The nutraceutical and dietary supplements market in India is still at a nascent stage. Nutraceuticals are products that enhance fitness conditions and feature medicinal advantages that useful resources within the prevention and remedy of diseases. The nutraceuticals market in India turned into valued at INR 260 Bn in 2017 and is anticipated to reach a value of INR 808 Bn with the aid of 2023, expanding at a CAGR of ~17%.
Nutraceuticals market segmentation:
The nutraceuticals marketplace is segmented into subsequent kinds:
- Functional food
- Functional beverages
- Dietary supplements
Dietary supplements dominate the market with a 65% proportion, and functional food and drinks account for 35% of the overall nutraceuticals market. India currently debts for ~2% of the worldwide nutraceuticals marketplace.
In India, the urban penetration degree of nutraceuticals is around 22.15%, and rural penetration is around 6.32%. Urban penetration is more because the call for protein supplements is growing in some urban teenagers due to enthusiasm regarding preserving fitness and constructing a sturdy physique. An increase in shopping power and rising disposable profits have precipitated Indians to be extra conscious about their health and adopt diets that make the sure ok intake of dietary supplements.
Indian dietary supplements market assessment:
Dietary supplements are merchandise fed on in the form of powder, drugs or liquid, for you to make up for the deficiency brought on due to the lack of a balanced weight-reduction plan. Based on product kind, the nutritional supplements marketplace is segmented into:
- Protein Supplements
India’s nutritional supplements market is expected to grow CAGR of ~20% from 2015 to 2023.
Dietary dietary supplements market segmentation:
Vitamins and minerals occupy a larger percentage of the pie within the Indian nutritional dietary supplements market – 40% – accompanied via the natural segment contributing 30%, proteins phase contributing 25%, and different segments contributing around 5% of the entire marketplace. Vitamin and mineral supplements include micronutrients that assist the frame characteristic properly and improve intellectual health. The vitamin and mineral dietary supplements market incorporates around 100 marketplace gamers. The city population in India that resides in metro cities predominantly consumes protein dietary supplements.
Cardiac, anti-diabetic, dermatology, vaccines, vitamins, minerals, and vitamins are the fastest-growing segments inside the nutritional supplements market.
Vitamin supplements dominate the nutritional supplements marketplace in India. Amway India Enterprises Limited is the market leader in the vitamins and nutritional supplements segment, with ~33.8% marketplace percentage, followed by Pfizer Limited, Merk, Bayer, and Abbott. The probiotic capsules and dietary dietary supplements phase is dominated by Dr. Reddy’s Laboratories, Tablets India, and USV India.
Key boom drivers of the marketplace:
Rapid digitization and boom in social media usage have extended consciousness concerning nutrition care and stepped forward to get admission to crucial facts. Changing existence is growing the prevalence of several sicknesses, including diabetes, blood pressure, obesity, and cardiovascular issues. In city areas, better earnings corporations are the primary customers of nutritional supplements, which may develop at a massive rate. Moreover, rising health consciousness, the fast boom of the e-commerce marketplace, and rising according to capita income are using the boom of India’s dietary supplements market.
Key challenges of the market:
The loss of a clear regulatory framework has been a prime task for the growth of India’s dietary supplements marketplace. Around 60% of the nutritional dietary supplements bought throughout India are faux, counterfeit, unregistered, and unapproved, further being extremely tough to perceive. In India, protein supplements are priced high, making them quite high-priced for intake on an ordinary foundation using the country’s lower center magnificence and rural populace.
Key trends in the market:
Dietary supplement manufacturers offer a growing amount of records to clients to cause them to be aware of their products. Market gamers are currently mission some of the measures to win customer belief and enhance normal great standards inside the enterprise. Consumers decide on dosages within the form of pills because they may be easier to swallow and provide extra system flexibility. Liquid encapsulation is one of the rising technologies, and it provides superior safeguarding of the ingredients thru moisture safety.
Some of the major players running in the marketplace encompass:
o Abbott India Ltd.
O Amway India Enterprises Pvt. Ltd.
O Cadila Healthcare Ltd.
O Dabur India Ltd.
O GlaxoSmithKline Consumer Healthcare Ltd.
O Herbalife International India Pvt. Ltd.
O The Himalaya Drug Company
o Merck Ltd.
O Patanjali Ayurved Ltd.
O Sun Pharmaceutical Industries Ltd.
In March 2018, Amway Enterprises India Ltd. Launched Nutrilite in the natural segment. The Nutrilite Traditional Herbs range includes Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha, and Nutrilite Amal Vibhitaki, and Haritaki.