Nutraceuticals for good health and play a prominent role in preventive healthcare.The Indian nutraceutical market is poised to grow from $2.8 billion in 2015 to $8.5 billion by 2022.
Nutraceuticals play a prominent role in preventive healthcare:
These unwelcome changes have also had a significant bearing on medical expenses going through the roof. Keeping in line with the adage “Prevention is better than cure” nutraceuticals play a prominent role in preventive healthcare. Nutraceuticals are dietary supplements that have a good safety record and may compensate for a poor diet and / or promote health. They can be divided into various categories namely vitamins, minerals, protein supplements, energy drinks, probiotics and growth supplements. Nutritional care which forms an integral part of preventive healthcare is undergoing a transformation in India. The current generation is looking for preventive healthcare measures rather than remedial reactions. Due to higher disposable incomes and growing awareness about preventive healthcare, the Indian consumer is actively considering various options to improve his / her health and lifestyle.
Globally and in India the nutraceuticals segment has undergone its fair share of churn. From a one-solution-fits-all scenario, the space has witnessed mushrooming of various products to address specific needs – bone health, calcium supplements, weight management, proteins and immunity boosters according to age, to name a few. Nutraceuticals can be broadly divided into:
1. Dietary supplements (including vitamins and minerals)
2. Functional foods and beverages (such as energy and sports drinks, probiotics, products fortified with omega-3 fatty acids and herbal formulations)
Few key drivers for growth of nutraceuticals in India :
1. Increased awareness – Growing concerns about nutrition and health thanks to digitization and social media has led consumers to look for preventive healthcare measures
2. Affordability – High hospitalization costs and complex medical procedures which can be avoided are driving consumers towards health supplements and nutraceuticals
3. Increase in lifestyle diseases – Stress factors due to a busy lifestyle which leads to changing dietary patterns has led people to look for alternative food supplements to enhance their health
4. Inferior food quality – The lack of nutritious food has made people to turn to nutritional supplements to meet their dietary requirements and protect against nutritional deficiencies.
5. Healthy appearance- Looking and feeling good is another significant driver for the nutraceuticals space to witness a robust growth. Body weight, hair growth and a glowing skin are top priorities for today’s consumer. Remedial cost far outstrips preventive measures and this is where nutraceuticals comes in.
Key challenges faced by nutraceuticals segment in India :
Lack of a clear regulatory framework which has been a major challenge to the growth and wide spread acceptance of nutraceuticals as a segment in India. Counterfeit products which are unregistered and unapproved has led to scepticism and lack of trust from consumers as well as within the industry trade community In the past urban India, or more precisely the metros, were the target markets for nutraceutical sales, but consumption patterns have witnessed a shift with a steady increase in demand from Tier II and Tier III cities. This trend will only gather momentum especially because of the large-scale digitization happening in India. To sum up, this is one of the most exciting times to be part of the nutraceutical industry with new players entering the market and rapid innovation happening within the industry.
Dr. Muhammed Majeed
Sami-Sabinsa Group’s Founder & Chairman