Personalized Retail Nutrition And Wellness Market Growth & Trends
The global personalized retail nutrition and wellness market size is expected to reach USD 3.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028. The market growth can be attributed to the factors such as driving nutrition strategies, growing focus on nutrigenomics and nutrigenetics, a shift in the healthcare paradigm, and integration of data science for the development of innovative personalized nutrition.
In addition, nutrigenomics is gaining momentum owing to the rising number of studies for understanding the interrelation of nutrients with an individual’s genetic make-up. For instance, in May 2020, researchers revealed the role of flavonol intake in cardiometabolic diseases with the application of systematic bioinformatics analysis. The analysis revealed genes that are involved in leukocyte adhesion, lipid metabolism, and transendothelial migration. In addition, the study also analyzed the nutrigenomic effects of the compound in intestinal cells and their role in the metabolism of circulating lipoproteins.
Moreover, the companies operating in the market for personalized retail nutrition and wellness are heavily investing in bringing innovative solutions for sufficing nutritional diet in individuals, which is further contributing to market growth. Companies are investing in enhancing technologies that can help in the development of new product lines related to microbiota, nutrition, and digital health.
For instance, in November 2020, ADM Ventures announced its investment in Seventure’s Health For Life Capital (HFLC) Fund II. The company works with the Seventure team for identifying opportunities with the application of microbiome solutions for developing dietary supplements and other food and beverage applications. Hence, companies are extensively discovering and leveraging new nutritional ingredients for treating chronic diseases and common ailments.
Furthermore, the COVID-19 pandemic has a positive impact on the growth of the market for personalized retail nutrition and wellness. The demand for vitamins, minerals, and supplements is growing at an exponential rate owing to its potential role in the management of COVID-19. Several vitamins and minerals such as vitamins C, vitamin D, and zinc, have immunomodulatory functions and have a vital role in preserving physical tissue barriers. Hence, the demand for such nutrients for optimizing the immune system to prevent or lower the risk of COVID-19 infection is further contributing to the growth of the market for personalized retail nutrition and wellness.
Personalized Retail Nutrition And Wellness Market Report Highlights
- The repeat recommendation segment accounted for the largest revenue share in 2020 owing to the rising launch of commercial apps for monitoring an individual’s lifestyle and health
- In the repeat recommendation segment, the functional foods segment dominated the market in 2020 owing to the high adoption of commercially available products for analyzing lifestyle patterns of the patients
- The orthopedics, musculoskeletal, and spine segment held a substantial market share in 2020 due to the high demand for nutrient-based recommendations for the management or prevention of chronic diseases such as cardiovascular disease, obesity, and diabetes
- In the fixed recommendation segment, the dietary supplements and nutraceuticals segment is expected to witness lucrative growth owing to the growing incidence of lifestyle-based diseases
- North America held the largest revenue share in 2020. Growth in this region is owing to the presence of key players and extensive R&D activities
- In Asia Pacific, the market is expected to witness significant growth over the forecast period owing to the reducing sequencing price and nutrigenomic testing, making it more accessible to population across the region
- Companies operating in the market are launching new personalized nutrition products. For instance, in April 2020, Nestl? launched NESQINO, a personalized healthy drink series made from 100 percent natural ingredients