India nutraceuticals market witnessed considerable growth in recent years on account of the growing focus on preventive healthcare in India underpinned by increasing disposable income, a rise in urban population and a rising e-commerce sector. The nutraceuticals market was positively impacted by Covid-19 as the spread of Covid-19 in 2020 boosted the nutraceuticals market of India owing to the increased health awareness amongst people to curb the spread of the virus and once the e-commerce platform started operating in the lockdown period, the sales of nutraceuticals started to rise further as people being at home had ample amount of time for a workout at home and an increasing number of workout videos led to a trend of home workout in the country resulting in an increased demand for supplements.

According to 6Wresearch, the India nutraceuticals market size is projected to grow at a CAGR of 29.5% during 2021-2027. With the rising fitness industry owing to an increase in health awareness among people and Covid-19, demand for supplements, healthy foods & beverages is increasing and will see a huge jump in coming years as people are focusing more on improving their immunity. Growing focus on preventive healthcare and increasing disposable income also contributed to India nutraceutical market growth trajectory. Offers and discounts provided by e-commerce platforms attract people to buy a variety of products from these platforms (especially the young generation) including nutraceuticals.

Current Trends and Future Predictions
The urban population across India has become health and fitness conscious like never before. This is providing a massive growth opportunity for nutraceuticals industry in India. Due to which the market is expected to witness significant growth. Nutraceuticals manufacturers and marketers have come up with new ways to make the consumer aware about the product, its benefits and role in preventative healthcare as well as medical treatment. Industry players are also undertaking several initiatives on their own, including a renewed focus on improved quality standards of the product, enhanced transparency, and competitive pricing for innovations. This will give a boost to nutraceuticals in the health and wellness segment. The nutraceutical market already occupies 67% share beating the pharma dominated supplement market.

Where does the Indian nutraceuticals market stand today?
The Indian nutraceuticals industry is now dominated by functional foods, followed by dietary supplements. The market for fortified foods and probiotics will be driven by this trend. Supplement of vitamins and minerals would see high demand in the forthcoming years. Herbal supplements and protein/amino acid supplements are expected to have similar market revenues in the future and collectively hold half of the market revenue.As per Future Market Insights analysis, the market for nutraceutical gummies, a preferred product format, is predicted to grow at a 15% CAGR between 2021 and 2031. Demand for nutraceutical excipients is predicted to increase at a CAGR of 7.10% between 2021 and 2031. In the future, the industry will benefit from rising sales of nutritional supplements and multi-functional excipients. Dry nutraceutical excipients account for more than 3/5 of all nutraceutical excipients consumed. The nutraceutical trend gives a huge potential for expansion and growth. The immediate concern, on the other hand, will be to develop the vision and foresight necessary to compete in this rapidly growing field.

Significant future prospects for the nutraceuticals sector in India:
• Increasing Health Consciousness: The rising awareness of health and wellness among Indian consumers is likely to continue driving the demand for nutraceutical products. Consumers are becoming more proactive in managing their health and are willing to invest in products that offer functional benefits.

• Diverse Product Range: The nutraceuticals industry is likely to witness an expansion of product offerings, including functional foods, dietary supplements, and herbal/natural remedies. Companies may focus on developing innovative products to cater to specific health concerns and preferences of consumers.

• Regulatory Support: Regulatory frameworks play a crucial role in the nutraceuticals sector. If the Indian government continues to provide clear guidelines and support for the industry, it can foster growth by ensuring product safety, quality, and efficacy. Regulatory clarity can also attract more investment into the sector.

• E-commerce Growth: The growth of e-commerce platforms provides nutraceutical companies with an additional avenue to reach a broader consumer base. Online platforms offer convenience and accessibility, making it easier for consumers to explore and purchase a wide range of nutraceutical products.

• Research and Development: Increased investment in research and development can lead to the creation of more scientifically validated nutraceutical products. Research on the health benefits of specific ingredients and formulations can contribute to consumer confidence and market growth.

• Customisation and Personalisation: Nutraceutical companies may explore personalised and customised solutions to meet individual health needs. This could involve the use of technology, such as genetic testing or health assessments, to tailor products to specific consumer requirements.

• Global Collaboration: Collaboration with international players in the nutraceutical industry can facilitate the exchange of knowledge, technology, and best practices. This can help Indian companies stay competitive in the global market and potentially attract foreign investment.

• Government Initiatives: Continued government initiatives to promote healthy living and preventive healthcare can positively impact the nutraceuticals sector. Policies that encourage research, development, and manufacturing in the sector can contribute to its growth.

Conclusion
All these trends show that the nutraceutical industry is on a growth trajectory ahead. The government is also enabling this growth through regulatory support and policies such as the recent FSS (Nutra) Regulations, 2022. This will improve the delivery formats and ingredients apart from offering clarity on various aspects. With further innovation and research in the future and a supportive environment, the nutraceuticals industry is set to grow bigger with consumers opening up to try out different supplements for their specific needs. The outcome will be a win-win for both the consumer and the market alike.