Personalized Nutrition Market to Witness Significant Incremental Opportunity By 2028
The global personalized nutrition market size is estimated to be valued at $21,407.30 million by 2028, surging from $8,285.00 million in 2020 at a noteworthy CAGR of 13.40%.
Impact Analysis of COVID-19 on the Personalized Nutrition Market
The global market for personalized nutrition is estimated to experience a high growth amid the COVID-19 pandemic. This growth is the result of increased consumer interest towards their physical health for boosting up immunity to fight against the deadly virus. Therefore, demand for personalized nutrition is also consequently projected to witness a rise.
Furthermore, certain key vendors operating in personalized nutrition are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, Elderberry Boost, LLC, US based wellness & fitness company, announced in August 2020 that they have launched different supplements, gummies, and powders that increase immunity of the body. All such factors are predicted to positively impact the global personalized nutrition market amid the pandemic.
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Due to the COVID-19 pandemic, people are adopting virtual guidance for personalized nutrition. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Personalized Nutrition Market Analysis
The enormous growth of the global personalized nutrition market is mainly attributed to increasing availability of personalized nutrition tests help to reveal the types of foods that are best for individual’s fitness goals, weight management, and dietary needs. For example, microbiome testing is mostly offered by many companies; it is a type of stool test that helps to reveal the gut health of an individual. Furthermore, in October 2019, Herbalife Nutrition, U.S. based company, announced that they have launched relaxation tea and new immunity essentials that will increase the immunity of the individual. Such company initiatives are likely to impede the market share in the coming years and thus fuel the personalized nutrition market growth.
The purchasing cost of personalized nutrition diet plans is very high due to which not many people can afford personalized nutrition. Furthermore, developing countries lack personalized nutritionists. Such key issues may create a negative impact on the market during the forecast period.
The increasing adoption of technologies may create huge opportunities for the market in the future. Moreover, demand for personalized nutrition is increasing at an alarming rate, therefore researchers and scientists have paced up their research and development activities to develop latest technology and provide advanced personalized nutrition diets to the customers, according to their body requirements.
Furthermore, companies involved in the global personalized nutrition are following effective strategies and launch of innovative products to grow in the market. For instance, in November 2019, UK based Atlas Biomed Group, announced that they have launched new Atlas app, it is based on AI-technology for providing diet advice or customized food to individuals that will improve the health of gut. Also, this app is designed in combination with company’s microbiome test, this strengthen company’s hold in personalized nutrition. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Personalized Nutrition Market, Segmentation
The global personalized nutrition market is segmented based on product, application, end-use, and region.
Product:
The product type segment is further classified into active measurement and standard measurement. Among these, the active measurement type sub-segment is anticipated to have the fastest as well as dominant growth and surpass $14,270.40 million by 2028, with an increase from $5,428.80 million in 2020.
The market growth can be attributed to growing demand for personalized solutions due to increasing health awareness along with rising trends of digital or virtual solutions for healthcare. Moreover, demand for active measurement tools is rising due to busy and hectic lifestyles of the people. Also, increasing consciousness in food choices along with preventive health measures with customization in the food are some of the aspects that are anticipated to increase the usage of active measurement and these factors may create a positive impact on the sub-segment throughout the forecast period.
Application:
The application segment is further divided into standard supplements and disease-based. The standard supplements sub-segment is anticipated to have a dominating sub-segment in the global market and register a revenue of $15,254.10 million during the analysis timeframe.
This growth is result of rising preferences and awareness about the overall health of individuals, which have led to an increase in the number of people opting for standard supplements. Moreover, major players that are contributing to the global growth of the market are offering various personalized nutrition product. For instance, Herbalife Nutrition, health, wellness, and fitness company based in Los Angeles, announced in August 2021 that they have launched Herbalife24 product line, an energy drink that offers instant energy. Thus, standard supplements products are some of the key factors boosting the demand for personalized nutrition.
End-use:
The end-use segment is further divided into direct-to-consumer, wellness & fitness center, hospitals & clinics, and institutions. The wellness & fitness center sub-segment is anticipated to be the fastest growing sub-segment in the global market and register a revenue of $6,039.90 million during the analysis timeframe.
This growth is attributed to increasing trends of health services such as nutrition consulting, personal training, and fitness that include mind, body, and skin care. Thus, wellness & fitness center products are some of the key factors boosting the demand for personalized nutrition.
Region:
The personalized nutrition market for the North American region is projected to witness rapid growth. This market generated a revenue of $3,529.40 million in 2020 and is further projected to reach up to $8,712.80 million by 2028.
The demand for personalized nutrition is streaming in the North America region specially because of factors such as increasing number of obese people in the region. According to CDC (Centre of Disease Control and Prevention), in 2017 – 2018, US obesity predominance was 42.4%; that means 1 out every 3 people in US are obsessed. Also, hectic lifestyle is one of the factors that might encourage people for opting personalized nutrition in any form. Moreover, US FDA (Food and Drug Administration) approved the use and consumption of functional food products, this will increase the adoption of personalized nutrition. All such factors are anticipated to boost the market in the North America region.
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Key Players in the Global Personalized Nutrition Market
Some of the leading global personalized nutrition market players are
- BASF SE,
- DSM,
- Herbalife Nutrition,
- Amway,
- DNAfit,
- Wellness Coaches,
- Atlas Biomed,
- Habit,
- LLC,
- Bactolac Pharmaceutical,
- and Balchem Corporation.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.