India Now - page 39

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FEBRUARY-MARCH 2015
N U T R AC E U T I C A L S
S EC TORAL UPDAT E
A
n increasingly health
conscious India is push-
ing the demand for
dietary supplements. So
much so that the Indian
nutraceutical market is one of the fast-
est growing markets in the Asia Pacific
region. According to Karan Chechi,
Research Director, TechSci Research,
“The nutraceuticals market is still at a
nascent stage in India. The market grew
at a CAGR of around 16 per cent dur-
ing 2009–13 and is projected to grow at
a higher growth rate of 18 per cent till
2019.” Leading research firm RNCOS
anticipates a still higher growth rate
for the industry and forecasts a CAGR
of around 20 per cent over the period
2014–2019. The total nutraceuticals mar-
Growing Strong
For the nutraceutical industry in India, rising
consumer awareness promises robust times ahead.
BY SANGITA THAKUR VARMA
NUTRACEUTICALS
ket grew from US$ 1 billion in 2008 to
US$ 1.8 billion in 2013 and was projected
to cross US$ 2 billion in 2014. It was
also forecast to grow to US$ 4 billion in
2018 at a CAGR of 17 per cent (Source:
Frost & Sullivan). RNCOS estimates that
the Indian nutraceuticals market con-
stitutes around 2 per cent of the global
nutraceuticals market, with the latter
estimated to be around US$ 115 billion
in 2014. As regards the segment share,
vitamins and minerals hold 36 per cent
of the total nutraceuticals market in
India, probiotic has a 9 per cent share
and omega-3 fatty acids has 5 per cent
share of the market. The fortified foods
market is forecast to grow at a CAGR of
21.7 per cent by 2018.
Though currently, the global nutraceu-
tical and dietary supplements segment
comprises merely 10 per cent of the
worldwide food industry pie, it is grow-
ing at a steady clip across the world.
According to a Reportlinker report, the
global demand for nutraceutical ingre-
dients will rise by 7.2 per cent annually
to reach US$ 30 billion in 2017. The
maximum opportunities will be in those
ingredients whose promised health
benefits are substantiated by clinical evi-
dence. Within the nutraceuticals indus-
try, the dietary supplements segment
holds the largest share in India and is
dominated by pharmaceutical manufac-
turers, although pure play nutraceutical
companies are also developing vitamin
and mineral supplements, says a Frost &
Sullivan report.
Novelty Food
In recent years, nutraceuticals, func-
tional foods and dietary supplements
PHOTO BY ISTOCKPHOTO.COM
68%
Functional Foods
& Beverages
32%
Dietary
Supplements
India – Nutraceuticals Market by
Segment, 2014
Source: RNCOS
1...,29,30,31,32,33,34,35,36,37,38 40,41,42,43,44,45,46,47,48,49,...68
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