Personalized Supplement Market: Introduction
A personalized nutrition approach is based on nutrition advice to make dietary changes in order to improve health, along with lowering the risk of conditions such as Type 2 diabetes, heart diseases, and obesity. The lifestyle of the common man is changing with rapid urbanization and becoming more sedentary. Consumers are relying heavily on ready-to-eat food, which is leading to compromised nutrition.
Key drivers of the personalized supplement market
The personalized supplement market growth is driven by rising health awareness, a shift toward personalized nutrition approach, and growing demand for better diet plans specific to personal requirements. The growing occurrence of lifestyle diseases, expansion of geriatric population, and increasing awareness about the health benefits of diet modification are propelling market growth. The increasing health awareness among consumers is inclined to increase consumption of dietary supplements. For example, a consumer survey on dietary supplements in 2017 estimated that 76% of U.S. adults take dietary supplements. These factors act as drivers and propels the demand for personalized supplements at the global level.
Improved features creating opportunities in the personalized supplement market
Ongoing advancements and growth in personalized nutrition are resulting in greater appreciation for healthier foods and better fitness, increased demand for customized health experiences, and high adoption rate of various solutions to track health data on a daily basis. Increasing consumer dependency on science-based and data-driven nutritional solutions tailored to reach specific health goals is likely to nurture the personalized nutrition market share throughout the forecast period. Industry players are embracing several strategies such as mergers, collaborations, acquisitions, capacity expansion, and new product development, thereby supporting the overall growth of the market. For example, in September 2020, Bayer AG, one of the largest pharmaceutical companies in the world, took over an online vitamin and supplement providing company - Care/of, in efforts to increase its nutrition and wellness portfolio.
Biological effect a restraint of the personalized supplement market
Dietary supplements are regulated by the FDA as food, not as drugs. However, many dietary supplements contain ingredients that have strong biological effects which may conflict with a medicine being taken or a medical condition a person may have. These factors restrain the personalized supplement market.
Asia Pacific the dominant market
Asia accounts for highest share in the target market in terms of revenue contribution as compared to markets in other regions due to increased adoption of personalized supplements by various end-users such as gyms, yoga & work out studios, and personal use in the region. In addition, increasing usage of personalized supplements among consumers in countries such as Japan, China, and Australia is expected to trigger demand for the product. New product advancements and rapidly growing demand for personalized supplements are driving the growth of the market in the region.
Key players operating in the global market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the personalized supplement market are:
- Genomix Nutrition
- GX Sciences
- Habit Food Personalized LLC
- Lonza, DSM
Personalized Supplement Market: Research Scope
Personalized Supplement Market, by Type
- Standard supplements
- Disease-based supplements
Personalized Supplement Market, by Application
- Wellness & fitness centers
- Hospitals & clinics
Personalized Supplement Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the personalized supplement market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.