You will first need to transform your second table so that it contains only one row per ProductID.
SELECT t1.ProductID, t1.FieldID AS RatingID, t1.FieldValue AS Rating,
t2.FieldID AS LeisureID, t2.FieldValue AS Leisure, etc.
FROM SecondTable t1
LEFT OUTER JOIN SecondTable t2
ON t1.ProductID = t2.ProductID
AND t2.FieldValue = 55
LEFT OUTER JOIN SecondTable t3
ON t1.ProductID = t3.ProductID
AND t3.FieldValue = 60
WHERE t1.FieldValue = 50
Then you can update all columns in the first table from this table in one update query. Note that you could make the above a View of the Second table so this would be easier to use later. (We'll call it SecondTableView for now; incidentally it has the exact form of the first table now).
UPDATE FirstTable
SET RatingID = t1.RatingID, Rating = t1.Rating, etc.
FROM SecondTableView t1
WHERE FirstTable.ProductID = t1.ProductID
The issue with this approach is that you must know all of the possible Fields for each Product ahead of time but that is pretty much required anyway because of the table schema being fixed.