Indian Nutraceuticals market is experiencing a remarkable surge in recent years. The expansion of nutraceuticals market is driven by some convergence factors like increased health awareness, the increase in the disposable income for the middle class in India and India’s shifting responsive nature towards health to preventive one helping the niche segment to grow with rapid pace in India. The introduction of vitamin and minerals supplement in late 1990’s and early 2000’s into the segment has fuelled the growth of segment in past decade. The nutraceuticals are dietary supplements which contain plant based bioactive agents and which promote the wellness. Wondering! Which are these products? We are all surrounded from these nutraceutical products like biotin pills for improving beard and hairs and protein powders for boosting immunity and reducing periods pains. These nutraceuticals are addressing specific health issues like digestive issue, joint pains, weight management and stress reduction.
Since ancient times, India is boasted by heritage rich ayurvedic remedies but nowadays the urban health care market is primarily focusing on the supplement nutrition as promoted by renowned public figures it feels appealing to Indian youths and increasing the customer base in nutraceuticals segment. In recent years the market undergone exponential growth, as well as the Covid-19 pandemic also served in the surge of demand. As per the research reports from TechSci research Indian nutraceutical market is expected to reach at 18 billion by 2029 with the CAGR of 11.3% from 6.3 Billion in 2023. The sector is also supported by some govt initiatives like allowing 100% Foreign direct investment (FDI) attracted funds in segment.
(Source: Bluewave Consulting)
Nowadays most of Indians nearly 40% leading a sedentary lifestyle and being physically inactive for long hours due to busy working schedules and long working hours results in hormonal imbalance. The nutritionist also believing that food we eat today not nutritious enough, so the need of nutrition needs to be compensated by other means. Whereas after increasing awareness about ayurvedic medicinal products. The companies want to labelled their products as natural products to gain popularity for products among the audience in market. But this fairytale of nutraceuticals facing some issues like, the nutraceutical pills contain iron and vitamin D as primary content. The intake of excessive iron in form of these pills can result in damaging the organs like liver and intestine. Some of non-profit organizations like association of consumer protection conducted surveys on claims of nutraceuticals and found them misleading, whereas pills are also containing vitamin D more than 8 times the daily prescription limit. As issues should not get out of hands and the issue should be salvage as early as possible govt has taken decision to bring nutraceuticals under control of central drug standard control organisation (CDSCO). In current time nutraceuticals come under FSSAI i.e. Food Safety and Standard Authority of India, due to this it comes in category of Food which avoid it undergoing a rigorous testing procedure.
Conclusion
The factors like health awareness, increasing income for middle class and preferring natural products over products made from synthetic materials has contributed to increasing demand of nutraceuticals in Indian market. But segment needs to fight the odds of its medical importance for customers and now it’s going to be under administration CDSO which will increase scrutiny over the nutraceuticals. But govt initiatives like 100% FDI and other supporting decision will help segment to thrive. While increasing scrutiny over segment we should not undermine growth of sector and its potential to attract investment.
