What is the Future of Nutraceuticals in India?
The nutraceutical sector of India is projected to become a global giant. It is likely to grow to a range of USD 4 and 5 billion. By the year 2025, it will increase to around USD 18 billion. The market size for dietary supplements in India stood at USD 3924.44 million in 2020. As per forecast, it is going to grow to USD 10,198.57 million by the year 2026. Year on year growth rate stands at 22%. Many Best Neutraceutical Companies in India are providing the finest nutraceutical products to expand their business and sales.
The persistent pandemic and growing interest in preventive health have spurred rapid growth in this industry. Indian consumers have begun to seek immunity-boosting supplements, which have caused an obvious shift in purchasing habits and market patterns. Evidence of this more open consumer behaviour towards health products includes vitamin pills, chewable tablets, and gummies.
Increase in Preventive Care
Preventive health care has become an essential form of defence in the pandemic, and this has proved that the nutraceutical industry is important economically for the population. Although the intensity of the pandemic has subsided, sales of nutraceuticals are still on the increase. The second wave proved that nutraceuticals have gained ground and are likely to continue to gain ground in the market.
The global nutraceutical market is huge, and it is about USD 117 billion. The Indian nutraceutical industry has the potential to tackle health issues in India in the wake of the current pandemic while significantly contributing to the country's Gross Domestic Product (GDP). Intake of essential nutrients and micronutrients like Vitamin A, Vitamin D, Vitamin C, folate, selenium, and zinc has sharply increased to boost immunity.
A study by Nutrition and Dietary Supplements indicates that several additives to a daily diet might increase immunity or protect against the coronavirus. For example, polyphenols, leguminous seeds with plant protease inhibitors, and proteins, including whey protein, might be added to daily meals for the betterment of health.
Nutraceutical Market Overview
Presently, the USA, Japan, and Europe hold 90% of the global nutraceutical market. The global market is estimated to grow from USD 247 billion in 2019 to USD 336 billion by 2023 with a compound annual growth rate (CAGR) of 8%.
As these global markets reach maturity, nutraceutical companies are now looking towards developing economies in the Asia Pacific region. In 2017, India accounted for a paltry 2% share of the global nutraceutical market, which is estimated to be around $5 billion in 2019. It is expected to reach USD 11 billion by 2023, achieving a CAGR of 21%.
India's pharmaceutical exports stood at USD 16.3 billion in FY20. As of November 2020, India had exported pharmaceuticals worth USD 15.86 billion in FY21. In FY20, pharmaceutical exports reached USD 16.28 billion, with USD 2.07 billion reported in October 2020.
Presently, imports in the Indian market are greater than exports; the exports of nutraceuticals stood at USD 1.5 billion while imported nutraceuticals were worth USD 2.7 billion. The market is expected to grow at a robust 22% CAGR through 2023. Indian nutraceuticals sector has witnessed an annual growth rate of 25% in the period of the pandemic. Besides, FDI has gone up from USD 131.4 million in FY12 to USD 584.7 million in FY19.
Conclusion
The nutraceutical sector in India is on an accelerated growth trajectory, driven by a shift towards preventive healthcare, increased health awareness, and a focus on immunity-boosting products. With a remarkable CAGR of 22%, the industry is poised to reach USD 18 billion by 2025, reinforcing India's position as a key player in the global nutraceutical market. This growth is supported by favourable consumer trends, government initiatives, and robust investment opportunities.
As global markets mature, India's expanding potential within the domestic and export markets underscores its importance in addressing health challenges and moving forward with economic development. Innovation in ingredients and sustainability will propel India's nutraceutical industry to meet its population's evolving health needs and solidify India's prominence in this global market.
Comments
Post a Comment