Nutraceuticals & Dietary supplements market in India
The Indian Nutraceuticals market which is said to be worth $2 billion is expected to top $4 billion by 2021. In this, 64% of the market belongs to the Dietary Supplements category.
Nutraceuticals, which are defined as “Food, or parts of food, that provide medical or health benefits, including the prevention and treatment of disease,” have acquired tremendous importance in today’s times when lifestyle diseases have become the biggest threat to mankind.
As the name indicates, Nutraceuticals are pharmaceuticals which impart nutrition to those who consume it. Though earlier nutraceuticals came in the form of capsule, tablet or powder in a prescribed dose, today they are available in forms of foods, or included in foods or as a whole food itself.
The Dietary Supplements category is primarily driven by the exponential demand for vitamin and mineral supplements. Again this demand is in response to the rising affluence in middle class and growing awareness on health and wellness. It is said that nearly 400 million people in India belong to the middle class and have disposable income which have made them capable of buying Nutraceuticals and Dietary Supplements.
Also the human body needs an additional class of nutrients called dietary supplements. These are consumed in the form of tablets, capsules, syrups, or in some cases, powders. Though the Food Safety and Standards Act, 2006, refers to dietary supplements a lot more clarity is needed in this regard in terms of regulations. Nevertheless, the dietary supplements market is pegged at Rs 37,750 million and is expected to witness a healthy growth rate with a CAGR of 15.9 per cent for the period 2019-2022.
According to a recent survey, there are more than Eight thousand registered and non-registered dietary supplements , nutraceuticals, herbs and related companies in India but most of them are small and medium enterprises.
Thus the Nutraceuticals and Dietary Supplements market in the country is on a high growth trajectory but it is yet to touch mega success in the form of sector majors and multinationals.
However, this can happen. All the country has to do is overcome hurdles such as poor encashment of bio-agri wealth, primitive infrastructure and insufficient R&D and other facilities that it is facing currently.
It is only then that the country can avail the growth prospects that the sector can offer in foods, beverages, dietary supplements and adult and pediatric nutritional preparations.