Personnalisation and Digital Wellness: Transforming the Food and Nutrition Landscape
The intersection of personnalisation and digital wellness is revolutionizing the food and nutrition industry.
Euromonitor International’s recent report sheds light on key findings in this domain, uncovering the challenges and opportunities for food tech companies. As consumers increasingly seek tailored solutions for their health and well-being, understanding the implications of costly choices, mass personalisation, the fragmented digital wellness industry, and the privacy paradox becomes crucial for success.
- Costly Choices in Difficult Times: Personalisation approaches the market in three stages, ranging from mass customised products to hyper-tailored solutions based on individual markers. However, the appeal of these novelties often comes at a higher price, which can limit demand, especially during periods of economic uncertainty. To overcome this challenge, food tech companies must simplify consumer onboarding processes and ensure that personalisation does not present an immediate financial burden.
- Mass Personalisation and Changing Lifestyles: For mass personalisation to thrive, manufacturers must closely align their offerings with evolving consumer lifestyles. Addressing daily consumer issues, such as stress, sleep disruptions, or digestion, through fortified products becomes critical. Additionally, zooming in on specific diets, social clusters, or age groups enables businesses to stand out and foster closer engagement with target consumer segments.
- The Surge of the Fragmented Digital Wellness Industry: Digital wellness is transforming the way businesses and consumers connect, providing additional touchpoints to enhance well-being effortlessly. Snacks brands, in particular, are leading the way by building adaptable portfolios and embracing apps and online questionnaires to identify the best product matches for each customer. The highly fragmented nature of the digital wellness market offers ample opportunities for new players to enter and drive future growth.
- The Privacy Paradox and Personnalisation: Consumers’ focus on micronutrients in their daily diet has increased the demand for premium novelties that test individual body markers and generate optimal diet recommendations. However, scaling such detail-oriented solutions poses challenges due to their high costs. Additionally, the privacy paradox poses a significant hurdle, as consumers seek clarity regarding data collection and use. Addressing privacy concerns will become a key corporate responsibility consideration in the future.
The combination of personnalisation and digital wellness is reshaping the food and nutrition landscape, offering consumers tailored solutions for their health needs. Food tech companies must navigate the challenges presented by costly choices, adapt to changing consumer lifestyles, leverage the opportunities in the fragmented digital wellness industry, and address the privacy paradox. By doing so, they can meet consumer expectations, foster innovation, and drive growth in this evolving market. Embracing the power of personnalisation and digital wellness will enable businesses to transform the way we approach food and nutrition, empowering individuals to make informed choices that optimize their well-being.