India nutraceuticals marketplace evaluation:
The nutraceutical and nutritional dietary supplements market in India remains at a nascent stage. Nutraceuticals are products that improve fitness situations and feature medicinal advantages that aid in preventing and treating illnesses. The nutraceuticals marketplace in India turned into worth INR 260 Bn in 2017 and is expected to attain INR 808 Bn by 2023, increasing at a CAGR of ~17%.
Segmentation:
- The nutraceuticals market is segmented into the following categories:
- o Functional meals
- o Functional liquids
- o Dietary supplements
Dietary supplements dominate the marketplace with a sixty-five % proportion, and purposeful food and drinks account for 35% of the global nutraceuticals marketplace. India currently debts for ~2% of the global nutraceuticals market. In India, the city penetration level of nutraceuticals is around 22.15%, and rural penetration is approximately 6.32%. Urban penetration is extra because the call for dietary protein supplements increases in most urban adolescents due to enthusiasm for keeping fit and building a robust body. In addition, an increase in buying energy and rising disposable income have prompted Indians to be extra conscious about their health and adopt diets that ensure adequate consumption of nutritional supplements.
Indian nutritional dietary supplements marketplace assessment:
Dietary supplements are products consumed in the form of powder, capsules, or liquid to make up for the deficiency brought on because of a lack of a balanced diet. Based on product kind, the dietary supplements marketplace is segmented into:
- o Vitamin
- o Herbal
- o Probiotic
- o Omega-3
- o Protein Supplements
The nutritional supplements market in India is expected to grow CAGR of ~20% from 2015 to 2023. Dietary supplements marketplace segmentation:
Product-sensible:
Vitamins and minerals occupy a more significant share of the pie in the Indian dietary supplements market – forty percent – followed by the herbal section contributing 30%, the proteins section contributing 25%, and different segments providing around 5% of the whole market. Vitamin and mineral supplements consist of micronutrients that assist the body’s functions well and improve mental health. The diet and mineral dietary supplements market contains around one hundred marketplace gamers. The urban populace in India that is living in metro cities predominantly consumes dietary protein supplements. On the other hand, cardiac, anti-diabetic, dermatology, vaccines, vitamins, minerals, and nutrients are the quickest growing segments within the nutritional supplements marketplace.
Player-wise:
Vitamin supplements dominate the nutritional dietary supplements market in India. Amway India Enterprises Limited is the marketplace chief within the vitamins and dietary supplements segment, with ~33. Eight percent marketplace proportion, followed by way of Pfizer Limited, Merck, Bayer, and Abbott. Probiotic pills and dietary supplements dominate Dr. Reddy’s Laboratories, Tablets India, and USV India.
Key drivers of the market:
Rapid digitization and an increase in social media utilization have multiplied recognition regarding nutrition care and stepped forward to get the right of entry to vital information. Changing existence is increasing the occurrence of numerous illnesses consisting including diabetes, high blood pressure, obesity, and cardiovascular issues. In urban areas, higher-profit agencies are the primary customers of nutritional dietary supplements, which may develop at a high cost. Moreover, growing fitness awareness, the speedy boom of the e-trade market, and growth in line with per capita earnings are driving the boom of the dietary supplements marketplace in India.
Key challenges of the market:
The lack of a clear regulatory framework has been a prime factor in increasing the nutritional dietary supplements market in India. Around 60% of the dietary supplements offered across India are fake, counterfeit, unregistered, and unapproved, similarly to being extraordinarily difficult to detect. In India, dietary protein supplements are priced high, making them pretty expensive for daily consumption by the decrease center elite and rural population of the country.
Key trends in the market:
Dietary supplement producers offer an increasing quantity of statistics to clients to make them aware of their products. Market gamers are presently taking several measures to win customer trust and improve universal exceptional standards within the industry. Consumers decide on dosages in the form of tablets, considering they’re easier to swallow and provide extra flexibility. Liquid encapsulation is one of the emerging technologies, and it offers superior safeguarding of the components via moisture safety.
Competitive landscape:
Some of the essential players running within the market include:
- 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.
Notable Development:
In March 2018, Amway Enterprises India Ltd. released Nutrilite inside the herbal section. The Nutrilite Traditional Herbs range includes Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha, Nutrilite Amalaki, Vibhitaki, and Haritaki.
