The Nutraceuticals are the products that develop health conditions and have medicinal advantages that assistance in the anticipation and treatment of diseases. Whereas, the market of nutraceuticals and dietary supplements in India is still at a nascent stage while, in 2017, the market of this in India was valued at INR 260 Billion and is anticipated to reach a value of INR 808 Billion by 2023, expanding at a CAGR of 17%. In addition, the market of nutraceuticals is split into functional food, functional beverages and dietary supplements. With the effective application and classification the market of this will grow in the forecasted period more actively in India. Meanwhile, the key players of this market are doing effective working by adopting the effective strategies and policies for dominating the huge market share in the country which proved to be beneficial for leading the fastest growth in the reviewed period.
According to the report analysis, ‘Dietary Supplements (Vitamin, Herbal, Probiotic, Omega-3, Protein Supplements) Market in India 2018-2023’ states that some of the major key player which are recently functioning in this market more enormously in the reviewed period by doing effective developments in the product as in the recent trend the Indian consumers are become more health conscious includes Abbott India Ltd., Amway India Enterprises Pvt. Ltd., Cadila Healthcare Ltd., Dabur India Ltd., GlaxoSmithKline Consumer Healthcare Ltd., Herbalife International India Pvt. Ltd., The Himalaya Drug Company, Merck Ltd., Patanjali Ayurved Ltd., Sun Pharmaceutical Industries Ltd., and several others. Meanwhile, In India, the urban dissemination level of nutraceuticals is about 22.15% and rural penetration is around 6.32%. Urban penetration is more since ultimatum for protein enhancements is accumulative among the urban youth because of enthusiasm concerning preserving fitness and building a strong physique. Rise in buying power and increasing disposable income have encouraged Indians to be more cognizant about their health and adopt diets that safeguard suitable consumption of nutritional supplements.
Dietary supplements control the market with a 65% share and functional food and beverages register for 35% of the overall nutraceuticals market. India presently accounts for 2% of the nutraceuticals market across the globe. Whereas, Dietary supplements are goods disbursed in the form of powder, capsules or liquid, in directive to make up for the deficiency caused because of the lack of a balanced diet. Based on product type, the dietary supplements market is segmented into Vitamin, Probiotic, Omega-3, Herbal and Protein Supplements. Moreover, in the dietary supplements market the cardiac, anti-diabetic, dermatology, vaccines, vitamins, minerals and nutrients are the fastest rising segments.
Based on the product, vitamin and mineral supplements involves micronutrients which help the body function appropriately and develop mental health. The vitamin and mineral supplements market encompasses about 100 market players. The urban populace in India that exist in metro cities principally consumes protein supplements. Furthermore, it is expected that in the coming years the market of Dietary Supplements in India will grow more actively with the effective investment by the new entrants.
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Ankur Gupta, Head Marketing & Communications