Global Personalized Vitamin Products Market Size (2023 – 2030)

The global Personalized Vitamin Products Market was valued to be at USD 8.9 billion in 2022 and is projected to reach USD 27.23 billion by 2030. The market is anticipated to witness a compound annual growth rate (CAGR) of 15% over the forecast period of 2023 - 2030. The expanding need for customized solutions as a result of increased health awareness, the emerging popularity of digital healthcare services, and growth in the geriatric population across regions are all expected to contribute to the market's growth throughout the forecast period.

INDUSTRY OVERVIEW

People are increasingly embracing vitamins and supplements as part of their daily routine and dietary plans as their attention and worries about personal health and well-being grew. Over 60% of consumers globally use vitamins regularly, while around 55% are persuaded to take supplements to ensure a healthy lifestyle. A customized diet aims to improve people's health by using genetic, phenotypic, medical, and nutritional information, among other things. Personalized nutrition uses information on individual characteristics to provide targeted nutritional advice, services, or products to guide or assist people with the best source of information for their better health.

The increasing proportion of lifestyle illness diseases, as well as increasing amount of undernourishment patients and problems such as poor health, rise in the trend of adoption of digital healthcare solutions, people getting conscious about their health, and a rise in the popularity of vitamins and supplements available in the market, are all major factors propelling the personalized vitamin supplements market forward. Furthermore, over the forecast period of 2022-27, the surge in technological developments in the biotechnology and pharmaceutical sector, key market players’ collaborations and strategic alliances, and research and development activities in the market will provide new avenues for customized nutritional supplements market. However, the high cost associated with nutritional supplements, rising R&D spending, and the high expense of clinical studies and trials may act as a hindrance the market growth. Moreover, customers’ cynicism toward nutraceutical products and stringent government regulation may also challenge the market growth rate.

COVID-19 IMPACT ON THE PERSONALIZED VITAMIN PRODUCTS MARKET

COVID-19's global influence has boosted demand for vitamins and supplements in all areas, thanks to aspects including strengthening immunological health and improving general well-being. Despite significant market constraints and weakening demands and purchasing patterns in the food and beverage industry, the personalized vitamin and nutritional supplement business have experienced a growth in demand for healthy and nutritional dietary goods. Following the onset of the COVID-19 pandemic, customers are looking for these items to help them improve their bodies' natural defensive system. Vendors of vitamins and supplements are likely to benefit from recent discoveries and advances in function-specific antioxidants for immunity-boosting products. Over half of the US population reported eating these goods during the pandemic, according to the National Health and Nutrition Examination Survey. The trend is projected to continue across the world, with technology developments and innovation playing a significant influence.

MARKET DRIVERS: 

The rise in awareness of health consciousness among people is one of the prime reasons driving the market growth

In today's world, people in both developed and developing nations are increasingly looking for personalized approaches to their health and well-being to achieve specific health goals in the time allotted. There has been significant improvement as a result of technological breakthroughs that can provide the knowledge and information required to design personalized dietary regimens effectively and quickly. A personalized nutrition plan offers consumers a precise dietary pattern as an alternative to conventional, traditional health approaches. The key element driving market expansion and development is an increase in health consciousness among people all over the world as a result of rising disposable income and rising health-related concerns such as obesity.

The rise in demand for organic and natural food products is propelling the personalized vitamin product market growth

The key driver of market progress and expansion is the growing demand for organic and natural foods. Organic food differs from commercially and traditionally grown food in that it is cultivated in a natural environment without the use of synthetic pesticides and fertilizers. Natural foods are produced from naturally grown ingredients. The popularity of these goods is growing as people become more aware of the beneficial properties of eating organic food. Organic food sales have increased by 20% yearly, according to the organic consumer association, and statistics suggest that the industry's participation in the US food market will increase from approximately 2% to around 3.5 percent by the end of the decade.

Technological Advancements and Rising Consumer Spending to Fuel the Market Growth

Consumer expenditure on nutritional supplements has increased in recent years as the global elderly population, as well as children, has grown. Several food standards organizations and governments are upgrading rules and approvals to address the excessive production of vitamins and supplements, which has increased competition in the market. Moreover, as consumers place a greater emphasis on preventative healthcare, production, and marketing activities have become more proficient. To provide these items in the market, manufacturers are rapidly adopting cutting-edge technology with great production efficiency. The market for vitamins and supplements will continue to develop in the coming years, thanks to growing consumer awareness and increased product innovation.

MARKET RESTRAINTS:

The availability of Counterfeit Products in the market creates cynicism in the consumer which is hampering the market growth

Duplicate products may risk people's health and safety, as well as cost them a lot of money. Furthermore, counterfeiting may significantly harm an organization's trust, credibility, and brand identification. The Grocery Manufacturers Association (GMA) in the United States estimates that worldwide food and consumer goods counterfeiting costs the sector between USD 12 and 15 billion per year. The impact of unauthorized food items may be extremely harmful to one's health and, in rare circumstances, fatal. As a result, the supply of counterfeit items will limit future market growth and development.

Stringent rules and regulations by authorities may hamper the growth of the market

The prolonged rates of approval by the relevant authorities, as well as the rigorous rules and regulations that govern the development and deployment of medical and pharmaceutical products throughout the world, are posing significant challenges to industry growth. Manufacturers are mandated to submit a sample of vitamins and supplements, as well as a statement that the product is reasonably expected to be safe on the market. The product must undergo extensive testing as required by the Dietary Supplement Health and Education Act of 1994 (DSHEA), which causes a market delay. Moreover, the tax structure has grown by 5-10% in recent years which is acting as a major reason restricting the market expansion.

