The Nutraceuticals are the products that
develop health conditions and have medicinal advantages that assistance in the
anticipation and treatment of diseases. Whereas, the market of nutraceuticals
and dietary supplements in India is still at a nascent stage while, in 2017,
the market of this in India was valued at INR 260 Billion and is anticipated to
reach a value of INR 808 Billion by 2023, expanding at a CAGR of 17%. In
addition, the market of nutraceuticals is split into functional food,
functional beverages and dietary supplements. With the effective application
and classification the market of this will grow in the forecasted period more
actively in India. Meanwhile, the key players of this market are doing
effective working by adopting the effective strategies and policies for
dominating the huge market share in the country which proved to be beneficial
for leading the fastest growth in the reviewed period.
According to the report analysis, ‘Dietary
Supplements (Vitamin, Herbal, Probiotic, Omega-3, Protein Supplements) Market
in India 2018-2023’ states that some of the major key player which are
recently functioning in this market more enormously in the reviewed period by
doing effective developments in the product as in the recent trend the Indian
consumers are become more health conscious includes Abbott India Ltd., Amway
India Enterprises Pvt. Ltd., Cadila Healthcare Ltd., Dabur India Ltd.,
GlaxoSmithKline Consumer Healthcare Ltd., Herbalife International India Pvt. Ltd.,
The Himalaya Drug Company, Merck Ltd., Patanjali Ayurved Ltd., Sun Pharmaceutical Industries Ltd., and
several others. Meanwhile, In India, the urban dissemination level of
nutraceuticals is about 22.15% and rural penetration is around 6.32%. Urban penetration
is more since ultimatum for protein enhancements is accumulative among the
urban youth because of enthusiasm concerning preserving fitness and building a
strong physique. Rise in buying power and increasing disposable income have
encouraged Indians to be more cognizant about their health and adopt diets that
safeguard suitable consumption of nutritional supplements.
Dietary supplements control the market with a
65% share and functional food and beverages register for 35% of the overall
nutraceuticals market. India presently accounts for 2% of the nutraceuticals
market across the globe. Whereas, Dietary supplements are goods disbursed in
the form of powder, capsules or liquid, in directive to make up for the
deficiency caused because of the lack of a balanced diet. Based on product
type, the dietary supplements market is segmented into Vitamin, Probiotic,
Omega-3, Herbal and Protein Supplements. Moreover, in the dietary supplements
market the cardiac, anti-diabetic, dermatology, vaccines, vitamins, minerals
and nutrients are the fastest rising segments.
Based on the product, vitamin and mineral
supplements involves micronutrients which help the body function appropriately
and develop mental health. The vitamin and mineral supplements market encompasses
about 100 market players. The urban populace in India that exist in metro
cities principally consumes protein supplements. Furthermore, it is expected
that in the coming years the market of Dietary Supplements in India will grow
more actively with the effective investment by the new entrants.
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