PUBLISHER: The Business Research Company | PRODUCT CODE: 1513212
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513212
Personalized retail nutrition and wellness refers to a specialized sector within healthcare that concentrates on delivering tailored nutrition and wellness solutions to individuals. This field employs advanced data analytics, genetic testing, and personalized coaching to develop custom nutrition plans and wellness programs aligned with each person's specific health objectives and requirements.
The primary products in personalized retail nutrition and wellness include dietary supplements, functional foods, and functional beverages. Dietary supplements are orally consumed products containing dietary ingredients aimed at supplementing one's diet. They cater to various demographics such as males, females, and children, with diverse end-users ranging from hospitals and clinics to wellness and fitness centers.
The personalized retail nutrition and wellness market research report is one of a series of new reports from The Business Research Company that provides personalized retail nutrition and wellness market statistics, including the personalized retail nutrition and wellness industry global market size, regional shares, competitors with personalized retail nutrition and wellness market share, detailed personalized retail nutrition and wellness market segments, market trends, and opportunities, and any further data you may need to thrive in the personalized retail nutrition and wellness industry. These personalized retail nutrition and wellness market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The personalized retail nutrition and wellness market size has grown rapidly in recent years. It will grow from $3.50 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. Historical growth can be credited to an increase in chronic diseases, advancements in nutritional science, educational campaigns and awareness programs, a rise in health and wellness awareness, and an emphasis on personalized healthcare.
The personalized retail nutrition and wellness market size is expected to see rapid growth in the next few years. It will grow to $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. Forecasted growth can be attributed to the expansion of e-commerce and retail channels, increasing demand for functional foods and supplements, the growth of digital health platforms, customized nutritional supplements, and the expansion of personalized meal delivery services. Major trends in this forecasted period include the integration of data science and AI, the growth of functional foods and protein supplements, the integration of biosensors and wearables, innovative solutions, and the expansion of digital health platforms.
The growth of the personalized retail nutrition and wellness market is expected to be driven by the increasing adoption of a healthier lifestyle. A healthier lifestyle encompasses behaviors that promote well-being, reduce disease prevalence, and extend life expectancy. This adoption is fueled by growing consumer awareness about the significance of nutrition, wellness, and preventive healthcare, encouraging conscious choices to enhance overall well-being. Personalized retail nutrition plays a pivotal role in promoting a healthy lifestyle by offering customized dietary recommendations based on individual health objectives, preferences, and nutritional requirements. For example, an online survey conducted in May 2022 by the International Food Information Council, a US-based non-profit organization, revealed that 52% of Americans aged 18 to 80 reported following a diet or specific eating pattern in the past year, a notable increase from 39% in 2021. Thus, the rising adoption of a healthier lifestyle is fueling the growth of the personalized retail nutrition and wellness market.
Major players in the personalized retail nutrition and wellness market are concentrating on developing advanced technological solutions, such as digital platforms with new insights tools, to deliver highly tailored dietary recommendations, enhance user engagement, and improve health outcomes through data-driven strategies. Digital platforms refer to online tools, apps, or platforms that provide personalized guidance, data analysis, and support for individuals' health goals and dietary needs. For instance, in August 2023, Albertsons Companies, Inc., a US-based grocery store company, unveiled the latest digital enhancement to its Sincerely Health platform, a nutrition insights tool that evaluates grocery purchases based on the serving recommendations of the USDA's MyPlate guidance. This platform enables users to set nutrition goals, earn healthy points and rewards, and access comprehensive wellness management features across 16 grocery apps and websites. The USDA's MyPlate program offers recommendations for consuming the five food groups essential for a healthy diet, including fruits, vegetables, grains, protein sources, and dairy or fortified soy substitutes, as well as general healthy eating guidelines. By linking a customer's loyalty account to their Sincerely Health profile, the nutrition insights tool can analyze recent and upcoming grocery purchases to determine how many of their food items align with MyPlate dietary guidelines automatically.
In November 2023, Viome Life Sciences, a US-based provider of personalized health insights and recommendations, acquired Naring Health to enhance its suite of personalized health solutions. Viome Life Sciences aims to leverage its expertise in microbiome analysis, food science, and proteomics through this strategic acquisition. Naring Health, a US-based company offering digital health and wellness services focusing on personalized retail nutrition and wellness, brings valuable resources such as key patents and intellectual property to Viome Life Sciences.
Major companies operating in the personalized retail nutrition and wellness market are Archer Daniels Midland Company, Danone S.A., General Mills Inc., Cargill Incorporated, Herbalife International of America Inc., Isagenix International LLC, The Bountiful Company, Nestle Health Science, The Hain Celestial Group Inc., Innophos Holdings Inc., Noom Inc., Thorne Research Inc., Vida Health Inc., Foodsmart, Bayer AG, Matsun Nutrition LLC, RedBrick Health Corporation, Nature's Bounty Inc., Viome Life Sciences Inc., DayTwo Inc., Glucovation Inc., Savor Health Inc., DNAfit, Consumer Physics Inc., Tellspec Inc.
North America was the largest region in the personalized retail nutrition and wellness market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personalized retail nutrition and wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the personalized retail nutrition and wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The personalized retail nutrition and wellness market consists of sales of nutritional snacks, natural remedies, and herbal supplements. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Personalized Retail Nutrition And Wellness Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on personalized retail nutrition and wellness market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for personalized retail nutrition and wellness? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The personalized retail nutrition and wellness market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.