The worldwide personalised nutrition market could be worth upwards of $21 billion by 2028, according to several forecaster reports.
Every person has a unique lifestyle, genetics and microbiome, so the idea of ‘one size fits all’ when it comes to nutrition may not actually work. Personalised nutrition can give consumers tailored advice on the type of nutrition for them, as well as direct them to products and services that benefit their health. It is suitable for both typically healthy consumers as well as people treating or managing a health problem.
Equip yourself with the most up to date market insight and consumer data on the burgeoning personalised nutrition market at this Trends Panel:
A taste of trends: personalised nutrition in 2023
Thursday 03 November 2022 | 14:30 – 16:00 GMT
Forecasting reports vary – Markets and Markets expects the sector to be worth $16.4 billion by 2025, while MarketWatch predicts the market to be worth $24.29 billion by 2028. A recent report from Research Dive suggests the market will be worth around $21 billion.
The demand for personalised nutrition has surged since the start of the pandemic in 2020, when many young people in particular became more attentive to their health and how eating habits can impact the body.
Consumers becoming more aware of the importance of having a good immune system, to combat COVID and other illnesses, also influenced more people to turn to personalised nutrition.
According to the report by Research Dive, by application, the standard supplement sub-segment of the market is predicted to have the most dominating share, as athletes and other sportspeople need to fill nutritional gaps due to following strict diet plans. As a result, standard supplements are expected to be the most profitable products in the personalised nutrition market category.
By end-use, the direct-to-consumer (D2C) sub-segment is expected to have the biggest share in the market, reaching $8 billion by 2028, Research Dive says. D2C companies tend to be more popular with customers as nutritional plans are regularly offered at a discounted amount, the company adds.
North America currently holds the most dominant market for personalised nutrition worldwide, but the market is expected to grow the fastest in the Asia-Pacific region by 2028, reaching a revenue of $5 billion with a compound annual growth rate (CAGR) of 14.70%.
There has been much technological development in the personalised nutrition market recently, with artificial intelligence being used to create improved personalised diet solutions for consumers, which could increase the level of opportunity for the market globally, the report says.
One obstacle to potential future growth however, is the general high cost of products in this market, which might deter consumers. The report also notes that generally, most consumers are not aware of how personalised nutrition can help manage health and treat or prevent diseases.
It is expected these challenges will need to be overcome to ensure the market continues to grow.