In 2023, the bio-magnetic ear stickers market is anticipated to reach a value of US$ 505.1 Million, and between 2023 and 2033, it is anticipated to grow at a CAGR of 6.9% to reach US$ 984.4 Million. From 2018 to 2022, the Bio-Magnetic Ear Stickers market experienced a CAGR of 3.7%.
As per the research conducted by Future Market Insights, the bio-magnetic ear sticker sales are expected to register a significant growth CAGR between 3%-5%.
Rapidly growing awareness and health consciousness among consumers is expected to drive sales in the future. The growing level of consciousness has also further stimulated the consumer spending on health related products in the past few years.
What is Driving Demand for Bio-Magnetic Ear Stickers?
Obesity is a rapidly growing concern. According to the statistics of World Health Organization since 1975 the worldwide obesity rate has nearly tripled. Besides this, the obesity rate is comparatively more in women than men. All of such indication point out towards the potential adoption of these stickers in the near future.
Individuals today are ready to take up all possible solutions to reduce weight. Thus, consumers are even looking forward to spend on other potential devices or products that help reduce weight loss. Besides this, to avoid the difficulties and challenges brought by traditional weight loss programs, consumers are increasingly switching towards ideal weight loss solutions.
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Enhancing Digital Eco-system Likely to Spread Product Awareness
Lack of product awareness is one of the major challenge that is hindering product adoption. However, the rapidly growing digital eco-system is further expected to spread awareness regarding product availability. Rapid digitalization has further encouraged small scale players to enhance their global reach.
Besides this, to further gain consumer confidence, the players in the market are actively using numerous connotations like no drips, no chemicals, no side effects, etc. Apart from this the players in the market are engaged in promoting high durability of their offerings.
US and Canada Market Outlook
US is one of the significant country where the adoption of these ear stickers is estimated to be prominent. The obesity rate among adults is also quite prevalent in USA. As per the recent statistics of Center for disease control and Prevention (CDC) the obesity prevalence was 42.4% in 2017-2018. The prevalence of obesity was higher in women than in men.
Besides this, these weight loss products are being extensively promoted by the players as an ideal solution for short term as well as long term weight loss goals. Such efforts on the part of manufacturers is further playing a key role in attracting consumer attention.
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Europe Demand Outlook
Europe is another significant region. Manufacturers are extensively undertaking efforts to promote their offerings. The offerings are increasingly being promoted as multifunctional product which is not only beneficial for weight loss but also for better sleep, boosting energy and strength, maintaining general cardiovascular health, etc. Such product positioning strategy is further expected to gain consumer attention towards the product.
Apart from all this, the players in the market are also engaged in promoting their brand through numerous health magazines. An effort on the part of endocrinologist to promote the use of bio-magnetic ear stickers is further likely to play a key role in facilitating growth in the sales in Europe.
The outbreak of novel coronavirus has however resulted in certain disruption in the industry operations. Besides this, in light of economic slowdown consumers have resorted to mindful consumption which has further.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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