The interest in personalized nutrition products and functional food that includes beverages, dietary, and supplement products saw considerable growth in the past year.
COVID-19 pandemic made consumers more in tune with personalized nutrition health benefits and companies more aware of customer wants and needs. Therefore, the pandemic became the essential driving force for the customized nutrition sector.
Experts forecast that the personalized nutrition market will grow at a CAGR of at least 16.53% in the 2020–2026 period. Furthermore, Arizton Advisory & Intelligence report for 2021–2026 indicates this market could reach a staggering $16.70 billion in revenues by the end of 2026.
Additionally, it’s predicted that the world food and beverage market will expand at a CAGR of 17.01% in the forecast period.
The North American customized nutrition market is the largest in the world and accounts for 43.88% of the global market share. Its projected growth for the forecast period is 15.44% CAGR. Europe ranks second with a 26.89% global market share and the expected revenue increase of $2.17 billion in the forecast period.
Nutraceutical products and dietary supplements also have significant potential in the Asia-Pacific area. This sector now makes up over 52% of the APAC market share due to the recently increased knowledge about the health benefits of customized diets.
Additionally, it’s important to note that the frequency of use of nutraceuticals in industrialized nations is around 50%–70% and that most consumers are female.
Generalized nutraceuticals aren’t the only ones recording an increase. Experts predict that the sport nutrigenomics industry will register growth at a CAGR of 19.99%. This should translate to additional revenue of $1.98 billion.
Discovering the health benefits of personalized nutrition following the coronavirus outbreak attracted many consumers to this market. The growing trend is expected to continue due to personalized nutrition’s ability to provide tailored health advice based on consumers’ specific genotypes, potentially leading to chronic disease treatment and prevention.