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Indian nutraceutical industry to touch $8.5-billion mark by ’22: Study
Thursday, 20 April, 2017, 08 : 00 AM [IST]
Our Bureau, New Delhi
The value of the Indian nutraceutical market is expected to increase from $2.8 billion in 2015 to $8.5 billion by 2022. This was stated by the joint study on the Indian Nutraceuticals, Herbals and Functional Foods Industry, brought out by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and RNCOS.
It added that in 2015, India accounted for a share of around two per cent of the global market. By 2022, this share is anticipated to increase to a value of approximately three per cent, owing to the country’s large population base, increasing the urban belt, and awareness.
The overall market is classified into dietary supplements and functional food and beverages, with the former estimated to occupy the larger chunk of around 65 per cent in 2015.
Functional food and beverages are expected to grow with a higher growth rate. This is due to the increasing visibility of such products in modern retail formats and promotional activities through television commercials.
In 2015, the Indian dietary supplement market was valued at $1.8 billion. However, with growing awareness, number of people opting for dietary supplements on their own has also increased.
“Higher purchasing power has prompted Indians to be more health-conscious and adopt a healthy diet routine completed with consumption of nutritional supplements,” stated D S Rawat, secretary general, ASSOCHAM.
The demand for the vitamin and mineral supplements may increase in the future due to the unhealthy eating habits and stress in daily lifestyle. People may benefit from the extra nutrients found in these supplements.
“A multi-vitamin and mineral supplement will help in safeguarding against periodic nutrient shortfalls in the diet. Due to these reasons, the vitamin and mineral market in India is anticipated to grow in the coming years and reach a value of $2.1 billion by 2022,” the study added.
Herbal supplements are a type of dietary supplements that contain herbs or parts of a plant. These plants or plant parts are used for their scent, flavour or potential therapeutic properties.
The flowers, leaves, bark, fruit, seeds, stems and roots of a plant are used either singly or in mixtures. However, some herbs can cause serious health issues if they are not taken without prior consultation. Therefore, it is best to take herbal supplements under the guidance of a medical professional.
“In 2015, the market for herbal supplements was at an approximate value of $0.6 billion in India. Owing to their natural ingredients and popularity among people, this market is forecast to reach a value of $1.7 billion by 2022,” noted the study.
Functional foods and beverages market in India has strengthened itself, fostered by its rising penetration amongst health-conscious people in the country.
Functional foods include food products such as functional biscuits, breads, cereals, vegetable oil, nutrition bars, yoghurt and others. Functional beverages include functional fruit juices, milk, tea, coffees and energy drinks.
Rising knowledge about wellness and health along with inclining expenditure on food has increased the number of consumers accepting functional foods and beverages. This is propelling the growth of the functional foods and beverages market to reach a value of $3.2 billion by 2022.
Additionally, protein drinks have also showcased an increasing demand from a segment of people searching for weight management solutions, while maintaining a sound lifestyle. Functional teas and coffees are slowly capturing the demand in the country.
The Indian functional foods and beverages market can be segmented into the functional food market and functional beverage market. Among the two, functional foods occupy the major share of 70 per cent. However, convenience, the availability of innovative products and the health benefits associated with functional beverages are the leading factors influencing the growth of this market.
Functional foods are food products that consist of vital nutrients that go beyond simply nurturing usual growth and development of an individual. These food products are fortified with nutritional and disease preventing qualities.
The consumption of such food is done with an intention towards improved well-being, prolonged existence and prevention of chronic diseases.
The functional foods available in the market include the likes of oats, soy, flaxseed, nutrition bars, probiotic yoghurt, fortified baked goods and fortified edible oils.
The market for functional foods was valued at $0.7 billion in 2015. This market is forecast to grow to an approximate value of $2 Billion by 2022, owing to the increasing health consciousness of people and their awareness about availability of such products.
A functional beverage is an emerging segment of the Indian nutraceutical industry, that was valued at $0.3 billion in 2015.
Functional beverages like Yakult, Ocean and Gatorade are available in the form of energy drinks, vitamin water, fortified milk and buttermilk and enhanced iced tea, among others.
Various companies, including Danone, Dabur, PepsiCo, Coca-Cola, Amul, Britannia and Rasna, are introducing innovative beverages with enhanced nutritional value in order to woo the health-conscious Indian consumers.
The market for this type of beverages is forecast to reach an approximate value of $1.1 billion by 2022.
This exponential growth will be majorly due to the erratic eating habits of people and their efforts to make up for the lost nutrients with the help of these easy-to-consume fortified beverages.
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