Thanks to the burgeoning affluent middle class that is increasingly becoming health conscious and aware of the positive impact of using dietary supplements, the nutraceutical market in India is on the cusp of a breakout. This new health phenomenon among young Indians is encouraging many international and local players to enter the nutraceutical segment whose percentage share of the overall health and wellness market is growing at a rapid clip.
Nutraceuticals are a relatively new category in India. Yet the market has witnessed exponential and unprecedented growth in recent years. A primary reason for this upsurge is due to the fact that the newer generations are increasingly well-informed regarding health concerns. People today are proactively taking preemptive steps to remain fit and healthy, which has helped put the spotlight on preventive health care. The healthconscious young adults of today are also more open to the idea of “nutrition in a pill”. They understand the benefits of supplementing their regular diet to ensure that the nutritional requirements are met.
The rise of India’s nutraceutical market
The Indian nutraceutical market was valued at 2.8 billion USD in 2015 and is expected to reach 8.5 billion USD by 2022. However, research now shows that the growth may far exceed the projected figures. One of the main reasons for the spurt in nutraceutical sales is our economic upswing. The Indian economy now ranks as one of the fastest growing economies in the world with an average annual growth rate of 5 per cent. The increase in purchasing power has enabled a larger number of consumers to buy non-essential products in order to improve their quality of life.
This story is from the December 2017 edition of Progressive Grocer.
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This story is from the December 2017 edition of Progressive Grocer.
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