India Nutraceuticals Market: Horizon 2029 - Opportunities and Challenges Insights - TechSci Research

Posted by Kumar on January 4th, 2024

Introduction

The nutraceutical industry in India has witnessed exponential growth in recent years, a trend attributed to several key factors. According to the TechSci Research report titled “India Nutraceuticals Market– Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028,” the market stood at USD 6113.20 million in 2023. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.39% between 2025 and 2029. This robust expansion can be attributed to a confluence of factors including India's burgeoning population, increased health consciousness, evolving dietary preferences, and the rising incidence of lifestyle-related diseases.

Definition of Nutraceuticals

Before delving deeper into the market dynamics, it's pivotal to understand the term "nutraceuticals." These are products derived from food sources that possess additional health benefits beyond their basic nutritional value. These could include dietary supplements, functional foods, and beverages, enriched with bioactive compounds that offer health benefits. In essence, nutraceuticals bridge the gap between nutrition and pharmaceuticals, promoting overall health and well-being.

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Factors Driving Growth in the Indian Nutraceuticals Market

Population Dynamics: India's burgeoning population acts as a catalyst for the nutraceutical industry. With a larger populace, there's an increased demand for health-enhancing products, fostering market growth.
Changing Health Consciousness: The shift in consumer mindset from treatment-centric to wellness-focused approaches fuels the demand for preventive healthcare solutions. Nutraceutical products, perceived as natural remedies, witness higher traction among health-conscious individuals.
Cultural Affinity for Herbal Remedies: India boasts a rich heritage of traditional medicine systems like Ayurveda, emphasizing the use of natural ingredients and herbs for medicinal purposes. This cultural inclination aligns seamlessly with the nutraceutical industry's focus on organic and natural ingredients.
Government Initiatives: The Indian government plays a pivotal role in fostering the nutraceutical market. Through regulations, initiatives, and support for research and development, it ensures safety, efficacy, and promotion of these products.
Infrastructure Development: Investments in cultivation and processing infrastructure for nutraceutical ingredients, especially in regions rich in medicinal plants, contribute significantly to the market's growth.

Benefits of the Research Report

Market Size and Growth Projection: The report provides a comprehensive understanding of the current market size and forecasts the growth trajectory, essential for stakeholders to strategize effectively.
Market Segmentation: Categorizing the market into functional beverages, functional food, and dietary supplements helps in understanding specific product segments and their respective growth patterns.
Consumer Insights: Understanding consumer preferences, especially in a diverse market like India, is crucial. The report sheds light on what drives consumer choices within the nutraceuticals domain.
Regional Analysis: Detailed insights into regional dynamics, such as the southern region's emergence as a fast-growing market, provide actionable information for targeted market approaches.
Policy and Government Initiatives: The report outlines government policies, regulations, and support systems that impact the nutraceutical industry, crucial for stakeholders to navigate the market landscape effectively.

Functional Beverages: A Dominant Player

Functional beverages, including a wide range of products such as functional juices, malt-based drinks, energy beverages, and probiotic drinks, have emerged as the dominant segment in the Indian nutraceutical market. This dominance is expected to persist, with a projected CAGR of 11.47% through 2029.

Rationale Behind Functional Beverage Dominance

Healthier Beverage Options: Consumers increasingly seek healthier alternatives. Functional beverages, combining taste with health benefits, cater to this growing demand.
Addressing Chronic Diseases: The rise in chronic diseases like heart ailments, diabetes, and obesity propels the popularity of functional beverages due to their perceived health benefits.
Probiotic Products: Probiotic drinks, a subset of functional beverages, have gained traction due to their digestive health benefits, aligning with the growing health-conscious population.
Multifaceted Health Benefits: Functional beverages offer diverse health benefits, supporting immune health, memory enhancement, heart health, energy boosts, and aiding in weight loss, appealing to consumers seeking holistic wellness solutions.

Regional Dynamics: Southern India

The southern region of India has emerged as the fastest-growing market for nutraceuticals owing to several factors:

Health Awareness: Higher health awareness among the population drives the demand for health-enhancing products.
Agricultural Landscape: The region's diverse agricultural landscape facilitates the production of raw materials, supporting the development of indigenous nutraceutical products.
Research Infrastructure: The presence of pharmaceutical and healthcare industries fosters innovation in nutraceutical product development.
Economic Factors: The burgeoning middle-class population with increasing disposable incomes enables the purchase of premium nutraceutical products.

The India nutraceuticals market showcases promising growth prospects, fueled by population dynamics, shifting health consciousness, and a cultural inclination towards natural remedies. Government initiatives, market segmentation insights, and regional dynamics play pivotal roles in shaping this landscape. As India continues to prioritize wellness and preventive healthcare, the nutraceutical market is poised to expand further, offering innovative and health-enhancing products both domestically and globally.

This comprehensive analysis highlights the multifaceted aspects of the Indian nutraceutical market, providing stakeholders with actionable insights to navigate and capitalize on the burgeoning opportunities within this dynamic industry.

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Major companies operating in India Nutraceuticals Market are:

Haleon Plc.
Dabur India Limited
Abbott India Limited
Bayer India Limited
Merck India Limited
Himalaya Wellness Company
Amway India
Baidyanath Group
Wockhardt Limited
Herbalife
Neuherbs
Pure Nutrition

The trajectory of India's nutraceuticals industry showcases a promising outlook. Increased consciousness regarding health and wellness, coupled with the rising prevalence of lifestyle-related ailments, underscores a surge in demand for nutraceutical products. Anticipated market growth is poised to stem from ongoing innovations in product development, emphasizing natural and herbal formulations. Moreover, supportive governmental policies and amplified investments in research and development are anticipated to fortify this sector.

The discernible quest among consumers for safe and efficacious dietary supplements and functional foods sets the stage for substantial expansion within the Indian nutraceuticals market. This landscape presents compelling prospects for both domestic and international stakeholders in the forthcoming years," stated Mr. Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm.

The report titled "India Nutraceuticals Market Segmented By Category (Dietary Supplements, Functional Beverages, Functional Foods), By Source (Plants, Animals, Microbial), By Distribution Channel (Pharmacies & Drug Stores, Online, Supermarkets & Hypermarkets, Others), By Sector (Urban, Rural), By Region, Competition, Forecast & Opportunities, 2018-2028F" comprehensively assesses the future growth potential of the Indian Nutraceuticals Market. It furnishes statistical insights, market size, structural analysis, and future growth predictions. Aimed at delivering cutting-edge market intelligence, the report equips decision-makers with crucial information for sound investment decisions. Furthermore, it identifies, scrutinizes, and interprets emerging trends, pivotal drivers, challenges, and opportunities within the Indian Nutraceuticals Market.

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India Nutraceuticals Market

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