The nutraceutical and dietary dietary supplements market in India is still at a nascent stage. Nutraceuticals enhance fitness conditions and feature medicinal blessings that useful resources inside the prevention and remedy of sicknesses. The nutraceuticals marketplace in India was worth INR 260 Bn in 2017 and is predicted to reach a price of INR 808 Bn with the aid of 2023, expanding at a CAGR of ~17%.
Nutraceuticals market segmentation:
The nutraceuticals marketplace is segmented into the following sorts:
- o Functional food
- o Functional liquids
- o Dietary dietary supplements
Dietary supplements dominate the market with a sixty-five % percentage, and practical food and liquids account for 35% of the general nutraceuticals market. India presently money owed for ~2% of the global nutraceuticals marketplace.
In India, the city penetration degree of nutraceuticals is around 22.15%, and rural penetration is around 6.32%. However, urban penetration is greater because the demand for dietary protein supplements is growing in many city teenagers due to enthusiasm for keeping fit and building a sturdy physique. Moreover, increased shopping power and growing disposable profits have precipitated Indians to be more conscious about their health and undertake diets that ensure good enough nutritional dietary supplements.
Indian dietary supplements marketplace evaluate:
Dietary supplements are merchandise fed on within the shape of powder, tablets or liquid, to making up for the deficiency prompted due to the shortage of a balanced food regimen. Based on product kind, the dietary supplements marketplace is segmented into:
- o Vitamin
- o Herbal
- o Probiotic
- o Omega-3
- o Protein Supplements
The dietary supplements marketplace in India is expected to grow CAGR of ~20% from 2015 to 2023.
Vitamins and minerals occupy a bigger proportion of the pie inside the Indian dietary supplements market – forty% – accompanied through the herbal section contributing 30%, proteins phase contributing 25%, and other segments contributing around five% of the overall marketplace. Vitamin and mineral supplements consist of micronutrients that assist the frame in functioning well and improve intellectual health. The vitamin and mineral dietary supplements market accommodates around 100 marketplace players. The city populace in India that resides in metro cities predominantly consumes dietary protein supplements. On the other hand, cOn hand, cardiac, anti-diabetic, dermatology, vaccines, nutrients, minerals, and nutrients are the quickest growing segments within the dietary supplements marketplace.
Vitamin supplements dominate the dietary supplements market in India. Amway India Enterprises Limited is the market leader inside the vitamins and dietary supplements phase, with ~33.Eight% market proportion, accompanied with the aid of Pfizer Limited, Merk, Bayer, and Abbott. The probiotic capsules and nutritional dietary supplements phase are dominated by Dr. Reddy’s Laboratories, Tablets India, and USV India. Apid digitization and boom in social media utilization have extended awareness concerning nutrients care and improved admission to important information. Changing lifestyles is growing the occurrence of several illnesses consisting of diabetes, blood pressure, obesity, and aerobic-vascular problems. Higher earnings corporations are the principal customers of nutritional dietary supplements in city regions, which may develop at a widespread fee. Moreover, rising fitness attention, the fast growth of the e-trade market, and rising in line with capita income are riding the growth of the dietary supplements marketplace in India.
Key challenges of the market:
The lack of a clear regulatory framework has been a first-rate assignment to the boom of the dietary supplements marketplace in India. Around 60% of the nutritional dietary supplements bought throughout India are fake, counterfeit, unregistered, and unapproved, further being extremely hard to become aware of. In India, protein supplements are priced high, making them pretty high-priced for intake on a normal foundation through the country’s decrease middle class and rural populace.