The new report by Expert Market Research titled, ‘India Plant Based Nutraceuticals Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the India plant based nutraceuticals market, assessing the market based on its segments like types, dietary supplements types, forms, and age groups.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 15%
Due to the prevalence of lifestyle diseases like diabetes, obesity and the growing geriatric population, consumers are becoming health-conscious. As a result, the shift from chemically derived products to preventive healthcare items, like nutraceuticals that contain safer, natural, and healthier ingredients are boosting the market growth of plant-based nutraceuticals in India. In addition, due to the COVID-19 crisis, preventive healthcare measures, such as dietary supplements, are increasingly becoming a part of the everyday lives of people, thereby contributing to the market growth.
India has been witnessing an increasing demand for dietary supplements over the past few years owing to the growing importance of preventive healthcare among consumers and rising disposable incomes. Multivitamins are becoming an important element of people’s diets, and this tendency has accelerated as a result of the pandemic. In India, the growing trend of food fortification with nutraceutical goods is expected to offer a large market opportunity.
Industry Definition and Major Segments
Nutraceuticals refer to herbal powders of capsules derived from vitamins, minerals, and plants with specific medicinal properties to fight against diseases and support resistance against sicknesses. They contain fortified nutrients, such as CoQ10, taurine, omega-3, antioxidants, calcium and zinc, which improve the overall health of consumers.
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On the basis of type, the market can be segmented into:
- Functional Food and Beverage
- Dietary Supplements
Based on dietary supplements type the market segmentation includes:
- Vitamin Supplements
- Proteins Supplements
- Calcium and Minerals Supplements
- