Having seen a rapid growth of over 20% during the COVID period, the market for nutraceuticals is expected to double in 5 years in India as a growing number of people are seen adopting these products to boost immunity, a top industry executive said.
“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,” said Sanjaya Mariwala, President, Association of Herbal and Nutraceutical Manufacturers of India (AHNMI) and Chairman of Omniactive Health Technologies at the sidelines of Vitrafoods India 2024 exhibition organised by Informa Markets in India in Mumbai.
He said nutraceuticals, apart from being used as immunity boosters by the population in general, are being increasingly used by sports persons and those into various sporting activities.
He said the growth rate could be accelerated with the support of the Union government and further tapping into the global 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 said.
“Through incentivising manufacturing, prioritising accurate clinical trials, launching nationwide awareness campaigns, resolving regulatory conflicts, unifying industry alliances, and fostering collaborative endeavors, we can enable the industry to achieve its true potential,” he added
Umesh Kamble, Secretary General, Chamber for Advancement of Small Medium Businesses (CASMB) said “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 supplements market would reach approximately $10 billion by 2026 from $4 billion in 2020, with a 22% year-on-year growth rate. The Vitamins & Minerals market is also expected to surge, reaching a revenue of $2.63 billion by 2024, with an estimated annual growth rate of 7.71% from 2024 to 2028.
Yogesh Mudras, Managing Director, Informa Markets in India, the organisers of the show said, “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), said “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.
