India’s nutraceutical industry is expected to grow at a 10.3% growth rate during 2020-2026. The key factors that accelerate the growth of the market in the country are rising per capita income, awareness related to health, high prevalence of chronic diseases, and easy availability of nutraceuticals. The Food Safety and Standards Authority of India (FSSAI) established under the Ministry of Health & Family Welfare protects and promotes public health in the country. In addition, the increasing spectrum of nutraceuticals in sports nutrition creates enormous opportunities for market growth. In India, dietary supplements for sports use are categorized as Foods for Special Dietary Uses (FSDU). On the other hand, the government also focuses on enhancing the nutritional status of the country by launching various programs and campaigns.
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Government Focus on Improving Nutritional Status
The government of India (GoI) also focuses on enhancing the nutritional status of the country by launching various programs and campaigns. Some of the government programs and initiatives include Integrated Child Development Services (ICDS), National Health Mission (NHM), and the mid-day meal schemes. Likewise, the “Nutrition Month” or ‘Poshan Maah’ increases the awareness about it among the masses. Besides, the ‘Poshan Abhiyan’, envisages a malnutrition free India by 2022. The Union Budget for 2020-2021, declared before the lockdown also saw an increased allocation of $ 4.8 billion for nutrition-related programs. The Indian Government is also focussing to provide a thrust to the Ayurveda in the country. Hence, these aforementioned factors are likely to create a wide scope for the growth of the market in the country.
100% Foreign Direct Investment
The Indian herbal supplements industry has been consistently growing with public and private investments, making India a potential market for dietary supplements. The affordability of drugs is becoming a more prevalent phenomenon in India due to the sustained growth of income. As per the ITA, the Indian Government has opened 100% FDI in the nutraceutical manufacturing sector under the automatic route. The FDI has increased from $131.4 million in 2012 to $584.7 million in 2019.
Demand for Nutraceuticals as Preventive Measures for Chronic Diseases
Besides, nutraceuticals are also gaining major traction owing to their potential nutritional, and therapeutic effects for patients suffering from chronic diseases. There has been a wide acceptance of nutraceuticals as preventive measures for chronic diseases such as cancer, diabetes, obesity, allergy, CVD (Cardiovascular Disease), inflammatory, Alzheimer’s, Parkinson’s diseases, and others. Hence, the prevalence of chronic diseases creates a scope for market growth. For instance, India has the second-largest number of adults with diabetes globally. As per the IDF, there were 77 million adults (20-79 years) suffering from diabetes in 2019. Whereas, Cancer is also one of the major causes of mortalities in India. Owing to this, the Government of India is making significant efforts in improving the healthcare system of the country. For instance, the Expert Nutraceutical Advocacy Council (ENAC) also launched its website as it ramps up the mission for the development of the nutrition industry in the country.
We Serve Following Entities in the Indian Nutraceuticals Industry-
- Nutraceutical Product Manufacturers
- Herbal/Ayurveda Companies
- Food & Beverages Companies
- Pharmaceutical Companies
- Food Processing Industry
- Biotechnology Companies
- Naturopathy Centers
- Allied Health Providers
- Business Development and Marketing Managers
- R&D Institutions
- Regulators and Consultants
- Raw materials & Technology Providers
- Government Officials and Policy Makers – State and Central
- Investors and Funding Agencies
- Health Media and Communications
- Academic Institutions
- Wellness Companies
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
