Friday, October 4, 2024
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   

You can get e-magazine links on WhatsApp. Click here

INGREDIENTS AND FLAVOURS

Market estimated at $26.87 bn; to grow at 13.5%
Monday, 24 June, 2024, 15 : 00 PM [IST]
Sumel Ashique
The Indian nutraceuticals market size was estimated at $26.87 billion in 2023 and is projected to grow at a CAGR of 13.5% from 2024 to 2030. The market growth is attributed to rising consumer focus on health-promoting diets, increasing instances of lifestyle-related disorders, and preventive healthcare. The increasing trend among consumers to alter dietary habits is expected to boost the demand for nutraceuticals. The consumer belief that an improper diet results in increasing pharmaceutical spending is anticipated to boost the demand for nutraceuticals, which, in turn, is projected to help Governments in terms of low expenditure on healthcare as well as social security costs.

The India nutraceuticals market held 9.22% of the global nutraceuticals market revenue in 2023. The growing concerns among the aging population about heart health and obesity are expected to increase the demand for nutraceuticals among this population. The aging population is receptive toward personalised nutrition, which gives ample growth opportunities to nutraceutical manufacturers, which has also resulted in educational programmes targeted at this demographic. Education and clear message to the target population about various health concerns is expected to result in high awareness among the consumers that would result in high product demand. Nutraceutical manufacturers invest in R&D activities for various reasons such as exploration and interest in new ingredients, regulatory requirements, intellectual property purposes, and differentiating products to gain a competitive advantage. The patents and their protection form an important part of the revenue strategy of nutraceutical manufacturers, leading to a large expenditure on patenting compounds and processes that manufacturers believe can generate revenues in the future.

The nutraceutical market is anticipated to witness considerable growth over the next years owing to their increasing consumption for the prevention of diseases and growing health-consciousness among the population. The increased usage of Internet has resulted in the consumer being more knowledgeable about chronic diseases and the preventive methods that include the consumption of nutraceuticals. Recently, consumers have turned their attention towards nutraceuticals manufactured from natural ingredients or by the usage of natural methods. Rise in technological advancements and growing number of innovations influenced the adoption of AI, which will enable more personalised solutions based on dietary and health data of a consumer. Therefore, AI is expected to play an important role in the growth of nutraceuticals.

Market Concentration & Characteristics
The India nutraceuticals market is characterised by high degree of innovation owing to rapid technological advancements and evolving consumer preferences. Furthermore, market players are actively developing novel formulations, including beverages, fortified foods, dietary supplements, leveraging scientific research to create products that cater to specific health and wellness needs. In addition, advancements in delivery systems, such as controlled-release technologies and nano-encapsulation, are enhancing the bioavailability and efficacy of nutraceutical ingredients. The industry is also characterised by a sustainable level of merger and acquisition (M&A) activity by the leading players. The key players are seeking to expand their portfolio, gain access to latest geographic market, and improve research and development capabilities. The market is characterised by the presence of both the established and local players. These participants have led to the formation of clusters based on nutrition, dosages, and health conditions. The changing consumer trends and lifestyles along with the industry’s efforts to develop products that suit these lifestyles have led to product cluttering in the nutraceuticals market. Regulations in this industry are overseeing product safety, quality, and labelling to ensure consumer protection and confidence. Several government guidelines to provide efficacy, safety, and manufacturing standards of nutraceutical products. Labelling requirements concerning ingredient transparency and dosage recommendations influence consumer perceptions and purchasing decisions. End-user concentration is a significant factor in the India nutraceuticals market. Growing health concerns among consumers and increasing awareness about nutraceuticals are expected to drive nutraceutical market. Increasing aging population, rising spending on healthcare products, and changing lifestyles have further enhanced the growth of the market.

Ingredient Insights
The probiotic ingredients accounted for the revenue share of 24.66% in 2023. Rising demand for food components providing digestive and immune health benefits. These nutraceutical ingredients are incorporated in food items to yield strain-specific benefits related to their interactions with the gastrointestinal tract (GI). Consumers are widely consuming prebiotics & probiotics to enhance the gut and systemic immune system functions.

Product Insights
The functional foods held the share of 37.75% in 2023. Functional food offers numerous health benefits such as fighting fatigue, regulating the immune system & blood lipids, and providing nutritional supplements. The increasing penetration of functional foods in the rural market of India is expected to generate lucrative opportunities for nutraceutical manufacturers in the regions. The dietary supplements market is projected to grow at a CAGR of 13.8% from 2024 to 2030. Factors such as expanding urban population, hectic lifestyle, and rising disposable income are responsible for boosting the sales of dietary supplements in the country over the forecast period. The establishment of strategic partnerships between dietary supplement manufacturers and local distributors in India is expected to remain a favourable factor for market growth over the forecast period.

Application Insights
The weight management & satiety application held a revenue share of 20.22% in 2023 owing to growing awareness of weight management among population. Hectic lifestyle and lack of proper diet is responsible for obesity and other diseases. In order to follow health and active lifestyle weight management plays a crucial role.  One in every five people in the population of over 1.2 billion in India is suffering from at least one chronic disease including respiratory, metabolic, and cardiovascular diseases. The increasing epidemic of other chronic diseases including diabetes and other nutritional challenges has led to an extensive promotion of weight management in India, subsequently driving the market.

Key India Nutraceuticals Company Insights
Some of the key players operating in the market include E.I.D. - Parry (India) Limited, Zoic Pharmaceuticals, and Uniray Lifesciences. E.I.D. Parry (India) Limited, established in 1788, headquartered at Chennai is one of the world’s leading manufacturers of sugar and nutraceuticals. The company is part of the Murugappa Group. The company offers three products under the nutraceuticals space, namely Organic Spirulina, Moringa, and Organic Chlorella, in powder and tablet forms. Zoic Pharmaceuticals is famous for best quality and affordable products. It has a good reputation in the market and offer WHO approved products. Lifevision Healthcare and United Laboratories are some of the emerging market participants in India nutraceuticals market. Lifevision Healthcare is best known for nutraceuticals manufacturer in India. Their product lines are capsules, syrups, gels and others. United Laboratories is one of the top company in India. It was established in 2015 and offers its clients high quality and WHO approved products.

(The author is assistant professor, Department of Pharmaceutical Sciences, Bengal College of Pharmaceutical Sciences & Research, Durgapur, West Bengal. He can be reached at ashiquesumel007@gmail.com)
 
Print Article Back
Post Your commentsPost Your Comment
* Name :    
* Email :    
  Website :  
Comments :  
   
   
Captcha :
 

 
 
 
 
 
 
 
Food and Beverage News ePaper
 
 
Interview
“Our next step is to venture into ice cream”
Past News...
 
FORTHCOMING EVENTS
 

FNB NEWS SPECIALS
 
Overview
Packaged wheat flour market growth 19% CAGR; may reach Rs 7500 cr: Ikon
Past News...
 
 
Subscribe Now
 
 
Recipe for Success
Authenticity & simplicity - Cornerstones of her thinking
Past News...



Home | About Us | Contact Us | Feedback | Disclaimer
Copyright © Food And Beverage News. All rights reserved.
Designed & Maintained by Saffron Media Pvt Ltd