India Nutraceuticals Market
India Nutraceuticals Market Size to Zoom at Robust CAGR of 29% During 2023–2029
Published | 16 January 2023
India nutraceuticals market size is flourishing due to the rising popularity of dietary supplements and functional foods, and a positive outlook on medical nutrition in light of its increasing use in the treatment of cardiovascular diseases and malnutrition.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India nutraceuticals market size to grow at an impressive CAGR of 29.1% during the forecast period between 2023 and 2029. The demand for nutraceuticals is expected to rise as consumers' dietary habits shift more frequently. The consumer perception that a poor diet increases the cost of pharmaceuticals is expected to boost demand for nutraceuticals. Less money would be spent on healthcare and social security, benefiting the government. A rise in disposable income and health concerns, and rapid urbanization are also expected to drive market growth in the coming years. Product demand is expected to be driven by the high prevalence of weight management programs and cardiovascular diseases, as well as a positive outlook on medical nutrition.
India Nutraceuticals Market – Overview
Any product derived from food that offers additional health benefits beyond the essential nutritional value found in foods is referred to as a nutraceutical. The use of nutritional supplements can enhance general health, manage symptoms, and prevent cancer. In most cases, the origin is used to explain nutraceuticals and associated output. According to their natural origin, pharmacological circumstances, and chemical makeup, nutraceuticals can be categorized. Functional foods, dietary supplements, pharmaceuticals, and medicinal foods are some common categories for nutraceuticals.
Growing Interest in Functional and Healthy Foods
Because of their perceived wellness, performance, and health benefits, functional foods are gaining popularity among consumers. The ease with which nutraceutical ingredients can be incorporated into functional end products, such as dairy, bakery, confectionery, snacks, cereals, fats and oils, meat, and baby food, is driving the demand of the products. Common fortifications include protein, fiber, vitamins, and minerals. High-protein foods are currently the big winners, due to their growing popularity among fitness fans. People today are more concerned about their health than the baby boomer generation.
Challenge: Stringent Regulations
Because of the complex policies and stringent regulatory framework that govern the commercialization of nutraceutical products, the industry faces significant challenges. A strict set of rules has been established to ensure that only safe and superior nutraceuticals are introduced to the market. It requires nutraceutical product manufacturers to provide adequate supporting data for the products' health claims. Different countries have various regulatory frameworks. As a result of the increased emphasis on product quality and the adoption of food safety guidelines, it is expected that a new line of high-quality nutraceutical products will be introduced.
Impact of COVID-19 on India Nutraceuticals Market
The nutraceutical supply chain is struggling to keep up with the COVID-19 virus's rapid spread. The majority of businesses have manufacturing facilities in Asia. The impact of the COVID-19 pandemic on the supply chain has resulted in a decrease in the supply of nutraceuticals. The disruptive effects of the novel coronavirus pandemic have greatly strained India's supply of nutraceutical goods, raising the possibility of shortages. Even though production in many industries in India has gradually resumed, pharmaceutical and nutraceutical manufacturers who heavily source directly and indirectly face high supply risks. Although the emphasis has shifted to the use of supplements such as multivitamins, omega-3 fatty acids, and protein supplements to boost immunity, the COVID-19 pandemic has also presented growth opportunities.
India Nutraceuticals Market – By Sales Channel
India nutraceuticals market is segmented by sales channel into specialty shops, supermarkets/hypermarkets, convenience shops, drugstores/pharmacies, online retail shops, and others. The largest market share is held by online retailers. Advantages like the availability of a wide range of products, convenience, flexibility, discounts, and affordability will help the segment's growth. The increasing demand for a quicker and easier shopping experience will further increase the industry size from the E-commerce distribution channel.
India nutraceuticals market is fiercely competitive. Prominent players include United Labs, Biofield Pharma, Biosync Pharma, Swisschem Healthcare, Lifecare Neuro, Associated biotech, Nutriberry Nutraceuticals, Servocare Lifesciences, Sunwin Healthcare PVT LTD, Nivoxaa Biotech India Pvt. Ltd., and Other Prominent Players. companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India nutraceuticals market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Nutraceuticals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Nutraceuticals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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