Until the pandemic impacted households around the world, health supplements were frowned upon; now, the expansion of nutraceuticals appears to have taken a steep path across the globe.
Until the pandemic impacted households around the world, health supplements and nutraceuticals were seldom such a household ‘must have!’
Key Highlights:
- Every hour at least 100 people are searching for supplements online1
- India’s nutraceutical market is believed to be a global leader at USD 4-5 billion and expected to grow to approximately USD 18 billion by 20252
- Rapidly growing segments: herbal (11.6%) & dietary supplements (19.5%) (domestic & exports)3
The COVID-19 pandemic has brought attention to the significance of maintaining a healthy lifestyle and has changed our way of life.
[box type=”shadow” align=”” class=”” width=””]Consumers are now focusing on preventive healthcare which has led to changing market trends and consumer approaches to supplements. [/box]
Even post the drop in the intensity of the pandemic, supplements are still a proactive choice of consumers. From immunity and gut health products to supplements that nourish hair and skin health, good products that combine science of ingredients and technology of delivery forms are widely accepted. The broad supplement categories include Vitamins and minerals, functional ingredients and herbals & botanicals.
[box type=”shadow” align=”” class=”” width=””]The dietary supplements market in India grew at a CAGR of ~15% to reach INR331b in FY21. This is as recent as Feb 2022. – Source: EY [/box]
Developing India as a dietary supplement hotspot
Fifteen percent of the Indian population is undernourished. The World Bank estimates that India loses USD 12 billion in Gross Domestic Product (GDP) to malnourishment.
Nutraceuticals have been recognised as an economic partner to bridge the gap between government endeavours and population health. In India, this industry is regulated by Food Safety and Standards Authority of India (FSSAI) which comes under the Ministry of Food Processing Industries (MOFPI). FSSAI has laid down extensive regulations in the recent years for food fortification (to curb deficiencies of critical nutrients) and to enhance quality of health supplements and nutraceuticals in the market. Apart from the Government initiatives, public-private partnership model drives the growth of this sector.
Key challenges of the nutraceuticals industry
With the growing number of brands that have recognised the potential in this sector, the biggest challenge is to deliver quality in time which keeps up to the regulatory standards both in the domestic and international markets. Many start-ups today have innovative ideas but lack the expertise, time and manpower to execute them, many established businesses want to explore bioavailable ingredients and better delivery formats for better absorption of bioactives, other trading and distributing sectors require assistance with export quality products.
Vantage Nutrition has been a partner of choice to such new and established brands because of our team of experts that enable a flexible concept-to-counter approach with both ready-to-offer and customised options.
What we see is a preview of the bright future of the Indian Nutraceutical and Health Supplement segment! It is with this futuristic view that we evolve our ingredient combinations and delivery formats with advanced technology so that the hard work is already done for a science-backed, cutting-edge technology driven product when a brand of tomorrow thinks about launching it.
This health revolution is here to stay, and it is about time we all experienced the benefits of it!
[author title=”Author” image=”http://”]Abhishek Jain, Business head, Vantage Nutrition[/author]
References:
- Google Trend Analytics
- Impact Of Nutraceutical Sector In Post COVID Era; https://www.fssai.gov.in/upload/media/FSSAI_News_Nutri_HealthCare_22_06_2021.pdf
- Baby Chauhan, Gopal Kumar, Nazia Kalam, and Shahid H. Ansari, Current concepts and prospects of herbal nutraceutical: A review. J Adv Pharm Technol Res. 2013 Jan-Mar; 4(1): 4–8
