Posted On: 2022-01-05
Dietary Supplement acquired the largest market revenue share among all the types in the overall India nutraceuticals market – 6Wresearch
India nutraceuticals market is expected to witness a decent growth owing to growing focus on preventive healthcare, increasing disposable income and rise in e-commerce sector. The spread of covid-19 in 2020 boosted the nutraceuticals market of India owing to the increased health awareness amongst people to curb the spread of the virus and the sales of nutraceuticals started to rise further as people being at home had ample amount of time for workout at home and increasing number of workout videos led to a trend of home workout in the country resulting in an increased demand for supplements. Moreover, with the gradual upliftment of lockdown restrictions, the fitness sector started to reopen which contributed to the Indian nutraceuticals market growth trajectory.
According to 6Wresearch, the India Nutraceuticals Market is projected to grow at a CAGR of 29.4% during 2021-2027. Rising fitness industry and increasing penetration of e-commerce in India are the major factors contributing to the growth of nutraceuticals market. The projected growth in India nutraceuticals market for the coming years can also be attributed to the increasing lifestyle diseases which can be prevented with proper consumption of recommended dietary allowances (RDA). With the different flavours and innovations by the manufacturers in the nutraceuticals industry such as plant-based meat, gummies, etc. the adoption of nutraceuticals is anticipated to rise in the forthcoming period.
According to Jayant Raghuwani, Research Associate, 6Wresearch, “Dietary Supplement holds the majority market revenue share in the year 2020 and the same trend is expected to prevail in the years to come owing to the rising fitness industry and rising demand for products that can cover the nutritional deficit of the consumer in the India nutraceuticals market. With customers unable to fulfil their nutritional requirements through their regular diet, they are now recognizing the importance of nutritional supplements to fulfill their nutritional gap.”
“By distribution channel, the offline segment garnered the majority share of the market as the consumers prefer products from offline channel owing to quick buying time in addition to the option of comparing the different brands available at the store and choosing the right nutraceuticals product as per their requirements and diet. However, the growing popularity of e-commerce websites among millennials is likely to drive a significant growth in the online distribution channel segment over the coming years.”
Some of the major players of the market include- Dabur India Ltd., Herbalife International India Pvt. Ltd., Patanjali Ayurved Ltd., Kellogg India Pvt. Ltd., Nestle India Ltd. and Amway India Enterprises Pvt. Limited.
“India nutraceuticals market (2021-2027)” report provides an in-depth analysis with 18 figures and 3 tables, covered in 73 pages. The report estimates and forecast the overall India nutraceutical market by types, by distribution channels and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.