets and hypermarkets, specialty stores, convenience stores, and others.


Regional Analysis


The weight loss products market movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate this market, and the reason attributed to it is rising incidents of people getting affected with cardiovascular devices and obesity. Also, the rising number of establishment health clubs and fitness centers will enhance the growth of the market in this region. Asia pacific region will be the second-largest market due to increasing per capita disposable income and rising awareness about a healthy lifestyle and nutrition. Europe region will also experience significant growth during the assessment period due to the low cost of bariatric surgeries and increase in the number of diabetic patients.


Competitive Landscape


To get a detailed and profound idea about the weight loss products market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this market include: -



  • AMWAY (US)

  • ATKINS NUTRITIONALS, INC. (US)

  • KELLOGG COMPANY (US)

  • CONAGRA BRANDS, INC. (US)

  • KRAFT FOODS GROUP, INC. (US)

  • APOLLO ENDOSURGERY (US)

  • THE COCA-COLA COMPANY (US)

  • PEPSICO, INC. (US)

  • BRUNSWICK CORPORATION (US)

  • ETHICON, INC. (US)

  • CARGILL, INCORPORATED (US)

  • GENERAL MILLS, INC. (US)

  • NUTRISYSTEM LTD. (US)

  • COVIDIEN, PLC. (US)


Recent Developments


In May 2016, a partnership agreement was being entered into between Atkins and CHEF’D. This partnership aimed to launch a low-carb meal solution for people who are conscious about their health and lifestyle.


In June 2017, to launch a product named VIR zoom solution, a partnership agreement was signed between BRUNSWICK Corporation and VIR zoom. This partnership if worked upon properly was anticipated to transform life fitness’s se3 discover bikes into a virtual reality experience.


In December 2017, with aim of forming a new holding company, Conyers Park, a German simple good foods company collaborated with Atkins. This collaboration if implemented following the agreement is expected to expand, through investment opportunities in the snack and food category, its base in the global market.


The prime players present in the United States of America are launching weight loss supplements in form of chocolate bars and powder form available in different flavors. Also, the companies are focusing on reducing the side effects attached to the consumption of these weight loss supplements.


Intended Audience



  • Weight loss products manufacturers

  • Commercial research and development institutions

  • Raw material suppliers and distributors

  • Retailers, distributors, and pharmacy stores

  • Traders, exporters, and importers


Report Overview


The weight loss products market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. Also, the report considers the aspects highlighted by the market experts and industry leaders that have played a major role in predicting the CAGR of the market and the estimated market valuation by the end of the forecast period in 2028. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.



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Frequently Asked Questions (FAQ) :

The expected CAGR growth would be 16.26%.

USD 478.25 Billion will be the market valuation by 2024.

The North American region is likely to have the maximum growth.