NBJ predicts personalized nutrition sales exceeds $1 billion by 2024

NBJ predicts personalized nutrition sales exceeds $1 billion by 2024

The customized vitamin market is mainstreaming. Instead of customized dietary supplements and applications being focused solely to and accepted by well being optimizers and the chronically ailing, NBJ analysis exhibits that common customers who’re involved about their general well being and well-being have gotten the majority of the business.

Nutrition Business Journal, the business chief in providing deep dive market sizing and business evaluation for the customized vitamin business, is extra assured than ever that the market is stuffed with development and alternative, and it seemingly will attain an estimated $1.1 billion in gross sales by 2024.

For 2021, that quantity is $509 million, with a major general development fee of 35.8%, and a few thrilling and head-turning traits rising. Personalized vitamin complement gross sales are presently dominated by survey-based vitamin, with a market share of about 81.6%. However, the expansion within the survey-based sector, whereas nonetheless vital, is anticipated to lower over the subsequent few years, into 2025. On the opposite finish of the spectrum lies genetic testing, with the bottom market share however the one growing development fee—from 29.9% in 2021 to an anticipated 51.9% in 2025. There’s a number of potential for each rising and legacy manufacturers who lean into their high innovation groups to increase their development.

That being stated, there isn’t a denying the truth that survey-based testing led the market in 2021 with $415 million in gross sales. However, with the quantity of knowledge collected and used to enhance these customized outcomes, it nonetheless brings to consideration the buyer barrier round private information assortment. In NBJ’s 2022 customized vitamin report, we talked to a number of high leaders and executives on this business to get their opinion on shopper roadblocks and key development alternatives to debate how manufacturers can optimize buyer lifetime values.

Even although the customized vitamin complement business will solely attain an estimated 1.7% of the full dietary complement business in 2025, that doesn’t negate its disruption to the complement business. NBJ is raring to proceed following advances in know-how and monitoring gadgets to enhance and increase on real-time customized vitamin. Since the typical shopper is dabbling into customized complement companies and applications, it is beneficial that manufacturers hold on to that loyalty and experience out the long-term buyer lifetime advantages.

Learn extra within the third version of Personalized Nutrition Special Report, which covers market sizing, gross sales and development of complement and testing income from customized vitamin for 2018-2025e.

https://www.newhope.com/market-data-and-analysis/analysts-take-nbj-predicts-personalized-nutrition-sales-exceeds-1-billion

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