Today’s consumers are increasingly demanding customization and convenience, and the supplement industry is addressing this demand through its efforts to advance personalized nutrition.
Over 50 startup companies have entered this space over the past few years, and legacy companies are getting into it as well. These businesses offer customized supplement options for consumers through a variety of testing methods, including health and lifestyle surveys, genetic testing, microbiome testing and other biomarker tests.
Nutrition Business Journal estimates that companies selling supplements based on such testing and surveying methods generated $281 million in revenue in 2019. By 2023 NBJ forecasts this number will hit an astonishing $4.3 billion, representing 6.4% of all supplement sales.
Survey-based personalized nutrition companies currently make up over 80% of the market, but as innovation with regard to testing continues, supplement sales driven by other testing formats should gain market share.
Companies are innovating at an exponential rate, not only with regard to the science itself but also in the ways they are communicating and reaching directly out to consumers with convenient formats. This phenomenal growth rate is driven not just by the number of new companies continuing to enter the market, but by the fact that the potential of this market has captured the attention of large companies with extensive resources.
Get more data and insights on the personalized nutrition supplement industry in Nutrition Business Journal's Personalized Nutrition Special Report.