Webinar: Supplements in the time of COVID-19: Historic Data, Current Trends and Future Opportunitites
On Thursday, April 2nd at 1 pm MDT, the NBJ team will be hosting a webinar that will focus on how the COVID-19 virus has caused a surge in consumer demand for immune and other health-supporting products. Be sure to RSVP here. |
Personalized nutrition is on track to be a $4.2 billion opportunity
Today’s consumers are increasingly demanding customization and convenience, and the supplement industry is addressing this demand through personalized nutrition. Over fifty startup companies have entered this space over the past few years, and legacy companies are getting into it as well. Companies are providing customized supplement options through a variety of testing, including health and lifestyle surveys, genetic testing, microbiome testing, and other biomarker tests.
NBJ estimates that companies selling supplements based on such testing and survey methods generated $281 million in revenue from supplement sales in 2019. By 2023 we forecast this number should hit an astonishing $4.3 billion, representing 6.4% of all supplement sales. Survey-based personalized nutrition companies currently represent over 80% of the market, but as innovation in testing continues, supplement sales driven by other testing forms will gain market share. Companies are exponentially innovating, not just in the science and testing itself, but in the ways they are communicating and directly reaching consumers with convenient formats. This phenomenal growth rate is driven not just by the rate of new companies continuing to enter the market, but by the fact that this potential is capturing the eye of large companies with extensive resources.
 |
| 
