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The recent growth of personalized nutrition and wellness market has been fuelled by key factors such as increased demand for tailored experiences, growing demand for healthier foods for general health and wellbeing, the ability to track own health data using wearable gadget solutions, and ongoing innovations in personalized or precision medicines. Personalized nutrition program derives and utilize information about the genetic and metabolic characteristics of an individual to design plan which includes foods and supplements specific to the individual and enables the practitioner to develop targeted nutritional advice.
In recent years, there have been many advancements in the technologies utilized for creating the database for the characteristics of the individual. The basic solutions such as health apps and fitness trackers, which provide information about an individual’s daily movements, sleep patterns, BMI and body-fat levels, allow individuals to be better informed about their personal wellbeing. The services such as genetic profiling, DNA testing, gut-microbiome testing for the precise database is attracting more fitness conscious consumer base. With consumers becoming more informed about their dietary patterns, the demand for innovative health and wellness products is expected to increase in the foreseeable years.
Consumers nowadays are increasingly demanding products tailored to their lifestyles. They are rapidly shifting away from the consumption of one-size-fits-all meals. The rising demand for customized products from consumers for their daily nutrition is primarily driving the growth of the global personalized retail nutrition and wellness market. The newer advancements in technologies such as using wearable gadgets for physical and body mass indicators testing that enable precision in the nutrition offered are fuelling the growth of the market. Since the personalized nutrition market is an emerging space even for major players, they are taking on strategic partnerships, collaborations, and acquisitions that will further boost the growth of the market.
Key Market Driver -
Rising Demand for Tailored Nutritional Products & Services
Key Market Restraint -
High Cost of Retail Personalized Nutrition
Personalized nutrition service offerings are generally expensive. One of the biggest investments in providing personalized nutrition solutions is the equipment required for DNA analysis, gut-microbiome testing, biomarker blood testing, and other associated processes such as maintaining a database for each and every individuals. Hiring professionals to collect blood and DNA samples to provide these personalized recommendations can also be costly. The high cost required for a setup of personalized nutrition provider is acting as a key restraint for the growth of the global personalized retail nutrition and wellness market.
Nestle, S.A., Danone S.A., Mars, Inc., GNC Holdngs, Inc., The Vitamin Shopee, Pathway Genomics, Habit Food Personalized LLC, Nutrino Health Ltd., Prenetics Ltd., and LifeSeasons, Inc. are the key companies operating in the global personalized retail nutrition and wellness market.
The global personalized retail nutrition and wellness market is segmented by product type and geography. Dietary supplements are witnessing significant growth on account of the rising popularity of supplements for the management of lifestyle-related health conditions such as obesity, cardiovascular diseases, and diabetes. The developing markets in Asia Pacific region such as China and India are driven by the robust demand for dietary supplements as a solution to chronic health conditions. However, consumers in the developed markets of North America and Europe are shifting their preferences towards holistic health management where functional food and beverages are witnessing more demand as compared to concentrated health supplements.
North America is expected to witness promising growth owing to the rising population investing in personalized nutrition. Increasing advancements in the field of personalized nutrition such as, microbiome analysis, biomarker blood testing, and DNA-based offerings is primarily driving the growth of the market in the region. The key players are acquiring region-specific companies to strengthen the business. For instance, in January 2020, Atrium Innovations, a globally recognized leader of innovative science-based nutritional health products acquired LivingMatrix, a technology-based, data, and algorithm-driven personalized functional medicine platform, to expand into personalized nutrition.
Europe is expected to exhibit robust growth owing to the strong penetration of the concept of tailored nutrition in the region. The evolving consumer preferences towards personalized nutrition for general health and wellness and to tackle lifestyle-related health conditions are driving the growth of the market in the region. The leading players are investing in novel technologies to deliver to the growing demand for personalized wellness solutions.
Asia Pacific is expected to witness substantial growth owing to the strong demand for nutraceuticals. The dietary supplement industry is booming in the region which is further contributing to the growth of the personalized nutrition sector. The increasing awareness of health and wellness trends among consumers is driving the growth of the market. The key companies are focused on offering personalized nutrition services to capitalize on the emerging trend in the region. For example, in June 2018, Nestle launched its first personalized nutrition service using a combination of artificial intelligence, DNA testing, and smartphone services for the aging population in Japan.
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