The Global Personalized Nutrition Market Anticipated to Generate a Revenue of $37,286.9 Million, Growing at a CAGR of 11.48% from 2022 to 2030Download Sample Reports Overview
The global personalized nutrition market is estimated to be valued at $37,286.9 million by 2030, surging from $14,612.1 million in 2021, at a noteworthy CAGR of 11.48%.
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 2021, 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.
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 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 drive the market share in the coming years and thus fuel the market growth. People are increasingly turning to standard supplements as their preferences shift as their awareness of their overall health grows. People are becoming more aware of nutrient deficiencies and requirements, which is expected to drive the demand for standard supplements.
Because the cost of purchasing personalized nutrition diet plans is so high, not many people can afford it. Furthermore, personalized nutritionists are scarce in developing countries. During the forecast period, such key issues may have a negative impact on the market.
The increasing adoption of technologies may create enormous market opportunities in the future. Furthermore, as the demand for personalized nutrition grows at an alarming rate, researchers and scientists have increased their research and development activities in order to develop cutting-edge technology and provide advanced personalized nutrition diets to customers based on their body requirements. Furthermore, to grow in the market, companies involved in global personalized nutrition are employing effective strategies and launching innovative products. For example, in November 2019, the UK-based Atlas Biomed Group, announced the launch of a new Atlas app based on AI-technology for providing diet advice or customized food to individuals in order to improve gut health. Also, this app is designed in combination with company’s microbiome test, this strengthens 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 type, application, end-use, and region.
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 growth as well as dominant share and surpass $25,123.2 million by 2030, with an increase from $9,654.7 million in 2021.
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 is anticipated to increase the usage of active measurement and these factors may create a positive impact on the sub-segment throughout the forecast period.
The application segment is further divided into standard supplement and disease based. The standard supplement sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $25,357.3 million during the analysis timeframe.
This expansion is the result of rising preferences and awareness about individuals' overall health, which has led to an increase in the number of people opting for standard supplements. Furthermore, major players contributing to the global growth of the market offer a variety of personalized nutrition products. For example, Herbalife Nutrition, a Los Angeles-based health, wellness and Fitness Company, announced in August 2021, that they had launched the Herbalife24 product line, an energy drink that provides instant energy. As a result, standard supplement products are among the key factors driving the demand for personalized nutrition.
The end-use segment is further divided into direct-to-consumer, wellness & fitness centers, hospital & clinics, and institutions. The wellness & fitness centers sub-segment is anticipated to be the fastest growing sub-segment in the global market and register a revenue of $11,566.0 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. Now-a-days, wellness and fitness centers are trending among the people because of rising adoption of dietary supplements. Every individual has their own specific nutrition requirement, encouraging people to opt for personalized diets as per their preferences. All such factors positively affect the sub-segment growth in upcoming years. Thus, wellness & fitness centers is expected to grow in the future.
The personalized nutrition market in the North American region is projected to have dominant share. This market generated a revenue of $6,137.1 million in 2021 and is further projected to reach up to $14,877.5 million by 2030.
The demand for personalized nutrition is streaming in the North America region especially because of factors such as increasing number of obese people in the region. According to the CDC (Centers for Disease Control and Prevention), the obesity prevalence in the United States was 42.4% in 2018, which means that one out of every three people in the country is obsessed. Furthermore, a hectic lifestyle may encourage people to choose 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.
Key Players in the Global Personalized Nutrition Market
Some of the leading global personalized nutrition market players are
- BASF SE
- Herbalife Nutrition
- Wellness Coaches
- Atlas Biomed
- Habit, LLC,
- Bactolac Pharmaceutical
- Balchem Corporation.