Fitspire To Expand Its Business To Tier 2 And 3 Cities

The vegan health-wellness brand Fitspire is planning to expand its business to tier-2 and 3 cities in the wake of growing demand of plant-based and vegan health supplements in India.

Veganism is the practice of abstaining from the use of animal products, particularly in diet, and an associated philosophy that rejects the commodity status of animals. An individual who follows the diet or philosophy is known as a vegan. 

Indian nutraceutical market is worth INR 500 crores and many mainstream consumer goods companies have been entering the market.

According to Housing Development Finance Corporation Limited (HDFC) Securities report, D2C brands have concentrated on naturals with vegan ethical sources. D2C brands have received positive feedback and they compete with conventional brands with the help of their diverse product line.

The company is planning its growth through e-commerce channels while it is also aiming to have presence in the international markets where vegan products are high in demand.

The company focuses to make healthcare supplements available and easily accessible irrespective of the address.

According to Vipen Jain, co-founder of Fitspire, the company wanted authentic and allergen-free supplements that delight the senses.

“Understanding current market environment, competition and economy in this new sector has always been crucial for us, especially as we expand as a brand into various other segments. The rationale behind this expansion of business growth isn't just limited to revenue diversification. We aim to enter new markets for greater brand recognition,” Vipenwas quoted as saying.

The company, founded by IIM Lucknow alumni Vipen Jain, along with Co-founders Nidhi Jain and HinahSawhney in 2020,has gained popularity as India’s first vegan family health and wellness brand.

The start-up, which reported a sales growth of 50 per cent in 2020, is now planning to take its success and products across the country and grow at a 35 per centCompound annual growth rate (CAGR) for the next five years.

Fitspire is already catering its products to tier one cities.

In today’s fast-paced lifestyle, nutrition deficiency is a major cause of concern for people.

Fitspire was conceptualised to fill this nutritional gap that lingers in the nation. With healthy, plant-based and vegan alternatives to health supplements, Fitspire strives to inspire people to choose a healthier, greener, and more compassionate lifestyle.

Market Trends

The demand for nutraceuticals has been expanding at a rapid rate. The government schemes, such as production linked incentives in India to boost domestic production and exports are also playing a crucial role in the incremental development of the industry.

The proximity of raw materials, such as medicinal plants and nature-based science is also leading to the expansion of the market. The introduction of superior quality products by companies to escalate their market potential is further augmenting the market.

Moreover, the research activities and the investments made by industry players in food technologies to develop products that meet customer expectations are also expected to propel the nutraceutical products industry in 2022-2027.

Amway     Nutrilite, Aventis Pharma, Dabur, and Danone are the key players in the Indian market.

Current Trends And Future Predictions

The urban population across India have become health and fitness conscious like never before. This is providing a massive growth opportunity for Nutraceuticals Industry in India. Due to which the market is expected to witness significant growth.

Manufacturers and marketers have come up with new ways to make the consumer aware about the product, its benefits and role in preventative healthcare as well as medical treatment.

Industry players are also undertaking several initiatives on their own, including a renewed focus on improved quality standards of the product, enhanced transparency, and competitive pricing for innovations.

This will give a boost to Nutraceuticals in the health and wellness segment. The nutraceutical market already occupies 67 per cent share beating the pharma dominated supplement market.