A rapid development in the healthcare industry is highlighting the unprecedented impact that the COVID-19 pandemic has had on the global economy.
This development—has led consumers to increasingly seek out personalized health supplement and nutritional supplement services. Personalized nutrition supplement services refers to the industry providing supplements personalized according to the needs and conditions of the individual. It reduces the hassle for customers purchasing the supplements on their own.
In recent years, companies in the US have launched digital personalized health supplement services which uses a smart evaluation system to conduct analyses and order the health supplements needed based on the results.
The growing market has caught the attention of manufacturers and companies. According to Euromonitor research, the global health and nutrition supplement market will amount to $869.7 billion USD in 2022, with a compound annual growth rate (CAGR) of 5.5%.
Further, by 2026, the market size is expected to exceed $1 trillion with growth strongest growth in the Asia-Pacific market.
Addressing consumer demand through personalization
When purchasing health supplements, consumers often face the problem of not knowing which supplements are best for them and what nutrients they need to supplement. As each consumer has a different lifestyle and physical condition, applying one consumers' experience to another’s can only be used as a rough reference.
According to McKinsey research from September 2022, consumers increasingly value and seek out products and services that address needs across several wellness dimensions, including mindfulness, fitness, nutrition and appearance.
Approximately 50% of US consumers now report wellness as a top priority in their day-to-day lives, leading to an increase in health services personalized to the individual.
Trends that are continuing and accelerating
McKinsey’s research highlights the importance of personalization of digital products and services that is particularly strong among millennials and Gen Z. Among the millennial US population surveyed, 49% expressed a strong preference for products, services or apps that leverage personal data to personalize the consumer experience. 37% of the Gen Z population surveyed also preferred this.
These trends have led companies to seek different digital strategies to providing services. Care/of, a personalized vitamin brand, uses a simple quiz-based personalization that recommends one of several product options based on how the consumer responds to questions about themselves.
Elsewhere, ZOE, a personalized nutrition company, is using more complex personalization which offers tailored products and services based on an individual’s unique health markers. Additionally, ZOE offers continuous glucose monitoring to deliver immediate and personalized feedback on how glucose levels are impacted by different foods.
Platforms built for businesses
As consumers seek more personalized supplement options, workplaces are adding personalized-nutrition supplements are an employee benefit.
Edenred is a digital platform designed to handle services and payments in the workplace. The platform has recently added Vous Vitamin, a personalized-vitamin subscription company to its list of vendors that Edenred platform users can access. Employees who added Edenred’s Lifestyle Spending Accounts (LSA) to their benefits package can receive a discount on a Vous Vitamin subscription.
Vous Vitamins is a personalized nutrition company that customizes the formula of multivitamins based on consumer lifestyle data via subscription service.
“Due to demand, adding this personalized vitamin benefit to our multi-benefit solution will help participants stay healthy as well as give them access to products tailored to their individual needs,” said Ed Fleischmann, CEO of Edenred USA.
To accelerate digital transformation, DSM—a purpose-led science-based global leader in health, nutrition and bioscience—is working with HCLTech to modernize its core IT business systems and transition to a product-based IT operating model.
“To underpin DSM’s strategy and our purpose to improve the health of people and the planet, we are in the midst of a digital transformation so that we can better serve our customers,” said Ipek Ozsuer, DSM’s Chief Digital Officer. “We wanted to transition from a multi-vendor landscape and work with a sole integration partner that has the deep expertise to help drive our digital ambitions.”