There are some "elementary" ways to show this, the one that is maybe simpler to type here is the following one. Consider the integrals
$$
J_n:=\int_0^\pi \sin^n x\; dx\ ,\qquad n\in\Bbb N\ .
$$
It turns out that $J_n$ satisfies a two step recurrence relation, which is relating $J_n$ with $J_{n-2}$. Explicitly, separating the cases of an even $n$, and of an odd $n$, we get
$$
\begin{aligned}
J_{2n} &= \underbrace{J_0}_{\pi}\cdot\frac 12\cdot \frac34\cdot\dots\cdot\frac{2n-1}{2n}\ ,
\\
J_{2n+1} &= \underbrace{J_1}_{2}\cdot\frac 23\cdot \frac45\cdot\dots\cdot\frac{2n}{2n+1}\ .
\end{aligned}
$$
Now odd index integral $J_{2n}$ "sits between" the even index integrals
$J_{2n+1}$ and $J_{2n-1}$. And similarly, the even index integral $J_{2n+1}$ sits... The sandwich criterion tells us that the quotient $J_{2n}/J_{2n+1}$ goes to one for $n\to\infty$. Using the above formulas, (and neglecting some "easy part" which goes to one) we obtain:
$$
1 =\lim_{n\to\infty} \frac 2\pi
\ \cdot\ \frac 21\cdot \frac 23
\ \cdot\ \frac 43\cdot \frac 45
\qquad \dots\qquad
\ \cdot\ \frac {2n}{2n-1}\cdot \frac {2n}{2n+1}\ .
$$
This is equivalent to the product in the quesition.
(Details can be found on the net by searching for an elementary proof of Wallis' formula...)
(This is the way to remember why $\pi$ and $2$ occur in the final formula.)