A three-pronged approach was followed for deducing the personalized retail nutrition and wellness market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for personalized retail nutrition and wellness market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of personalized retail nutrition and wellness market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The personalized retail nutrition and wellness market was categorized into two segments, namely type (Fixed Recommendation, Repeat Recommendation, Continuous Recommendation, Personalized Testing), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The personalized retail nutrition and wellness market was segmented into types and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The personalized retail nutrition and wellness market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Thailand; Brazil; Mexico, Argentina; South Africa; Saudi Arabia, UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The personalized retail nutrition and wellness market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Cargill, Incorporated - A publicly traded firm, Cargill, Incorporated provides industrial, agricultural, and food products. Agriculture, animal nutrition, bio-industrial, industrial, food & beverage, meat & poultry, cosmetics, and pharmaceuticals are just a few of the industries it supports. The business has operations in 70 nations in North America, Latin America, Africa, Asia Pacific, Europe, and the Middle East. Every year, it sends about 250,000 goods to more than 125 nations. The company has worked with several organisations to improve the existing state of the food and agriculture industries and speed up research and development in this field. The company received the 2016 Supply Chain Partner Award from KFC Asia in 2016.
Nature’s Bounty Co. - The Nature’s Bounty Co. is a multinational corporation that provides a wide variety of wholesome meals and supplements via their many channels of distribution. Puritan’s Pride, Balance Bar, Body Fortress, Pure Protein, MET-Rx, Solgar, Osteo Bi-Flex, Sundown Naturals, and Nature’s Bounty are some of the company’s major brands. The corporation maintains offices for administration, warehousing, distribution, packaging, and production in both the United States and Canada. The corporation maintains offices abroad in South Africa, New Zealand, the Netherlands, Spain, and the United Kingdom. 2010 saw the acquisition of The Nature’s Bounty Co. by alternative asset management firm Carlyle Investment Management LLC. The company distributes its goods via Puritan’s Pride and Vitamins.com, two retail outlets.
Bayer AG - Bayer AG manufactures goods for consumer health, pharmaceuticals, animal health, and agricultural science. The corporation operates in 78 countries through almost 301 consolidated companies. It owns interests in Covestro AG, a polymer materials inventor and supplier. Bayer’s healthcare portfolio includes: Aleve, Aleve Feminax, Bepanthen, Dampo, Canesten, Finimal, Iberogast, Losecosan, Prioress, Rennie, Saridon, Sarixell, Sinas Pril Paracetamol, Supradyn, and Theranal. In its Consumer healthcare division, the company offers multivitamins and dietary supplements. The primary nutrition brands are Redoxon, Supradyn, Berocca, Elevit, and One A Day.
Better Therapeutics - Better Therapeutics (formerly Farewell) is active in basic healthcare and associated services. It provides digital therapies, which employ machine learning, data, and algorithms to improve individual treatment outcomes. The firm combines digital technology, behavioural sciences, and artificial intelligence to offer personalised health advice. A personalised app tracks your nutrition and health. It suggests food and exercise for the treatment of chronic illnesses.
Noom, Inc. - Noom, Inc. is a privately held firm that provides personalised nutrition solutions via mobile for the prevention and control of health disorders such as diabetes and hypertension. The Noom mobile app is compatible with Samsung, Philips, Omron, Fitbit, Jawbone, BodyTrace, Garmin, Withings, Abbott, and OneTouch hardware devices.
Savor Health - Susan Bratton founded Savour Health to provide nutrition solutions to assist cancer sufferers organise their diets. Currently, the firm is focused on creating personalised nutrition solutions for cancer patients, carers, and survivors.
Nutrigenomix, Inc. - Nutrigenomix, Inc. is a biotech business founded by the University of Toronto. The organisation delivers genetic information to empower healthcare practitioners, with the goal of improving health via personalised diet. The company’s services include saliva collection kits, genotyping at their CLIA and CAP approved lab, and tailored reports based on research and scientific evidence. Nutrigenomix now has over 2,000 suppliers across 22 countries. Their reports are published in seven languages.
DNAfit - DNAfit is a private firm that analyses nutritional and health data and recommends diet and exercise plans to help clients accomplish their fitness objectives. The firm collects samples using simple saliva swabs. These samples are evaluated for specific gene sets and SNPs. Given the genetic analysis, the firm focuses on nutrigenomics and exercise genomics to deliver fitness solutions to clients.
PlateJoy - PlateJoy is a private firm that provides personalised nutrition programmes based on individual consumer needs. Customers who register for the personalised nutrition programme receive a PlateJoy meal planning membership, a Fitbit fitness tracker, a wireless scale, video interviews with health experts, a time-saving grocery list to reduce waste, the option to add personal recipes to menus, personalised video recipes, full nutritional information for each meal, and on-demand advice from personal trainers. The firm offers Type 2 diabetes preventive programmes that are reimbursed by insurance
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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