Personalized Retail Nutrition and Wellness Market Size Estimated to Reach $2.8 Billion by 2026
Rise in the Adoption of Dietary Supplements and Nutraceuticals Is Driving the Growth of the Personalized Retail Nutrition and Wellness Market.
Hyderabad, India – July 17, 2021 /MarketersMedia/ —
Personalized Retail Nutrition and Wellness Market size is estimated to reach $2.8 billion by 2026, growing at a CAGR of 8.5% during the forecast period 2021-2026. Personalized Retail Nutrition and Wellness is an approach that counts on the individual characteristics to evolve a package of nutritional counsel and products. Personalized nutrition associates with the important information that is intended to pitch specific healthy eating and guidance for nutrition as per need.
Personalized retail nutrition and wellness products are increasingly being adopted by the young population across the world owing to the growing adoption of a healthier lifestyle to promote wellness. Rise in the demand for dietary supplements for assimilation of nutrients, growing recommendation for personalized nutrition to promote wellness and catabolism, rising demand for vitamin biosynthesis, and increase in the investment by the key players to launch healthier products for personalized retail nutrition are the factors that are set to drive the growth of the Personalized Retail Nutrition and Wellness Market for the period 2021-2026.
Personalized Retail Nutrition and Wellness Market Segment Analysis – By Recommendation
The Personalized Retail Nutrition and Wellness Market based on the Recommendation can be further segmented into Fixed Recommendation, Repeat Recommendation, and Continuous Recommendation. The Repeat Recommendation segment held the largest share in 2020 owing to the factors such as the growing commercialization of apps to monitor the daily routine of individuals and the rise in the design of diet plans for patients who require regular monitoring and for pregnant women and patients with various disorders.
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Personalized Retail Nutrition and Wellness Market Segment Analysis – By End User
The Personalized Retail Nutrition and Wellness Market based on the End User can be further segmented into Wellness and Fitness Centers, Hospitals and Clinics, Institutions, and Others. The Wellness and Fitness Centers segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 9.6% over the period 2021-2026. This growth is owing to the factors such as increasing demand for dietary supplements for assimilation of nutrients and rise in the adoption of a healthier lifestyle to promote wellness.
Personalized Retail Nutrition and Wellness Market Segment Analysis – By Geography
The Personalized Retail Nutrition and Wellness Market based on the Geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of World. North America held the largest share with 32% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the demand for dietary supplements for assimilation of nutrients and growing demand for vitamin biosynthesis.
Personalized Retail Nutrition and Wellness Market Drivers
Increase in the Demand for Dietary Supplements for Assimilation of Nutrients
Dietary supplement products are increasingly being used among developed nations for assimilation of nutrients owing to the factors such as growing concerns related to inadequate nutrition and the rise in the prevalence of lifestyle diseases. The key companies are also focusing on developing organic dietary supplements for promoting personalized nutrition, which is one of the major factors driving the growth of the Personalized Retail Nutrition and Wellness Market.
Rise in the Adoption of Customized Diet Plans for Enhancing Catabolism
Customized diet plans are increasingly being adopted by the young population across the world for their daily nutrition to enhance catabolism owing to the availability of innovative health and wellness products. The availability of various services such as gut-microbiome testing and genetic profiling are increasing the demand for customized diet plans, which is further propelling the growth of the Personalized Retail Nutrition and Wellness Market.
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Personalized Retail Nutrition and Wellness Market Challenges
High Cost of Personalized Retail Nutrition Service Offerings
Customers across the world are increasingly being adopting wellness products tailored to their lifestyle as they are becoming more informed about their nutrition patterns. However, the high cost of personalized retail nutrition service offerings is one of the major factors that is estimated to reduce the growth of the Personalized Retail Nutrition and Wellness Market.
Personalized Retail Nutrition and Wellness Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Personalized Retail Nutrition and Wellness Market. Key companies of this market are Consumer Physics, Groking Lab, Tellspec, Inc, Better Therapeutics, Habit Food Personalized, LLC, Segterra, Inc, Nutrigenomix, Inc, Noom Inc, Savor Health, and Indena among others.
Partnerships/Product Launches:
In October 2020, Indena has entered into a partnership with Onegevity to focus on gut microbiome testing to produce personalized nutrition pact and to focus on research and development activities for effective solutions that are synergistic to the wellness plan.
In January 2020, Noom Inc has entered into a partnership with EVERSANA™ to provide personalized nutrition to enhance health outcomes for the millions of patients suffering from chronic conditions across the world and other rare diseases.
In October 2019, Savor Health has entered into a partnership with LUNGevity to bring Ina®, which is a personal intelligent nutrition assistant for those affected by lung cancer. It is a knowledge-based personalized nutrition technology platform for people affected with cancer.
Key Takeaways
Geographically, North America Personalized Retail Nutrition and Wellness Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing demand for vitamin biosynthesis.
The rise in the adoption of personalized nutrition to promote wellness and catabolism is driving the Wellness and Fitness Centers segment. However, the high cost of personalized retail nutrition service offerings is one of the major factors that is said to reduce the growth of the Personalized Retail Nutrition and Wellness Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Personalized Retail Nutrition and Wellness Market report.
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