A Better Approach To Personalized Retail Nutrition & Wellness Industry
Posted by Mrudula Anil Karmarkar on April 28th, 2021
The global personalized retail nutrition and wellness market size is anticipated to reach USD 3.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 8.5% over the forecast period. Increase in awareness about preventive healthcare and general well-being, trend of customization of food for a better diet, and rise in awareness about healthy food to promote nutrition and wellness are factors driving the growth of the market.
Biopharmaceutical innovators are at the forefront of the human response to the coronavirus pandemic. A significant number of major biotech firms are in the midst of a race to investigate the Sars-Cov-2 genome and prepare a viable vaccine for the same. As compared to the speed of response to SARS/MERs etc, the biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a considerable amount of funds are being put into the R&D. With multiple candidates in trial, the public and private sectors are anticipated to work in unison for the foreseeable period, until a vaccine is developed for Covid-19. The report will account for Covid19 as a key market contributor.
With advancements of personalized medicine, companies are engaged in the launch and retail of new products with the support of scientific research and regulatory agencies. Several regulatory agencies are also actively involved in overseeing personalized nutrition and wellness products. The main objective of these agencies is to ensure the safety and effectiveness of these products through customized tests along with encouraging innovations.
Start-ups such as STYR, Food Marble, and Habit Food Personalized, LLC are actively involved in the development, commercialization, and retail of nutrition and wellness solutions and offer products such as nutraceuticals, dietary supplements, and functional foods. For instance, in February 2020, Segterra, Inc. entered into a partnership with Helix to commercialize its GoalGetter personalized model through Helix’s marketplace.
Advancements in metabolic profiling technologies have enabled the investigation of nutrition requirements of an individual which subsequently drives the development of personalized programs. Such profiling technologies support the production and retail of functional foods and supplements from food composition to promote wellness. These also support epidemiological studies. Furthermore, incorporation of a patient’s nutritional background with the available scientific literature as well as genomic data aids in the advancement of the personalized approach for the retail of products that promote health and wellness.
Further key findings from the report suggest:
Factors such as rise in concerns related to inadequate nutrition, prevalence of lifestyle diseases, and growing geriatric population drive the retail of nutrition and wellness products. Moreover, rise in occurrence of several disorders has led to increased adoption of a healthier lifestyle to promote wellness. This has automatically enhanced the practice of healthy eating, subsequently driving the retail of dietary supplements and functional foods in recent years.
Functional foods have recently gained prominence and consumers are increasingly including these foods in their diet. This is especially observed in the case of natural functional foods that find application in sports medicine. Moreover, there is an increased demand for protein supplements as they help in weight management as well as improve sports performance.
Rising awareness of consuming healthy food for wellness, an increase in adoption of customized diet plans, and the development of devices to track health data generate attractive opportunities for key players to enhance their business offerings. Therefore, food manufacturers have made significant investments in the manufacturing and retail of personalized nutrition products.
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A large number of start-ups and mature players operate in the research and development of functional foods and dietary supplements and nutraceuticals. Most products currently available in the market are developed by new entrants; for instance, personalized 3-D printed supplement pills by MultiplyLabs and personalized supplement powders by Styr.
Well-established companies are expected to enhance their share through strategic partnerships, mergers, and acquisitions. Several health and technology companies, such as Arivale, RedBrick, and Vida, are engaged in advancing personalized nutrition approach through combining genomics, nutrition, and exercise. These companies utilize a patient’s nutritional and genomic information including an individual’s DNA and health biomarkers to customize their services.
Personalized services range from weight and pain management programs to physical activity and sleep trackers. For instance, Nutrisystem’s app enables consumers to track their physical activity levels, food habits, and weight-related changes. The availability of such solutions facilitates an individual’s health maintenance even in remote areas.
Some start-up corporations operating in the market for personalized retail nutrition and wellness include STYR Labs, DNANudge, DayTwo Ltd, Food Marble, and Allergy Amulet. Other established pharma manufacturers that have extended their offerings into the consumer wellness sector include Bayer AG; GlaxoSmithKline plc; and Pfizer, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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