Personalized Nutrition Market Size, Share, and Growth Forecast: A Detailed Outlook, 2032
The global personalized nutrition market was valued at USD 11.88 billion in 2023 and is expected to grow from USD 13.45 billion in 2024 to USD 46.87 billion by 2032, representing a CAGR of 16.84% during the forecast period. In 2023, North America led the market with a share of 35.77%.
Personalized nutrition is a developing approach that customizes nutritional supplements based on an individual’s genetics, lifestyle, and lab-test data. Technological advancements in the supplement industry are driving a significant transformation in the global market. Increasing disposable income, higher spending on health and wellness products, and growing awareness of disease-specific supplements are expected to elevate the popularity of personalized nutrition products. The entry of new players, along with product launches and mergers & acquisitions, will further fuel market growth throughout the forecast period.
Information Source: https://www.fortunebusinessinsights.com/personalized-nutrition-market-106054
Segmentation:
Capsules Segment Dominates Due to Convenient Packaging
The market is segmented by form into capsules, powder, tablets, liquid, and others. The capsules segment holds a significant share due to its convenient packaging and cost-effectiveness.
Standard Supplements Segment Leads Owing to Enhanced Physical Endurance
By application, the market is divided into disease-based supplements and standard supplements. The standard supplements segment commands a major share driven by rising demand for products that improve physical endurance, immunity, and mental well-being.
Active Measurement Segment Secures Largest Share Due to High Accuracy
Based on product type, the market is categorized into standard measurement and active measurement. The active measurement segment dominates the global market due to its superior efficiency and accuracy over standard measurement products.
Adults Segment Holds Leading Share Due to Rising Demand for Customized Supplements
By end-user, the market is segmented into geriatrics, pregnant women, and adults. The adults segment leads the global market owing to increased demand for customized nutritional supplements to achieve fitness goals.
Wellness & Fitness Centers Segment to Exhibit Highest CAGR with Growing Purchase Recommendations
On the basis of distribution channel, the market is segmented into wellness & fitness centers, direct-to-consumers, hospitals, and others. The wellness & fitness centers segment is expected to record the highest CAGR over the forecast period, driven by increasing product recommendations from fitness service providers and the rising influence of fitness centers among youths.
Geographically, the personalized nutrition market has been analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers a comprehensive analysis of the global market based on form, product type, application, distribution channel, end-users, and geography. It also highlights the competitive landscape and outlines the strategic initiatives adopted by key players to strengthen their market positions.
Drivers and Restraints:
Supportive Government Programs to Drive Market Growth
Favorable government initiatives are expected to boost product demand and drive market growth. Additionally, financial support for new market entrants is anticipated to propel expansion. For instance, South Korea’s Ministry of Food & Drug Safety introduced the Sandbox project in July 2021 to promote and establish new stores.
However, industry growth may be hindered by challenges associated with inadequate regulatory frameworks.
Regional Insights:
North America Leads Market Due to Rising Investments
North America holds the largest share of the personalized nutrition market, supported by increased investments in research, development, and new product launches. The region’s market value reached USD 4.25 billion in 2023.
Asia Pacific is projected to showcase the highest growth rate over the forecast period, driven by the growing health consciousness and increasing adoption of wellness products. The region’s growth is further bolstered by the emergence of numerous start-ups.
Competitive Landscape:
Key Players Focus on Strategic Initiatives to Strengthen Market Presence
The market features numerous large and medium industry players. Leading companies are actively implementing strategies such as product development and innovation to gain a competitive edge and expand their industry footprint.
List of Key Players Mentioned in the Report:
- Amway (U.S.)
- Herbalife International of America, Inc. (U.S.)
- DSM SE (Netherlands)
- Metagenics (U.S.)
- Nestle Health Science (Switzerland)
- Viome Life Sciences, Inc. (U.S.)
- Bayer AG (Germany)
- Harbin Pharmaceutical Group Co., Ltd (GNC Holdings Inc.,) (U.S.)
- DNAFit (U.K.)
- Zoe Nutrition Private Limited (India)
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Key Industry Development:
In November 2022, Viome Life Sciences announced the acquisition of Naring Health, along with Foodome and DiscernDX under Naring Health. This strategic move aims to usher in a new era of personalized nutrition.