| Personalized nutrition supplement sales on track to reach $1.8 billion by 2024 The personalized nutrition market is young, with ample runway. While this represents an amazing opportunity for the supplement industry, it presents as quite a challenge to predict. Industry experts agree that the tipping point for personalized nutrition becoming mainstream is around the corner, but a myriad of factors affect where exactly that corner is. Those factors range from ease of engagement to consistency of fulfillment to, ideally, reassessment and ongoing, but evolving, fulfillment. Frictionless at-home testing is central to this loop, and while the at-home testing market is vast, NBJ is focused only on companies turning those test results into revenue from either customized supplement sales or nutrition recommendations. Companies are providing customized supplement options and/or nutrition and diet recommendations through a variety of testing methods, including health and lifestyle surveys, genetic testing, microbiome testing, and other biomarker tests. Sales of supplements driven by these personalized nutrition testing methods were an estimated $134 million in 2018, representing just 0.3% of all supplement sales, but are on track to reach over 2% of the total market by 2024. Two percent market share might sound small, but for a segment of this industry to grow from nearly nothing to over $1.5 billion in just five years is notable. Survey-based supplement sales represent the largest segment of the personalized nutrition market, with $318 million in sales and 85% market share in 2020. The two largest companies representing this market, Care/of and Persona, were also two of the most notable acquisitions in the last 18 months. This testing method is likely to continue to bring in the majority of supplement sales in personalized over the next five years, but with strong growth projected in other testing modalities, market share is likely to drop—to 62% by 2024 per NBJ estimates. While the exact future of this market is difficult to predict, NBJ is confident it will continue driving sales and disruption in the supplement industry. We are eager to continue tracking activity and technological developments from these innovative companies and witness the personalized market as it reaches its full potential.
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| | Claire Morton Reynolds Claire Morton is the Senior Industry Analyst for New Hope Network's Nutrition Business Journal. She manages NBJ's data and insights to inform the industry on market trends and forecasts in natural and organic food and beverage, functional food and beverage, dietary supplements and personal care. |
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| Is Personalized Nutrition the key to the future of the supplement industry? |
| | Giving you the tools you need to become an industry expert. From monograms to makeup, consumers want custom – and when it comes to supplements, the benefits of the Personalized Nutrition approach go beyond feeling special. In 2020, supplement sales driven by personalized nutrition grew 35% to $375 Million, and NBJ’s expert market analysis suggests that there is still plenty of time to get in on the ground level of this trend that could be the key to the future of supplements – and the future of personal health. |
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