Kolkata: Functional foods and functional beverages are relatively nascent markets in India primarily due to a burgeoning middle class that relies on traditional practices such as Ayurveda.
New analysis from Frost & Sullivan, The Indian nutraceutical market, finds that the market earned revenues of $1480 million in 2011 and could grow to $2731 million in 2016 at a CAGR of 13.0 percent.
Dietary supplements were the largest category accounting for 64 percent of the nutraceuticals market, driven primarily by the pharmaceutical sector in the form of vitamin and mineral supplements.
Functional foods will be the quickest growing category until 2015 followed by dietary supplements. However, dietary supplements, specifically herbal and dietetic supplements, will form the greatest opportunity areas for nutraceutical manufacturers, driven by growing demand from an evolving consumer base.
The global nutraceutical market in 2011 was estimated to be $149.5 billion, with US, Europe and Japan being the largest regional markets, accounting for nearly 93 percent of the global nutraceutical demand. These markets are nearing maturity, with exceedingly high per capita spends on nutraceutical products. Japan has a per capita spend of $51/person/year, while US and Europe have $40 and $35 each. The global average is only $21/person/year. This compels nutraceutical manufacturers to look at developing countries such as India and China, which have considerably lower per capita spends on these products, as key growth regions.
2 comments:
The healthcare industry in India is showing great progress. There has been considerable increase in spending on healthcare backed by the growing purchasing power of individuals. Moreover, with a lot of importance being given to preventive medication, the nutraceuticals market in India is set to flourish. It is one of the booming markets in India. Predominantly vitamins and minerals derived from oral pills were used for curing certain diseases and ailments. People today are becoming more prone to consume immunity enhancing food supplements and wellness related products.
Definitely the Indian nutraceutical market will keep growing in future. This is the time when more & more Neutraceuticals Manufacturers in India should understand the change which can pace the Indian Economy & provide Indian more foreign currency with the business.
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