Indian nutraceuticals market is expected to grow. The Indian nutraceuticals market is $2.8 billion at present, to grow $18 billion in 2025.
Nutraceuticals have seen a meteoric rise in popularity over the last few years in India. This has been mainly in the preventive and proactive health care and disease management areas, with a series of benefits, including health management, skin and hair, beauty and holistic health and wellness.
According to Assocham Knowledge report 2018, the Indian nutraceuticals market is expected to grow from $4 billion in 2017 to $18 billion in 2025, representing a growth of 21% CAGR. Some key driver for growth of nutraceuticals in India, include:
1. Rising Awareness: Rapid digitization and increase in social media usage have ensured that end consumers are better informed and have access to vital information regarding nutrition, holistic health, and wellness. Further, increasing concerns around nutrition and health have led to the popularity of Nutraceuticals as vital supplements for gaining wellness and maintaining good health
2. Rising Lifestyle diseases: Due to the rising stressors of the 21st century urban lifestyle, there has been an increase in lifestyle diseases like diabetes, hypertension etc., which demand a disciplined and long term disease management program. This has led many people to seek out alternative supplements which can enhance wellness and holistic health.
3. Deteriorating food habits: Lack of timely and nutritious food has led to increased rate of malnutrition, even among the urban and affluent section of society. This has led to a deficiency of micro-nutrients. These deficiencies have, in turn, created a market for nutritional supplements, which promise to meet the daily dietary requirement and help fight the nutritional deficiencies
4. Affordability: Increasing cost of hospitalization and complex procedures arising out of unavoidable conditions, are driving consumers towards health supplements and Nutraceuticals. The adage, ‘prevention is better than cure’ is now well etched into the minds of consumers. As a result, Nutraceuticals are now looked upon as important supplements that are on the priority list of monthly expenses, which, like food, cannot be skipped
Future Trends:
Nutraceutical manufacturers and marketers are taking up the responsibility of educating the consumers by sharing detailed information about the product and its benefits and roles. Industry players are also undertaking a number of initiatives on their own, including a renewed focus on improved quality standards of the product, enhanced transparency, and competitive pricing for innovations.
While US, Europe and Japan currently account for over 90% of the total global nutraceutical market, India, China and other Southeast Asian countries are rising as new and emerging markets for nutraceuticals. As this trend is becoming more and more pronounced, several international, well reputed, and certified players from US, Japan, and European countries are venturing into the Indian market, ready to leverage the potential by launching their products and expanding their portfolio according to the needs of Indian consumers. Thus, apart from the forecast growth of the industry, nutraceuticals are set to become widely accepted and a common part of Indian households in the near future!
Ajit Marathe- Co-founder, Director
Adroit Biomed, Mumbai
