NxGen Brands Inc. (OTC:NXGB) Stock In Focus After Latest News
If you are currently looking into companies that have made considerable progress in recent times, then it could be a good idea to start looking into NxGen Brands Inc. (OTC:NXGB). The company announced last Friday that the first acquisition that it had made in 2023 was on course to release new products in NxGen Brands’ trademarked ‘Disrupt the Norm’ series.
The company noted that the new series of products would be made up of a ‘Non-Stim Pump’, ‘Caffeinated Pre Workout’, ‘Testosterone’, and the latest product, ‘encapsulated fat burner’. In the news release, NxGen Brands announced that it expected the far-burner product to become its biggest seller. It was also revealed that the flavored ingredients that customers had come to appreciate in the store’s offerings would be present in the products. However, the formulas would be more geared towards the hard workout segment.
Additionally, it could be a good idea for investors to consider taking a look into the state of the worldwide weight loss market. As per Marketresearch.biz, the size of the worldwide weight loss market stood at $260 billion in 2022, and in 2023 it could surpass $299 billion in valuation. The market could go past as much as $532 billion in valuation within the current decade.
The report also revealed that the supplement segment of products led the market with a revenue share of 35% of the entire weight loss market. Additionally, the North American market led the worldwide market by revenue share. NxGen Brands’ acquisition of Storm Lifestyles would make a move into the market through the launch of the fat burner pills.
The Chief Executive Officer of NxGen, Joseph Lawanson, spoke about the development. He stated that in the period after 2020, there had been exponential growth in the weight loss market, and hence, the company believed it needed a product to aim for it.
