The global personalized retail nutrition and wellness market size is projected to receive a major booster shot in the upcoming years as a result of the emergence of personalized nutrition startups, states Fortune Business Insights™ in its report, titled “Personalized Retail Nutrition and Wellness Market Size, Share and Industry Analysis, By Product Type (Dietary Supplements, Functional Foods/Fortified Foods, Functional Beverages) and Regional Forecast, 2020-2027”. The growing demand for personalized health and nutrition solutions has led to an increasing presence of startups specializing in this niche domain. For example, Gini, a Canadian startup, develops a personalized health-tracker to set nutrition and exercise goals based on an individual’s DNA. The data gathered by the tracker enables Gini to function as a guide to provide DNA-specific nutrition regimes. Another unique example is GUTXY, a Danish startup that offers services involving the analysis of micro-biomes to optimize their clients’ dietary and lifestyle choices. Innovations in personalized retail nutrition and wellness created by these and several other startups have considerably augmented the potential of this market.
The outbreak of the COVID-19 pandemic has brought economic activities across the world to a standstill. Businesses are undergoing severe downturn, with financial losses skyrocketing. We, at Fortune Business Insights™, aim to provide businesses with a comprehensive impact analysis of the current pandemic on different markets, based on our expertise and experience in market intelligence.
Highlights of the Report:
- Piecemeal analysis of all segments of the market;
- In-depth examination of all factors driving and restraining the market;
- Careful profiling and evaluation of the top market players and their strategies; and
- Tangible insights into the regional developments influencing the market growth.
Rising Incidence of Chronic Diseases Worldwide to Create Novel Opportunities
One of the chief factors fueling the personalized retail nutrition and wellness market growth is the increasing incidence of chronic diseases around the world. For example, obesity is a major chronic condition that has emerged as the leading cause for diabetes and high cholesterol. As per the data released by the World Health Organization (WHO), in 2016, approximately 1.9 billion adults were overweight and of these, more than 650 million were obese. Another health-deteriorating chronic condition is cardiovascular disease, which, according to the WHO, is the number one cause of death worldwide, leading to the death of 17.9 million people in 2016. The steady rise in the prevalence of these diseases has made people more aware of their health and fitness and the precautions they need to take to prevent the development of such conditions. As a result, the demand for personalized nutrition and wellness has spiked in recent years, with consumers preferring wellness solutions that are tailored to their lifestyles and needs.
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North America to Command the Market Backed by Growing Popularity of Personalized Nutrition
North America is slated to dominate the personalized retail nutrition and wellness market share in the coming years as consumers in the region are showing increasing willingness to invest in personalized nutrition. In addition, advancements in retail healthcare, which include research in DNA-based health profiles, biomarker blood testing, and micro-biome analysis are further boosting the regional market.
The market in Europe is anticipated to make strong headway in the near future as the increasing prevalence of lifestyle-related disorders is causing consumers in the region to switch to personalized nutrition solutions. In Asia Pacific, lucrative prospects are being created due to the rapidly growing demand for dietary supplements in India, China, and Vietnam.
Top Competitors to Broaden Horizons with Advanced Offerings
Key players in the personalized retail nutrition and wellness market are constantly developing advanced products and solutions to broaden their sales horizons and enhance their market presence. Apart from this, companies are also engaging in acquisition activities to further entrench their position in the market.
- February 2020: ChromaDex introduced Tru Niagen®, its signature cellular health product, as a supplement offering in Persona Nutrition, Nestlé Health Science’s personalized nutrition service. The launch of this product will bolster Nestle and ChromaDex’s position in the retail nutrition domain.
- January 2020: Atrium Innovations, a global leader in formulating science-based nutritional products, completed the acquisition of LivingMatrix, a data-driven personalized functional medicine platform based in San Francisco. The takeover is part of Atrium’s mission to rapidly expand in the personalized nutrition space.
List of Key Players Covered in the Personalized Retail Nutrition and Wellness Market Report:
- LifeSeasons, Inc.
- Nutrino Health Ltd.
- Pathway Genomics
- GNC Holdings, Inc.
- Danone S.A.
- Prenetics Ltd.
- Habit Food Personalized LLC
- The Vitamin Shoppe
- Mars, Inc.
- Nestle, S.A.
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