Indian nutraceuticals market to reach $8.5 bn by 2022
The Dollar Business Bureau
India’s nutraceuticals market is likely to touch $8.5 billion in the next five years, a study revealed.
“Indian nutraceuticals market is expected to cross from a value of $2.8 billion in 2015 to a value of $8.5 billion by 2022,” as per the joint study by ASSOCHAM and RNCOS.
In 2015, the country accounted for about 2% share in the world market. By 2022, the share is expected to increase to approximately 3% on account of country's huge population base, rising awareness and urban belt, said the study.
The overall market is segregated into functional food & beverages and dietary supplements.
“In 2015, the market for dietary supplements was $1.8 billion. However, with riding awareness, more people are opting for these supplements on their own,” DS Rawat, Secretary General, ASSOCHAM opined.
“Higher purchasing power has prompted Indians to be more health conscious and adopt a healthy diet routine complete with consumption of nutritional supplements,” he added.
Due to stress in daily life and unhealthy eating habits of the people, the demand for mineral and vitamin supplements may rise in future. The market for vitamin and mineral supplements in the country is expected to increase in coming years and touch a value of $2.1 billion by 2022, the study said.
The market for functional foods and beverages has strengthened itself and likely to reach a value of $3.2 billion in the next five years, it said.
Taking the functional foods market and functional beverages market separately, the study said that the market for functional foods alone was valued at $0.7 billion in 2015 and is forecast to reach $2 billion by 2022 on account of rising health consciousness among the population and awareness about the availability of these products.
The functional beverage market is emerging and was valued at $0.3 billion in 2015. The market for such beverages is expected to reach around $1.1 billion by 2022, the study said.