PERSONALIZED VITAMIN PRODUCTS MARKET REPORT COVERAGE:

This research report on the Personalized vitamin products market has been segmented and sub-segmented based on Product Type, By Application, By End - User, and By Region.

PERSONALIZED VITAMIN PRODUCTS MARKET - BY PRODUCT TYPE

• Active measurement

• Standard measurement

Based on product type, the Personalized vitamin products market is segmented into Active measurement and Standards measurement. Among these, the active measurement segment captured a major market share in 2021 and is anticipated to expand with a CAGR of 14.66% over the forecast period. Apps, testing kits, and programs are all active measuring instruments. These generally provide a more precise and adjustable nutritional profile depending on a person's specific needs. As a result of the market's rising flexibility and acceptability, the active measurement sector is expected to have the strongest expansion.

PERSONALIZED VITAMIN PRODUCTS MARKET - BY APPLICATION

• Standard supplements

• Disease-based

Based on application, the Personalized vitamin products market is segmented into Standard supplements and Diseased based supplements. Among these, the standard supplements dominated the market and are projected to continue with this trend over the forecast period. Standard supplements have become more popular as people's preferences have transformed and their understanding of their general health has grown. People are becoming more conscious of nutritional inadequacies and the benefits of different nutritional supplements and their positive effects, which is expected to boost demand for conventional supplements.

PERSONALIZED VITAMIN PRODUCTS MARKET - BY END-USE

• Direct-to-consumer

• Wellness & fitness centers

• Hospitals & clinics

• Others

Based on end-use, the Personalized vitamin products market is segmented into Direct-to-consumer, Wellness & fitness centers, and Hospitals & clinics among others. Among these, the Direct-to-consumer segment contributed significantly to the market growth and is anticipated to continue with this trend in near future. The market is primarily driven because of the rising health awareness among the general population. The lack of required nutrients in the human body can have a severe medical deformity or illness and can cause a long-lasting impact. The personalized vitamins and nutrients offer strategies and solutions for recognizing and dealing with these issues. Because of these factors, the customized nutrition market is expected to lead over the forecast period. Besides this, the Wellness & fitness centers are set to play a significant role in market development and are projected to expand with a notable CAGR of 14.15% over the forecast period.

PERSONALIZED VITAMIN PRODUCTS MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East 

• Africa

Based on region, the Personalized vitamin products market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America emerged as the largest regional market for the Personalized vitamin products market and is expected to continue the trend during the forecast period.  The North American region accounted for over 45% of the market share in 2021.  The increased awareness of consumers regarding their health is propelling the industry forward in this area. The North American region, is home to key businesses that provide tailored nutrition which is contributing to market expansion. Moreover, rising chronic illnesses such as Obesity and Diabetes are also propelling the market growth. Furthermore, customers are increasingly turning to customized nutritional supplements that are suited to their individual needs as their lives get more chaotic. Furthermore, when customers' incomes improve in the region, their purchasing power rises, encouraging them to choose customized diets according to their interests. The European market also contributed significantly to the market growth and is set to be an important market over the forest period. The European market accounted for over 30% of the market share in 2020 and is projected to grow at a CAGR of 3% over the forecast period. Because of the rising incidence of lifestyle problems, the expanding elderly patient pool, poor nutrition, and rising consumer purchasing power in the area, the Asia Pacific region is expected to develop at the quickest pace of 14.8 percent through 2030.

PERSONALIZED VITAMIN PRODUCTS MARKET - BY COMPANIES

Some of the prominent players operating in the global personalized vitamin market are

1. BASF SE

2. Care/of

3. Caligenix

4. DayTwo Inc.

5. Genomix Nutrition

6. DNA Fit, GX Sciences

7. Inside Tracker

8. Habit Food Personalized LLC, Lonza

9. DSM, Nutrigenomix Inc.

10. Telomere Diagnostics

11. Metagenics, Inc

The global personalized vitamin market is consolidated and competitive due to the presence of key players operating in this market. Bayer AG is a key participant in the worldwide personalized nutrition market, focused on developing new and creative goods including vitamin sprays, botanical supplements, and other novel items. The major market players are undergoing strategies like Product launches, clinical trials, innovative research, and seeking approvals from government agencies to expand their global footprints and product ranges. These strategies help them cater to the increased consumer demand. Key companies are getting into collaborations for research and development purposes for the development of new products and also to have a wider customer base globally.  

NOTABLE HAPPENING IN THE PERSONALIZED VITAMIN PRODUCTS MARKET

• PRODUCT LAUNCH- In January 2020 – Vthrive, a new offering from Franchise Group, Inc., was introduced to expand the company's collection of vitamins, proteins, and supplements.
• PRODUCT LAUNCH- In May 2020 – To meet the growing needs for immune-related goods, Homart Pharmaceuticals introduced three separate vitamin C supplements under the Toplife and Springleaf brands.
• INVESTMENT- Amway (US) committed $200 million in China in November 2019 to establish a dietary supplement innovation center. This will aid in the company's overall expansion and the delivery of tailored and customized solutions related to the nutrition and supplements industry.
• PRODUCT LAUNCH- To satisfy specific nutrition demands in the North American market, Herbalife Nutrition (US) released relaxing tea and new immunity essentials, both of which include EpiCor. The launch of new products contributes to the company's tailored nutrition product lineup.