Hey mattyww hope you are doing fine
As per this document https://www.vmware.com/content/dam/digitalmarketing/vmware/en/pdf/techpaper/perf-vsphere-memory_management.pdf
"Consumed Host Memory usage is defined as the amount of host memory that is allocated to the virtual machine, Active Guest Memory is defined as the amount of guest memory that is currently being used by the guest operating system and its applications."
You shouldn't worry about VM consumed, since it's the physical memory that is assigned to the VM. I would worry for the Active Guest Memory
Let me ask you a few questions:
Which Windows version is this?
Do you have VMware tools installed?
Have you checked memory usage on advanced performance charts / real - time?
(Monitor--> Peformance --> Advanced --> chart options --> Memory --> and then select Consumed host memory and Active Guest memory)
Do you have vROPs available?