REPORT DESCRIPTION

Market Size and Overview:

In 2023, the Global Personalized Nutrition Market was valued at $11.8 billion, and is projected to reach a market size of $31.20 billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 6.5%.

Industry Overview

The personalized nutrition plan, also recognized as the personalized nourishment approach, relies on nutritionists and various dietary experts who implement dietary modifications to optimize and enhance an individual's health. These measures aid in reducing the risks of conditions such as obesity, coronary heart disease, and type two diabetes. Personalized nutrition remains at the core of the activities undertaken by registered dietitians, providing tailored nutritional information that aligns with their patients' physical, medical, and emotional needs. In contemporary times, the approach to personalized nutrition has become significantly more comprehensive. It now involves a more in-depth analysis, encompassing an individual's genetic traits, dietary habits, physical activity, sleep patterns, microbiome, and metabolic rates.

In the current context, populations across developed and developing nations are progressively seeking customized approaches to manage their health and well-being. Technological advancements have facilitated trends that supply the necessary insights and data required to formulate personalized nutritional plans effectively. The surge in health consciousness worldwide, driven by increased disposable income and rising health-related issues such as obesity, stands as the primary catalyst for market growth and development. The escalating demand for natural and organic food products acts as a driving force for market expansion. Organic food, distinguished by its cultivation under a natural agricultural system without synthetic pesticides and fertilizers, is produced from organically available raw materials. The growing popularity of these products reflects the increasing awareness of the health benefits associated with organic food.

MARKET DRIVERS

The increasing preference for functional foods propels market growth.

Furthermore, the growing inclination toward functional foods can be attributed to the expanding market for personalized retail nutrition and wellness. Functional foods, particularly protein supplements, are gaining prominence as an integral part of consumers' daily diets. Consequently, companies are focusing on expanding their production of functional food products in response to the rising demand.

The rise in health awareness fuels market expansion.

The surge in health awareness globally, fueled by higher disposable incomes and escalating health-related concerns like obesity, remains the pivotal factor driving market growth and development. The increasing demand for organic and natural food products serves as the driving force for market expansion. Distinguishing itself from conventionally grown food, organic food is cultivated under a natural agricultural system, free from artificial pesticides and fertilizers, and is produced from organically available raw materials. The upswing in the popularity of these products results from heightened awareness regarding the health benefits of organic food.

MARKET RESTRAINTS

The market faces constraints due to the high cost associated with personalized nutrition products.

Personalized nutrition services come with a significant cost, rendering them potentially unaffordable for a substantial portion of the population. This aspect is anticipated to impede the growth of the global market in the forecast period. Additionally, a lack of awareness regarding how personalized nutrition contributes to health monitoring and treatment is expected to hinder the market value of personalized nutrition in the coming years.

Segmentation Analysis

Personalized Nutrition Market - By Application:

1. Weight management
2. Sports nutrition
3. Chronic disease management
4. Other applications

Personalized Nutrition Market - By Distribution Channel:

1. Online
2. Brick and mortar stores
3. Healthcare professionals

Personalized Nutrition Market - By Form:

1. Tablets
2. Capsules
3. Powder
4. Liquid

Personalized Nutrition Market - By Product:

1. Active Measurement
2. Apps Testing Kits
3. Standard Measurement

Personalized Nutrition Market - By Region:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. The Middle East and Africa

Geographically, North America held the foremost position in the personalized retail diet and well-being market, capturing the highest revenue share of 47.9% in 2020. This region is expected to maintain its dominance throughout the forecast period, driven by the presence of prominent players, the introduction of new products, and increasing FDA approvals for functional food products.

Moreover, healthcare supplement providers in the region are implementing business expansion strategies such as acquisitions and partnerships, further contributing to the growth of the personalized retail diet and wellness market. For instance, Nature’s Way announced the acquisition of Baze in February 2021 to enhance its health and wellness portfolio based on evidence-based and personalized nutrition. The collaboration will leverage Baze’s technologies for the development of exceptional personalized nutrition solutions.

In the Asia Pacific, the market for personalized retail nutrition and wellness is anticipated to experience lucrative growth from 2021 to 2028. The region's growth can be attributed to factors such as the increasing prevalence of diabetes, obesity, and cardiovascular diseases, rising consumer interest in personalized approaches, and the expansion efforts of major players to strengthen their presence in the region.

Furthermore, the growing number of major companies entering partnerships with nutrigenomics startups to leverage their respective capabilities is boosting the market for personalized retail vitamins and wellness in the region. For example, in July 2020, Amway partnered with Holzapfel Effective Microbes (HEM), a South Korea-based organization, for the development of personalized probiotics. HEM offers testing solutions for assessing the gut microbiome, which will be utilized to create probiotics for benefits related to weight management, immunity, brain health, and skin health.

Personalized Nutrition Market Share by Company

1. BASF SE
2. DSM
3. Herbalife Nutrition
4. Amway
5. DNA fit
6. Wellness Coaches
7. Atlas Biomed
8. Habit, LLCBactolac Pharmaceutical
9. Balchem Corporation and others are playing a pivotal role in the market.

Recently, Amway, a US-based multinational company, announced a USD 200 million investment in China for the establishment of an innovation center for dietary supplements. This innovation center aims to provide individuals with customized solutions for personalized nutrition.

BhookhaHaathi, an Indian startup, declared the launch of personalized health solutions based on AI. All products offered by the company are fully organic and ISO certified, creating potential market opportunities for key players in the years ahead.

COVID-19 Impact on Personalized Nutrition Market

The COVID-19 pandemic has acted as a significant catalyst for the growth of the personalized retail vitamins and wellness market. Individuals increasingly turned to vitamin and mineral supplements for improved immune response during the pandemic. Despite the adverse effects of the novel coronavirus on various industries, the personalized nutrition market experienced substantial growth during this period. The lockdowns imposed by governments to curb the spread of the coronavirus prompted people to take their health more seriously and adopt healthier diets. The pandemic had a notable impact on companies, as heightened health concerns led to an increased demand for personalized nutrition. Consequently, the importance of maintaining good health soared, driving the market's growth.

Additionally, many companies worldwide extended support to other nations by offering personalized nutrition through online consultations.

NOTABLE HAPPENINGS IN THE GLOBAL PERSONALIZED NUTRITION MARKET IN THE RECENT PAST:

Product Launch - In April 2021, DNA fit, a UK-based company, introduced Health Fit, a type of DNA test kit designed to explore an individual's nutritional needs and provide personalized diets. Such initiatives, along with strategic alliances formed by key companies, are likely to contribute to the sub-segment's growth during the forecast period. Product Launch - In early 2020, Amway, a US-based multi-level marketing company, announced the launch of Nutrilite in April 2021. Nutrilite is a vitamin C tablet made from acerola cherry extract, supporting the body’s natural defense system.