The Analyst's Take: NBJ predicts personalized nutrition sales exceeds $1 billion by 2024The Analyst's Take: NBJ predicts personalized nutrition sales exceeds $1 billion by 2024
In this latest installment in our data discussion series from Nutrition Business Journal, we look at who is purchasing personalized nutrition products.
April 22, 2022
The personalized nutrition market is mainstreaming. Instead of personalized supplements and programs being targeted only to and accepted by health optimizers and the chronically ill, NBJ research shows that average consumers who are concerned about their overall health and well-being are becoming the bulk of the industry.
Nutrition Business Journal, the industry leader in offering deep dive market sizing and industry analysis for the personalized nutrition industry, is more confident than ever that the market is full of growth and opportunity, and it likely will reach an estimated $1.1 billion in sales by 2024.
For 2021, that number is $509 million, with a significant overall growth rate of 35.8%, and some exciting and head-turning trends emerging. Personalized nutrition supplement sales are currently dominated by survey-based nutrition, with a market share of about 81.6%. However, the growth in the survey-based sector, while still significant, is expected to decrease over the next few years, into 2025. On the other end of the spectrum lies genetic testing, with the lowest market share but the only increasing growth rate—from 29.9% in 2021 to an expected 51.9% in 2025. There's a lot of potential for both emerging and legacy brands who lean into their top innovation teams to expand their growth.
That being said, there is no denying the fact that survey-based testing led the market in 2021 with $415 million in sales. However, with the amount of data collected and used to improve these personalized results, it still brings to attention the consumer barrier around personal data collection. In NBJ's 2022 personalized nutrition report, we talked to several top leaders and executives in this industry to get their opinion on consumer roadblocks and key growth opportunities to discuss how brands can optimize customer lifetime values.
Even though the personalized nutrition supplement industry will only reach an estimated 1.7% of the total dietary supplement industry in 2025, that does not negate its disruption to the supplement industry. NBJ is eager to continue following advances in technology and tracking devices to improve and expand on real-time personalized nutrition. Since the average consumer is dabbling into personalized supplement services and programs, it's recommended that brands hang on to that loyalty and ride out the long-term customer lifetime benefits.
Learn more in the third edition of Personalized Nutrition Special Report, which covers market sizing, sales and growth of supplement and testing revenue from personalized nutrition for 2018-2025e.
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