Nutritional supplement market in India
Nutrition supplements are substances that provide adequate amounts of essential nutrients required for the better functioning of human bodies. It contains vitamins, proteins, herbs, meal supplements, sports nutrition and other related products that are used to improve the nutritional content of the diet. They are added to the diet to boost overall health and energy, provide support to the immune system and reduce the risk of illness. The Indian nutritional supplement market is expected to reach USD 6.24 Bn by 2023 growing at a significant CAGR of 16%. India is an ideal location for manufacturing of nutritional supplement products because of the availability of natural products, good quality fruits and vegetables, and world-class research and development (R&D) facilities. With India set to become the most populated country in the world, there exists a vast potential in this market due to an increasing consumer base as well as rise in disposable income.
The Indian nutritional supplement market is classified by type of ingredients and by type of end users. By type of ingredients, it is further sub-classified into vitamin, protein, amino acid, enzyme and botanical supplement. By type of end users, it is further classified into infants and adults. Botanicals supplement grab the highest market revenue among nutritional ingredients due to extensive use of herbal medicines in the everyday diet.
Key growth factors
Increasing awareness regarding nutritional care and access to information, rise in disposable income, hectic lifestyles, growth in organized retail and e-commerce, leading to the accessibility of the nutritional products in the market, and the use of traditional herbal medicines are some of the key growth factors in the Indian nutritional supplement market.
Threats and key players
Lack of proper standardisation has been a significant challenge in the market and has resulted in the offerings of the products which are not up to quality standards. Other factors such as counterfeit products and high cost of raw materials are some of the challenges present in the Indian nutritional supplement market. The key players operating in the dietary supplement market are Amway Corporation, Himalaya, Dabur, GlaxoSmithKline, Herbalife Nutritionals and Danone Nutricia.
What is covered in the report?
1. Overview of the nutritional supplement market in India.
2. Market drivers and challenges in the nutritional supplement market in India.
3. Market trends in the nutritional supplement market in India.
4. Historical, current and forecasted market size data for segments based on type of ingredients (vitamin, protein, amino acid, enzyme and botanicals supplements).
5. Historical, current and forecasted market size data for segments based on type of end users (infants and adults).
6. Analysis of the competitive landscape and profiles of the major companies operating in the market.
o Understand the demand for nutritional supplement market in India to determine the viability of the market.
o Identify the developed and emerging markets where nutritional supplement market in India is sold.
o Identify the challenge areas and address them.
o Develop strategies based on the drivers, trends and highlights for each of the segments.
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
o Recognize the key competitors of this market and respond accordingly.
o Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
o Define the competitive positioning by comparing the products and services with the key players in the market.