These Factors Are Driving The Growth Of Nutraceuticals Industry in India
Nutraceuticals have begun to take a central place in preventive and proactive health care and disease management. The modern lifestyle of consumers has undergone major changes. The faster pace of life, the pressure of work and life balance, has always affected health and wellness.
Transformation in food habits, less physical work, more desk jobs have made people more vulnerable to lifestyle ailments. The average urban & semi-urban Indian is becoming more conscious about health & fitness. This is providing a massive growth opportunity for Nutraceuticals Industry in India. The Indian Nutraceuticals market is expected to grow to $ 18 Billion in 2025. This represents a huge growth of 21% growth annually.
Due to the growing popularity of nutraceuticals in natural ingredients, it is expected that the portion of the plant dietary supplement will increase considerably during the forecast period. Below are the factors driving the growth of the nutraceuticals market, making it a profitable industry to invest in.
The rise in Preventive Healthcare
It has always been said that “Prevention is better than Cure”. Increase in consumer awareness on health problems and their urge to take preventive steps, has been driving the nutraceuticals industry.
People are now focused on “healthspan”, healthy ageing and living well for as long as possible, instead of “lifespan”, the number of years they will be alive. Staying well over the long run not only feels good and avoids illness; it also helps reduce healthcare expenses, an increasingly important consideration in today’s time where the cost of healthcare is increasing day by day.
Parents are always concerned about their child’s diet, whether they are getting proper nutrition at their growing stage. However, most kids are reluctant to eat healthy food & vegetables. Thus, parents have to resort to nutraceuticals food & beverages. Brands are innovating with various flavours & ingredients and enhanced nutritional value to target this set of customers. Increasing the absorption of beverages, energy drinks and fortified juices are expected to drive the growth of this category.
Sundip Shah, Chief Marketing Officer, Amway India, said, “Childhood is the time when one needs to build a strong foundation for a healthy life. A child’s dietary habits and physical activity are strong determinants of his/her health. A balanced nutritional intake is very important for children in their developmental years. The gaps can be addressed through dietary supplements.”
Indian kids’ vitamin and dietary supplement market is still at a nascent stage of 401 crores and promises strong growth potential.
In an increasing number of working-class men and women, a tight lifestyle, a busy schedule, and a lack of time to cook at home have led to a demand for external dietary supplements. Dietary supplements are intended to provide nutrients that would otherwise not be consumed in sufficient amounts. The market for Dietary supplements is expected to touch $10 billion by 2025 at CAGR 19%.