As Indians become more conscious about their health and how they look or feel, the market for dietary supplements, sports nutrition products and weight loss products, that are broadly clubbed under nutraceutical category, is rapidly picking up pace, says Gaurav Aggarwal, Director with Lasons India Pvt Ltd.
At present, the neutraceuticals industry in India is about $2.2 billion and is mainly targeting the southern region, followed by the eastern region with three major states of Andhra Pradesh, Tamil Nadu and West Bengal.
Along with the growing healthcare industry in India, there is an emerging trend in Fast Moving Healthcare Goods (FMHG) in India and worldwide known as neutraceutical, which are by definition, ingredients with human health benefit beyond basic nutrition.
The Indian nutraceuticals industry is expected to grow at 20 per cent to $6.1 billion by 2019-2020 due to rising awareness about health and fitness and changing lifestyle. However, dietary supplements, specifically herbal and dietetic supplements will form a greater opportunity area for nutraceutical manufacturer, driven by growing demand from an evolving consumer base.
The Indian nutraceutical market is dominated by pharmaceuticals and fast-moving consumer goods (FMCG) giants. While dietary supplements such as vitamin and mineral supplements have been captured by pharmaceutical companies, functional food are now being brought to the market by FMCG companies. However, certain segments like dietetic supplements are now being catered to by pure-play nautraceutical companies, apart from their pharmaceutical and FMCG counterparts.
The nutraceuticals industry in India is one of the rapid growing markets in the Asia-Pacific region. Factors like raising awareness about health and fitness, ageing population, changing lifestyle are fostering this growth. The industry is anticipated to grow at around 20 per cent over the period to reach $6.1 billion by 2019 -2020.
Nutraceuticals business is divided into three segments — functional food, functional beverages and dietary supplements. The Indian nutraceuticals market is divided into functional food and beverages (68 per cent) and dietary supplements (32 per cent).
The functional foods (24 per cent) and functional beverages (12 per cent) are relatively nascent marketing India, primarily due to the existence and reliance on traditional wisdom and ayurveda by a burgeoning middle class, which accounts for a huge chunk of the purchasing power in India.
Further, the marketing of products such as sports and energy drinks is primarily targeted at niche segments of the urban population; resulting in low penetration for these products, even amongst the urban population.
Growth of the dietary supplements will be spurred forward by the growing demand for dietetic supplements due to an urban, fitness conscious and young population. With increasing sophistication among nutraceutical consumers, the demand for products with specific health benefits has always been on the rise.
Nutraceutical products have now been cordoned into various segments based on the health benefits. These sectors such as heart health, eye health in India allow the manufacturers to position the product better.
One Life, a division of Lasons India Pvt Ltd, was established with a vision to offer a single window solution to all fitness, nutritional and wellness needs of Indian and global consumers. One Life provides a wide range of vitamins and mineral supplements, herbal supplements and sports and fitness supplements.
With over 35 years of industry experience and in house quality control and research and development, Lasons India Pvt Ltd is a leading backward integrated producer of Vitamin B3 (niacin and niacinamide) from India since 1984.
Over 85 per cent of Lason’s products are exported to more than 75 countries worldwide catering to the biggest brands of food products, dietary supplements etc. The company is based in Mumbai and its manufacturing unit is in Taloja, Maharashtra.
Like
Dislike
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter , Instagram.
