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Dietary Supplement: Market size, trends, challenges, demand
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Wednesday, 16 December, 2020, 08 : 00 AM [IST]
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Honey Thaker
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Prior to the SARS-CoV-2 pandemic, the global dietary supplements market already had an estimated value of USD 123.28 billion and it was expected to keep growing at a CAGR of 8.2 per cent. There were various drivers for this growth, most notably the rise of lifestyle diseases, which has been accelerated by poor diets, sedentary lifestyles, and exposure to pollution. In addition, there has been a trend towards fitness and sporting events that has also fueled demand for dietary supplements. Of course, there are other factors at play too, but we will get to them later. These trends were also dominant in India, with an ASSOCHAM report forecasting that the Indian market would touch to $18 billion by 2025.
However, 2020 has been a tumultuous year to say the least. It has been extremely tough on some industries, practically wiping out the travel and tourism sectors, but others like Nutraceutical and dietary supplement markets have been rather lucky. Not only have we emerged relatively unscathed, the future appears to look even brighter.
Dietary Supplement Market Trends
Although the idea of Nutraceuticals may seem alien to India, it is not really a novel concept. India’s Ayurvedic tradition has left us with a rich repository of herbal medicines and natural herbo-mineral formulations that are now very much a part of the country’s popular culture. Not surprisingly, Indians have been quick to jump onto the diet supplement bandwagon so to speak. If you look at the bigger picture though, the main trends that are shaping the dietary supplement market would include the following:
Increasingly Health Conscious Population
The growing incidence of heart disease, diabetes, cancer, and other lifestyle diseases in India has led to a public awakening about the need for lifestyle and dietary changes. This has been the biggest and most consistent driving force for growth of the dietary supplement market. The role of nutrition in human health and wellbeing has received greater attention and there are a lot more people who take supplements to prevent nutritional deficiencies or to treat deficiencies that could be linked to health conditions. In many cases, dietary supplements are prescribed by doctors.
Acceptance of Preventive Care
Conventional medicine has always been focused on the treatment of diseases and health conditions as and when they develop. While pharmaceutical drugs like antibiotics have been a game changer in health care, this ‘treatment’ oriented approach has been self-limiting. With a growing burden of disease and increased pressure on limited health care resources, there have been renewed calls for public health care providers to also focus on disease prevention strategies, which include diet, nutrition, and exercise. Dietary supplements lay a huge role here, and they are now more commonly prescribed and consumed as prophylactic agents.
Fitness Frenzy
In recent decades, India’s population has also become increasingly fitness conscious, with gyms, yoga studies, and fitness equipment stores springing up across the country. The $12 billion fitness industry was expected to grow at a CAGR of 18 percent before the pandemic hit. The lockdown and gym closures may have set things back temporarily, but it has now highlighted the importance of fitness even more. In fact, growth projections haven’t changed very much and this also aids, dietary supplements as protein supplements, protein powders, and other bodybuilding supplements are among the most popular products.
The Role of Immunity
There has already been a good demand for supplements that support immune function and with the pandemic; ‘immunity’ has become the biggest buzzword. Sales of dietary supplements that boost immunity have grown exponentially, offsetting any losses that the industry may have experienced at the outset. This was also confirmed by one of the most anticipated report from the Nutrition Business Journal 2020, which projects a spike of about 25 percent in immunity supplement sales.
Challenges to Growth
The biggest barrier to growth of the dietary supplement industry continues to be poor regulation and enforcement of regulations. An ASSOCHAM and RNCOS study from about 5 years ago found that nearly 70 percent of the dietary supplements that were being sold in India couldn’t be trusted as they included fake products, counterfeits, and even included unregistered or unapproved ingredients. This poses a serious threat to consumer health and safety and it also jeopardises the entire industry because it damages the reputation of all dietary supplements.
Since 2015, however, strides have been made towards the establishment of stronger regulations, but with poor enforcement, these will come to naught. The FSSAI is currently responsible for regulation and enforcement, but the body is severely understaffed and crippled. This is why we need a separate regulatory body, as well as an independent HSN code structure, and other policy incentives for research and manufacturing. If these challenges are addressed, it will go a long way to addressing the trust deficit in Indian dietary supplement manufacturers.
Although the market on the whole may appear to be unpredictable at present, SARS-CoV-2 has also been a much-needed wake up call for the industry and the public at large. It exposed the weakness of our supply chains and highlighted the role of dietary supplements in health care. These are the revelations that cannot be forgotten and with the prospect of future pandemics only increasing, we can expect the demand for dietary supplements to keep growing.
(The author is head nutritionist - Fitness Science & Nutrition at Purenutrition.in)
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