Global Personalized Vitamin Products Market Size (2024 – 2030)

The global market for Personalized Vitamin Products achieved a valuation of USD 10.24 billion in the year 2023 and is forecasted to attain USD 27.23 billion by the year 2030. Over the projection period spanning from 2024 to 2030, the market is expected to register a compound annual growth rate (CAGR) of 15%. Factors such as the heightened demand for tailored solutions due to increased health consciousness, the rising popularity of digital healthcare services, and the growth of the elderly population across various regions are anticipated to contribute to the market's expansion throughout the forecasted period.

INDUSTRY OVERVIEW

A growing number of individuals are incorporating vitamins and supplements into their daily routines and dietary plans as their focus on personal health and well-being intensifies. Globally, over 60% of consumers regularly utilize vitamins, with approximately 55% being motivated to include supplements in their regimen for the purpose of maintaining a healthy lifestyle. Customized dietary plans aim to enhance individuals' health by utilizing genetic, phenotypic, medical, and nutritional information, among other factors. The concept of personalized nutrition leverages individual characteristics to offer targeted nutritional guidance, services, or products, serving as a valuable resource for promoting improved health.

The escalating prevalence of lifestyle-related diseases, coupled with an increasing number of undernourished individuals and issues such as deteriorating health conditions, has led to a rise in the adoption of digital healthcare solutions. This trend, along with a growing awareness regarding personal health, and the increasing popularity of vitamins and supplements available in the market, are significant drivers propelling the market for personalized vitamin supplements. Additionally, during the forecast period of 2022-2027, advancements in technology within the biotechnology and pharmaceutical sectors, collaborations and strategic alliances among key market players, and ongoing research and development activities within the market are expected to open new avenues for the personalized nutritional supplements market. Nevertheless, challenges such as the high costs associated with nutritional supplements, escalating expenditures in research and development, and the substantial expenses related to clinical studies and trials may impede market growth. Furthermore, consumer skepticism towards nutraceutical products and stringent government regulations could pose challenges to the market's growth trajectory.

COVID-19 IMPACT ON THE PERSONALIZED VITAMIN PRODUCTS MARKET

The global impact of COVID-19 has resulted in an increased demand for vitamins and supplements across all sectors, driven by factors such as bolstering immunological health and enhancing overall well-being. Despite significant market constraints and shifts in consumer demands and purchasing patterns within the food and beverage industry, the personalized vitamin and nutritional supplement sector has experienced a surge in demand for healthful and nutritious dietary products. Following the onset of the COVID-19 pandemic, consumers have sought these products to fortify their natural defense systems. Manufacturers of vitamins and supplements are expected to benefit from recent discoveries and advancements in function-specific antioxidants for immunity-boosting products. According to the National Health and Nutrition Examination Survey, over half of the population in the United States reported consuming these products during the pandemic. This trend is expected to persist globally, with technological advancements and innovations playing a pivotal role.

MARKET DRIVERS:

The escalating awareness of health consciousness among individuals stands as a primary driver fueling market growth.

In the contemporary landscape, individuals in both developed and developing nations are increasingly seeking personalized approaches to their health and well-being in order to achieve specific health objectives within a defined timeframe. Technological breakthroughs have significantly advanced the ability to provide the knowledge and information necessary for designing personalized dietary regimens efficiently and effectively. A personalized nutrition plan offers consumers a precise dietary blueprint as an alternative to conventional health approaches, thereby propelling market expansion and development. The surge in health consciousness among individuals worldwide, attributed to rising disposable incomes and mounting concerns related to health issues such as obesity, forms a key element driving market growth.

The escalating demand for organic and natural food products serves as a catalyst for the growth of the personalized vitamin product market.

Market progress and expansion are driven by the increasing preference for organic and natural foods. Organic foods, cultivated in natural environments without the use of synthetic pesticides and fertilizers, differ from conventionally grown foods. The growing awareness of the beneficial properties of organic food consumption is contributing to the popularity of these products. According to the organic consumer association, organic food sales have witnessed an annual increase of 20%, and statistics indicate that the industry's share in the US food market is projected to rise from approximately 2% to around 3.5% by the end of the decade.

Technological advancements and a rise in consumer spending are poised to propel market growth.

Consumer expenditure on nutritional supplements has witnessed an upward trend in recent years, driven by the expanding global elderly population and children demographics. Various food standards organizations and governments are revising regulations and approvals to address the proliferation of vitamins and supplements, thereby intensifying market competition. Additionally, with consumers placing greater emphasis on preventive healthcare, manufacturing and marketing activities have become more streamlined. Manufacturers are swiftly embracing cutting-edge technologies to deliver these products to the market with enhanced production efficiency. The market for vitamins and supplements is expected to witness continued growth in the forthcoming years, fueled by heightened consumer awareness and increased product innovation.

MARKET RESTRAINTS:

The presence of counterfeit products in the market breeds consumer skepticism, thereby hindering market growth.

Counterfeit products pose risks to consumer health and safety, in addition to resulting in financial losses. Furthermore, counterfeiting can severely damage an organization's trustworthiness, credibility, and brand recognition. The Grocery Manufacturers Association (GMA) estimates that global counterfeiting of food and consumer goods costs the sector between USD 12 and 15 billion annually. The impact of illicit food products on health can be extremely detrimental, and in rare instances, fatal. Consequently, the availability of counterfeit items is poised to restrain future market growth and development.

