Nutraceuticals is the confluence of nutrients and pharmaceuticals. The growing awareness about fitness and health, by consumption of natural fortified food, paved the upsurge of the growth of the nutraceutical market in India and in other countries. COVID 19 has impelled the awareness of immunity manifold. This poised the growth of this market from $8 billion to $180.38 billion from 2020 to 2024 at a CAGR of 9%. (1) According to an expert’s opinion, the pandemic enhanced awareness is about to set India as one of the formidable players in this segment.
“There are two distinct market opportunities for the Indian nutraceutical industry i.e. exports-led and domestic demand-led. At $4-5 billion today, the nutraceutical market has immense potential to achieve at least two to three times growth in the next five years,” says Sanjaya Mariwala, Executive Chairman & Managing Director of Omni Active Health Technologies.
Since prehistoric times, Indians have endorsed natural ingredients for maintaining a good health. Due to the bounteous medicinal flora available in this geographical region, herbal medicine has always set a competitive platform to mainstream medicine. Hence, the scope of nutraceuticals is augmented here. Some of the key reasons are discussed below.
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India Is Focused On Improvising the Nutritional Status of the Country
Malnutrition or undernutrition is still one of the major concerns of India. World Bank report states that the Indian economy’s Gross Domestic Product is lower by approximately $12 billion due to malnutrition. Government and other associations like Integrated Child Development Services (ICDS) & National Health Mission (NHM) have introduced many policies to combat this problem that is linked with the economy and the nutritional status of the country. Such initiatives have triggered the concept of nutraceutical trends as a natural supplement to reduce the susceptibility to diseases.
Preventive Care is Enticing Consumers’ Attention
Preventive care has highly influenced the concept of a balanced diet, exercise, and dietary supplements as a part of life. Increasing cost, side effects, and frustrations related to main stream medicine are also some eminent factors that support the market growth of nutraceuticals. The launch of Vitamin and mineral supplements in India has increased evidently. There is a 37% growth marked in the consumption levels of such products. It is expected that the global nutraceutical market will skyrocket.
Sources of Ayurveda Boosting Nutraceuticals
The herbal heritage of India in medicine, spices, and nutritional products boost the demand and supply of nutraceuticals. The ancient science of medication is once again being revamped by validating it with modern empiricism.
“India has taught the world the importance of Ayurveda, curcumin-curculife, Ashwagandha-KSM66, etc. These success stories led to companies’ worldwide studying botanical ingredients with evidence. It is India that can show the world evidence-based nutraceuticals because we have a solid reference in Ayurveda that can be modernized through modern evidence gathering methodologies,” says Amit Srivastava, Nutrition Evangelist, Nutrify India. (2)
The export value of medicines and products based on Ayurveda was about $446 million in the fiscal year of 2019, and this is expected to grow by CAGR of 20% by 2023.
Abundant Availability & High Biodiversity
Asia-Pacific countries are storehouses of medicinal plants. Hence it is predicted to be the fastest-growing market for nutraceuticals. India is the second largest producer of vegetables, fruits, and herbal products in the world. (3) India has taken many steps to precisely use the high biodiversity in its land fortified with a robust research infrastructure. It is focused on growing botanicals under scientifically controlled conditions to derive the best food value and comply with the norms laid by the FDA and other certifying authorities. Most of the FDA approved herbs and plants are available in India and has a testament to manufacture global standard herbal products. Moreover, India has the ability to produce low-cost, high-quality organic and medicinal products. This country is one of the key players in the pharma industry. Therefore, abundance and expertise have highly influenced the growth of the nutraceuticals market.
Consumer-Oriented Products
The three main segment or types of nutraceuticals are:
- Herbal or Natural Products.
- Dietary Supplements.
- Functional Foods and Beverages.
Apart from its medicinal value, the nutraceutical industry is focused on making consumer-oriented products. Gummies, lozenges are some innovative modes of nutrients dosage that are well accepted among all age groups.
With the changing protocol in treatment, many practitioners advise nutraceuticals along with medicines. For chronic diseases, numerous patients adopt nutraceutical over mainstream medicine and are evidently doing well.
Anzen Exports is one of the leading exporters of nutraceuticals across the world. It caters to 26 top quality products.
Stress, fast-paced life, pollution, unplanned diet, and many other factors often lead to malnutrition. An individual with a strong immunity and a good health can combat a lot of diseases. Nutraceuticals aim to provide the required nourishment to your body and maintain good health. Moreover, this product ranges also has a medicinal value to treat many diseases. Hence, the manufacturers have marketed these products as having competitive pricing, delicious taste, and easy availability. Through digital media, the key players in the market, along with Government, have transparently held up the mission and vision of nutraceuticals supported by scientific cause. Therefore, the scope and demand are rising rapidly with time.
Disclaimer :
Anzen Exports’ blog posts are based just on our research from cited websites. To be best informed, we advise consulting a doctor about an ingredient or medicine prior to taking it.
Sources:
- Express Pharma
Website – https://www.expresspharma.in/market-pharma/six-reasons-why-india-is-poised-to-be-a-global-leader-in-nutraceuticals/Date – 3rd Sept 2020. - Express Pharma
Website – https://www.expresspharma.in/market-pharma/six-reasons-why-india-is-poised-to-be-a-global-leader-in-nutraceuticals/Date – 3rd Sept 2020. - Invest India
Website – https://www.investindia.gov.in/team-india-blogs/growing-nutraceuticals-market-indiaDate – 10th Jan 2020