Having seen a speedy progress of over 20% through the COVID interval, the market for nutraceuticals is predicted to double in 5 years in India as a rising variety of individuals are seen adopting these merchandise to enhance immunity, a prime trade government stated.
“Currently, the market size is about $7 billion [both domestic & exports] and we expect it to grow by 16 to 18% year on year. We believe that the market size will double in 5 to 6 years at this growth rate. But the aim is to quadruple growth,” stated Sanjaya Mariwala, President, Association of Herbal and Nutraceutical Manufacturers of India (AHNMI) and Chairman of Omniactive Health Technologies on the sidelines of Vitrafoods India 2024 exhibition organised by Informa Markets in India in Mumbai.
He stated nutraceuticals, other than getting used as immunity boosters by the inhabitants in common, are being more and more utilized by sports activities individuals and people into numerous sporting actions.
He stated the expansion charge could possibly be accelerated with the help of the Union authorities and additional tapping into the worldwide markets.
“In our pursuit of sustained growth, the government’s initial actions are pivotal. However, it’s evident that our journey toward establishing a formidable presence in the global nutraceutical arena requires concerted efforts and continuous initiatives,” Mr Mariwala stated.
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Umesh Kamble, Secretary General, Chamber for Advancement of Small Medium Businesses (CASMB) stated “The rapid growth of the healthcare industry in India, particularly in small and medium businesses, indicates an exciting opportunity for Start-ups and MSMEs to make a significant impact.”
“With India boasting numerous unidentified hubs for exploration, these enterprises can play a crucial role in supplying health supplements to meet the growing demand. Start-ups are the backbone of innovation and they can propel the industry towards the ambitious $100 billion milestone.”
As per Vitafoods India’s projections the Indian dietary dietary supplements market would attain roughly $10 billion by 2026 from $4 billion in 2020, with a 22% year-on-year progress charge. The Vitamins & Minerals market can also be anticipated to surge, reaching a income of $2.63 billion by 2024, with an estimated annual progress charge of seven.71% from 2024 to 2028.
Yogesh Mudras, Managing Director, Informa Markets in India, the organisers of the present stated, “India possesses a vibrant ingredients market, encompassing a diverse array of vitamins, minerals and various plant- and animal-derived components.”
“Agriculture stands as one of the country’s largest industries, supplying abundant raw materials essential to produce nutraceuticals and functional foods. With a focus on personalised nutrition, functional ingredients, and sustainability, the industry in our country is poised for significant expansion,” he added.
Vaibhav Kulkarni, Honorary Secretary, Health Foods and Dietary Supplements Association (HADSA), stated “During the COVID-19 pandemic, the focus on improving immunity surged, driving demand for preventive health products. Although there has been a modest dip in post-COVID trends, the industry’s momentum continues unabated. It is imperative for the sector to reaffirm the significance of preventive healthcare among consumers.”
“Despite the temporary slowdown following the pandemic, industry leaders are united in their acknowledgement of the necessity for collective action to champion and elevate this sector. The ambition to reach the $100 billion milestone demands accelerated efforts and unified advocacy,” he added.