Stringent regulations imposed by authorities pose a challenge to market growth.

Prolonged approval rates by relevant authorities, coupled with stringent regulations governing the development and deployment of medical and pharmaceutical products globally, present significant hurdles to industry expansion. Manufacturers are required to submit samples of vitamins and supplements, along with statements confirming the product's expected safety in the market. Compliance with the extensive testing requirements mandated by the Dietary Supplement Health and Education Act of 1994 (DSHEA) often leads to market delays. Moreover, the tax structure has witnessed a growth of 5-10% in recent years, further acting as a major factor restricting market expansion.

The Personalized Vitamin Products Market, categorized by Product Type

• Active Measurement
• Standard Measurement

Within the realm of product types, the Personalized Vitamin Products Market distinguishes between Active Measurement and Standard Measurement. Among these categories, the Active Measurement sector asserted its dominance in 2021, and is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 14.66% over the specified period. Active measuring tools such as applications, testing kits, and programs offer a more precise and adaptable nutritional profile tailored to individual requirements. Owing to the market's increasing flexibility and acceptance, the Active Measurement domain is expected to witness the most significant expansion.

The Personalized Vitamin Products Market, segmented by Application

• Standard Supplements
• Disease-Based Supplements

Regarding applications, the Personalized Vitamin Products Market is divided into Standard Supplements and Disease-Based Supplements. Among these, Standard Supplements have held sway over the market and are expected to maintain this trajectory in the forthcoming period. The popularity of Standard Supplements has burgeoned alongside evolving consumer preferences and a heightened awareness of general health. A growing consciousness regarding nutritional deficiencies and the advantageous effects of various supplements is expected to drive demand for traditional supplements.

The Personalized Vitamin Products Market, segmented by End-User

• Direct-to-Consumer
• Wellness & Fitness Centers
• Hospitals & Clinics
• Others

In terms of end-use, the Personalized Vitamin Products Market is categorized into Direct-to-Consumer, Wellness & Fitness Centers, and Hospitals & Clinics, among other segments. Among these, the Direct-to-Consumer segment has significantly fueled market growth and is anticipated to continue this trend in the near future. The market's impetus is primarily driven by the escalating health consciousness among the populace. The absence of essential nutrients in the human body can lead to severe health issues with lasting impacts. Personalized vitamins and nutrients offer strategies and solutions for identifying and addressing these concerns. Consequently, the customized nutrition market is poised to lead the way over the forecast period. Additionally, Wellness & Fitness Centers are expected to play a pivotal role in market advancement, projected to expand at a noteworthy CAGR of 14.15% over the forecast period.

The Personalized Vitamin Products Market, segmented by Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East
• Africa

Geographically, the Personalized Vitamin Products Market is delineated into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America has emerged as the dominant regional market for Personalized Vitamin Products, a trend expected to persist through the forecast period. The North American region accounted for over 45% of the market share in 2021. Heightened consumer awareness regarding health is propelling industry growth in this region. Moreover, the presence of key enterprises offering tailored nutrition solutions is contributing to market expansion. Additionally, the rise in chronic illnesses such as Obesity and Diabetes is further propelling market growth. Furthermore, as incomes rise in the region, consumer purchasing power increases, leading them to opt for customized diets tailored to their interests. The European market also significantly contributed to market growth and is poised to be a pivotal market over the forecast 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. The Asia Pacific region is expected to exhibit the swiftest growth rate of 14.8 percent through 2030, attributed to a rising incidence of lifestyle ailments, an expanding elderly patient pool, inadequate nutrition, and increasing consumer purchasing power.

The Personalized Vitamin Products Market, highlighted Companies

Prominent players in the global personalized vitamin market include:

1. BASF SE
2. Care/of
3. Caligenix
4. DayTwo Inc.
5. Genomix Nutrition
6. DNA Fit
7. GX Sciences
8. Inside Tracker
9. Habit Food Personalized LLC
10. Lonza
11. DSM
12. Nutrigenomix Inc.
13. Telomere Diagnostics
14. Metagenics, Inc

The global personalized vitamin market is characterized by consolidation and competitiveness due to the presence of key players. Bayer AG stands out as a significant participant in the global personalized nutrition market, focused on developing innovative products such as vitamin sprays, botanical supplements, and other novel offerings. Major market players are implementing strategies such as product launches, clinical trials, innovative research, and obtaining approvals from regulatory bodies to expand their global presence and product portfolios. These strategic maneuvers enable them to cater to the escalating consumer demand. Key companies are also engaging in collaborations for research and development purposes, aiming to introduce new products and broaden their global customer base.

Notable Developments in the Personalized Vitamin Products Market

• PRODUCT LAUNCH - In January 2020, Franchise Group, Inc. introduced Vthrive, a new addition to its range of vitamins, proteins, and supplements.
• PRODUCT LAUNCH - In May 2020, Homart Pharmaceuticals unveiled three distinct vitamin C supplements under the Toplife and Springleaf brands to meet the increasing demand for immune-related products.
• INVESTMENT - In November 2019, Amway (US) committed $200 million in China to establish a dietary supplement innovation center, aiming to facilitate overall expansion and the provision of tailored solutions in the nutrition and supplements sector.
• PRODUCT LAUNCH - Herbalife Nutrition (US) introduced relaxing tea and new immunity essentials containing EpiCor in the North American market to address specific nutritional demands. These product launches contribute to the company's array of tailored nutrition offerings.