Market size of diet and nutrition apps
"The Business Research Company recently released a comprehensive report on the global diet and nutrition apps market size and trend analysis with forecast from 2024-2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional shares, and market share of the competition. Moreover, it covers the current trends, future opportunities and essential data for success in the industry.
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According to The Business Research Company, the market size of diet and nutrition apps has grown exponentially in recent years. The economy will grow from $9.73 billion in 2023 to $11.80 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historical period can be attributed to growing health consciousness, increasing interest in fitness and weight loss, increasing prevalence of diseases, growing awareness of people about health and wellness and an increase in health consciousness.
The market size of diet and nutrition apps is expected to grow exponentially in the coming years. This will grow to $25.67 billion by 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth over the forecast period can be attributed to increased internet and smartphone usage, increased number of daily active users, government initiatives and programs, rising prevalence of obesity and increasing number of child endangerment cases. Key trends over the forecast period include technological advancements, development in the telecommunications sector, mobile phone technology to improve accessibility, integration of AI and machine learning, and the adoption of remote monitoring and telehealth solutions.
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Market factors and trends:
The increase in pharmaceutical drug production is expected to drive the growth of the compound management market in the future. Pharmaceutical drugs refer to drugs or substances used to prevent, treat, or diagnose medical conditions in humans or animals. The surge in pharmaceutical drug production can be attributed to the increasing demand for innovative and effective medicines, the increasing prevalence of chronic diseases, supportive government policies and financing, and the growing importance of personalized medicine. Compound management is used in the production of pharmaceutical drugs to ensure the efficient handling, storage and tracking of chemical compounds critical to research, development and production. For example, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based trade association representing the pharmaceutical industry, total pharmaceutical production in Europe as of June 2023 was $368,832 million (€340,000 million) in 2022, an increase of approximately 4.95% compared to $351,420 million (€323,950 million) in 2021. Therefore, the increase in pharmaceutical drug production is driving the growth of the compound management market.
Major companies operating in the diet and nutrition app market are increasing their focus on developing mobile applications powered by artificial intelligence (AI) to enhance user experience, personalize recommendations and improve overall functionality. AI-powered mobile applications are software programs designed to run on mobile devices that incorporate artificial intelligence algorithms to provide advanced functionalities such as personalized recommendations, natural language processing, and predictive analytics, thereby improving user experience and performance. For example, in February 2024, the National Institute of Nutrition, an India-based research institute in collaboration with German institutes, launched NutriAIDE, a mobile app that promotes healthy and sustainable diets through AI-based photo recognition, tracking food content and impact on the environment. research. NutriAIDE includes an AI-powered photo recognition tool that allows users to upload images of food products to obtain calorie information and assess the carbon footprint of their food choices. It also allows users to track micro and macronutrient levels, monitor physical activity and connect with their food environment through features such as maps, movement and mind.
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Key players in the market:
Apple Inc., Adidas AG, Under Armor Inc., Fitbit Inc., Headspace Inc., Noom Inc., Vida Health Inc., Leaf Group Ltd., FitOn Inc., mySugr GmbH, Lifesum AB, Ovia Health, Yummly Inc. , Azumio Inc., PlateJoy LLC, SparkPeople Inc., FatSecret, FitNow Inc., MyNetDiary Inc., Wombat Apps LLC, Jawbone Inc., Foodvisor, Spokin Inc., Eat This Much Inc., Jefit Inc.
Diet and Nutrition Apps Market 2024 Key Insights:
* The market size of diet and nutrition apps is expected to grow exponentially in the coming years. This will grow to $25.67 billion by 2028 at a compound annual growth rate (CAGR) of 21.4%.
* Fitness and weight loss trends are driving growth in the diet and nutrition app market
* AI-driven innovations in diet and nutrition apps that improve user experience and sustainability
* North America was the largest region in the diet and nutrition app market in 2023
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