New Players to Make a Splash in the Nutrigenomics Market
Market Research Future (MRFR) Expects the Global Nutrigenomics Market Growth to Achieve a Tremendous CAGR of 16.8% During the Forecast Period (2014-2023). It Could touch the Valuation of USD 17,313.5 Million by 2023, Reflecting its Terrific Growth Rate.
Nutrigenomics Market Boosters and Top Challenges
Nutrigenomics has generated plenty of commercial interest in recent years. It is generally viewed as an advanced discipline of research focusing on nutrition, health, and human genome. A large number of companies with expertise in nutrigenomics are actively studying and analyzing the effects of food as well as their constituents on human genes. This is done to enhance dietary patterns with the use of certain products that are personalized depending on the individual’s nutritional requirement. The nutrigenomics industry has taken a sharp leap in the past few years as more start-ups are joining the bandwagon to make the most of the arising opportunities. New players are playing a vital role in turning the global nutrigenomics market highly dynamic.
Urban consumers comprising the millennial population, are more health-aware and are keen to spend on products that enhance health. This factor encourages market growth for nutrigenomics. Also, a rising number of chronic diseases makes a great impact on the market, as this increase prompts people to take preventive measures. This works in favor of the global nutrigenomics market.
Investments by government and private entities in nutrigenomics research & development have surged significantly, providing an impetus to the market. In addition, with the introduction of customized nutritional solutions that are available in the form of supplements leads the market to higher levels. Hence, backed by investments and rising R&D, nutrigenomics is now being the solution for reducing signs of aging as well as controlling obesity.
Nutrigenomics Market Key Companies
Cura Integrative Medicine, Genomix Nutrition Inc., Nutrigenomix, WellGen Inc., NutraGene, XCODE Life Science Pvt. Ltd., are some of the top vendors shaping the global nutrigenomics market.
Nutrigenomics Market Segmentation
MRFR analysis considers the key segments of products, techniques, and application within the nutrigenomics market.
With respect to the product, the market has been considered for reagents & kits and services.
Technique-based segments covered by the report are saliva, buccal swab, blood, and others.
Application-wise, the market includes obesity, diabetes, anti-aging, and chronic diseases. Obesity has emerged as the most significant market on account of unhealthy food choices coupled with sedimentary lifestyles that are prevalent across the globe. Other than this, few medical conditions that result in obesity can be treated with nutrigenomics.
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A regional analysis of the worldwide nutrigenomics market has been done for the Americas, Asia Pacific (APAC), Europe, and Middle East & Africa.
Considering the global space, the Americas controls the largest market for nutrigenomics. The presence of highly developed countries like the United States (U.S.) and Canada encourages market growth to a large extent. The market’s imminent expansion in the following years will be the result of the rise in direct to consumer nutrigenomics kits. Also, the increased intake of specialized food in the region does wonders for the market. Latest data reveals that at least in nine nations in the region, close to 9000 individuals are willing to adopt nutrigenomics as long as there is legal guarantee and the genetic data is not misused.
The nutrigenomics market in Europe is the second-largest, due to the mounting adoption rate of advanced technology and the presence of a well-established healthcare & medical research industry. Surge in a number of lifestyle diseases is another important growth-inducing factor. It is predicted that Europe could obtain a CAGR of 17% in the given time frame.
Asia Pacific market’s fast pace from 2017 to 2023 will be backed by the increasing awareness among people about health and treatments. Other than this, rising spending on healthcare and the robust demand for holistic treatments gives way to market growth. The nutrigenomics market in the region is expected to grow at the rate of 17.1% during the review period. Moreover, the region also notes growing demand for functional foods & beverages, which has pushed the demand for nutrigenomic techniques. Japan is reckoned to be the highest consumer of functional foods in the region, which could stimulate the overall market growth in the subsequent years.
Given the prevalence of malnutrition and poverty in Africa, Middle East and Africa could witness dismal run during the review period. Yet, the Middle East market could note better growth in the near future owing to the presence of developed economies like the United Arab Emirates (U.A.E) and Qatar. The rise in lifestyle diseases and subsequently obesity could also benefit the market in Middle East during the conjectured timeframe