This is the function that you need to call and pass the product type that's registered in WordPress (by WooCommerce). It's 'product'.
$total_products_obj = wp_count_posts( 'product' );
This function call returns an object with multiple properties and you can decide what you need. The total number of published products or those saved as draft.
object(stdClass)#1011 (19) { ["publish"]=> string(2) "13" ["future"]=> int(0) ["draft"]=> int(0) ["pending"]=> int(0) ["private"]=> int(0) ["trash"]=> int(0) ["auto-draft"]=> int(0) ["inherit"]=> int(0) ["request-pending"]=> int(0) ["request-confirmed"]=> int(0) ["request-failed"]=> int(0) ["request-completed"]=> int(0) ["wc-pending"]=> int(0) ["wc-processing"]=> int(0) ["wc-on-hold"]=> int(0) ["wc-completed"]=> int(0) ["wc-cancelled"]=> int(0) ["wc-refunded"]=> int(0) ["wc-failed"]=> int(0) }
To get the number of published products you need to access this property: $total_products_obj->publish
To get the number of draft products you need to access this property: $total_products_obj->draft
Disclaimer: The content in this post is for educational purposes only. Always remember to take a backup before doing any of the suggested steps just to be on the safe side.
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