The nutraceuticals market in India is expected to grow to $18 billion by the end of 2025, according to a report in the Times of India, the largest circulating English language newspaper in the country. Currently, the Indian market imports $ 2.7 billion worth of nutraceuticals.
The dietary supplements segment constitutes over 65 percent of the nutraceutical market and is growing at a rate of 17 percent; this year’s growth is likely to be at 22 percent; attributed to the renewed focus on preventive healthcare due to the pandemic. A large part of the population now understands the role of immunity boosting supplements and this has led to a significant change in buying patterns and consumer behavior.
More and more people are now open to buying healthcare products that come in the form of vitamin capsules, chewable tablets, and gummies. In addition to preventive healthcare, vitamin and zinc supplements are also being prescribed by doctors for patients who have contracted the virus.
Quoted in the Financial Express, Sanjaya Mariwala, Founder President of the Association of Herbal and Nutraceuticals Manufacturers of India (AHNMI), noted, “We have observed a significant jump in overall demand for nutraceutical products, especially in the top 4 metro cities (Mumbai, New Delhi NCR, Chennai, Bangalore). Tier-II and Tier-III cities in Maharashtra, Karnataka, Haryana, Rajasthan, and Gujarat have also seen rising trends post-pandemic. People are far more invested in preventive health, natural wellness than before.
This sector also has opened significantly to attract foreign investments. Government of India has opened 100 percent FDI in this manufacturing sector under automatic route, and such entities can sell their products through wholesale, retail, or an e-commerce platform. Amway, Dr Schwabe’s and many other companies have invested in manufacturing in India.
