The global personalized retail nutrition & wellness market size is expected to reach USD 50.0 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 9.1% CAGR over the forecast period. Increase in demand for preventive health measures, rising trend for customization in the food sector, focus on healthier eating, and rising ongoing activities in nutrigenomics have strengthened the development of personalized nutrition products.
Concerns with respect to healthy lifestyle in order to gain optimum nutrition and preventing various illnesses is rising among the public. Factors pronouncing such concerns include inadequate nutrition in daily diet and sedentary lifestyle.
Currently, substantial marketed products are being produced and provided by startup companies such as STYR, Food Marbel, and Habit Food Personalized, LLC. Introduction of artificial intelligence-based algorithms to better track health data on routine basis has prompted medium-sized as well as well-established food and soft drink manufactures to design and develop various customized programs for people’s health and well-being.
Further key findings from the report suggest:
- Based on product type, the market is bifurcated into dietary supplements & nutraceuticals and functional foods. Dietary supplements & nutraceuticals is projected to be the fastest growing segment owing to rising concern among people about lack of nutrition in their diet
- Vitamin dietary supplements held the largest share over other supplements owing to high market penetration of products in this segment. A major percentage of the U.S. population consume dietary intakes of vitamin A, C, D, and E
- The functional food products segment is fueled by easy availability of fortified products and changes in regulatory structure. Functional foods for protein source dominated the overall market owing to high usage rate of protein-enriched foods among athletes
- With respect to region, North America is estimated to emerge as the leading market in terms of revenue. This is primarily due to well-established food and biotechnology industries in U.S., coupled with presence of several personalized nutrition companies in the country
- Habit Food Personalized, LLC; Nima Labs, Inc.; Pfizer, Inc.; and Bayer AG are some key companies operating in this market. These players are focused on research activities for customized wellness product development.