INDIAN NUTRACEUTICAL MARKET: GROWTH DRIVEN SECTOR WITH RISING CONSUMER PREFERENCE OF PREVENTIVE HEALTHCARE
San Antonio, TX – The Nutraceutical Market in India has emerged as a growth sector with the rising consumer need for preventive healthcare. The market was estimated at $2,045 million (INR 1, 28, 446.5 Million) in 2013, growing at a fast pace, and is expected to double its size within the next 5 years.
Changing lifestyle, aging population, changing eating habits, increase in the disposable income, higher spending power, awareness about preventive healthcare, shift towards self medication, growth in pharmacy outlets and retail chains providing easier product accessibility are all anticipated to drive the growth in this market.
A host of pharmaceutical and Fast Moving Consumer Goods (FMCG) companies are entering this market, other than Nutraceutical and Herbal / Ayurvedic companies.
Pharmaceutical companies consider nutraceuticals as an extension of the healthcare sector and lead the dietary supplement category. Meanwhile, FMCG companies are expanding by launching products in the functional food and beverage category. The domestic companies have a strong foothold with 55% of market share and international companies occupying 45%.
The market is broadly categorized into dietary health supplements, functional food and functional beverage, and is currently at nascent stage with the evolving trends and regulations coming into play. India is one of the largest suppliers of functional ingredients & herbal extracts worldwide, with a potential to emerge as the most rapidly expanding nutraceuticals ingredient market.
The dietary health supplements category contains vitamin and mineral supplements. Growth in this category will likely be driven by dietetic supplements consumption by urban, fitness-conscious young population. Amway India leads the supplements market with its Nutrilite brand. In the functional food category, food for diabetes, weight management, cholesterol management, cognitive and digestive food have gained popularity. Functional beverages is an emerging category that is being lead by FMCG companies like Danone, Pepsico, Nestle, Amul etc. An increase in uptake of enhanced drinks, energy drinks, and fortified juices is expected to drive the growth in this category.
This report provides an overview of the Nutraceutical market in India, latest trends, developments, regulatory landscape, growth drivers and challenges that are being faced by the industry. It also contains key-highlights on functional ingredients, dietary health supplement, functional food and functional beverage. It captures distribution structure and value-chain, trends in the market, latest developments, mergers & acquisitions and provides strategic recommendations.
This study also includes revenue forecasts by categories- dietary health supplement, functional food and functional beverage, as well as the total Indian Nutraceutical market at large. The base year of the study is 2013 and revenue forecasts are provided up to 2019.