Awareness, impactful marketing strategies, awareness, and many more factors are affecting the growth and opportunities of Indian Dietary Supplements Market
With increasing concerns related to health among people, prolong hours of desk jobs, rapid lifestyle change, and inactive living, has spiked the growth of Indian dietary supplements market.
The term ‘Dietary Supplements’ has evolved and taken from different definitions from all parts of the world. It can be known as a product which covers natural substance that are associated with good health, or, the ingredients with vitamins, minerals herbs, etc. It is intended to be taken to provide the body with nutrients, that otherwise not be consumed in sufficient quantities. These diet supplements are specially processed and formulated for particular dietary use. Because of the lifestyle millennials have adapted to, what they look for is quick results in minimum effort, and dietary supplements fits perfectly to it. These supplements’ major function is to complete the nutritional requirements of the body and is usually consumed in the form of a pill, or a tablet, capsule, or liquid. It has vitamins, minerals, herbs, and other healthy ingredients which either individually, or in combination provide nutrition to the body. The primary goal is to prevent diseases and other lifestyle related problems.
Rising health issues because of changing way of lifestyle combined with absence of healthy eating regimen, is moving the attention of individuals towards dietary enhancements as a precaution from diseases. Rapid urbanization, transformation in food habits, less physical work, and increasing awareness towards lifestyle diseases such as obesity, blood pressure, diabetes, malnutrition, cardiovascular problems, etc. has influenced the market growth of dietary supplements. Preventive healthcare measures and increasing purchasing power has further risen the market growth. Moreover, this growth can be attributed to aggressive marketing and promotional strategies planned by the dominating players of this industry and associating it with athletes.
Because of this consciousness about healthcare and fitness, there is a massive growth opportunity for dietary supplement markets in India. Consumers not being able to fulfill the essential nutritional requirements, they have recognized the importance of nutritional supplements, and the improved healthcare infrastructure and distribution networks have supported this need. According to world bank in 2015, healthcare expenditure in India stood at 4.90% of India’s GDP, as compared to 4.70% in 2014. Several health supplements and nutraceuticals players have large scale manufacturing in India, this sector has evolved through several phases- from the initial industrialization and the license raj to liberalization and the current phase of global competitiveness. According to sources, the Indian dietary supplement market is composed of over 460 participants. Vitamins and minerals supplement market is the most competitive with over 100 participant and India is opening up its market to foreign players. According to a report on India’s growth in the market of dietary supplements, Indian Protein and Herbal Supplement Market Overview, 2018-2023″, Indian Nutraceuticals Market is projected to reach up to CAGR of more than 18% from 2017-18 to 2022-23. More than 60% market is accounted by Dietary supplements market which includes Protein and Herbal Supplements. Demand drivers, including the younger generation who are vigorously pursuing more active lifestyle to enjoy fitness, are strong and so are the supply side drivers which have ensured that India becomes a very critical market for the global players in this sector.
Indian Dietary Supplement companies are centering in growing new products and inventive definitions, and utilizing adequate publicizing methods to enable buyers to pick the right product. With high awareness, steps taken for a proactive lifestyle and easy accessibility of products through e-commerce platforms, the outlook for the Indian dietary supplements industry in India is positive.
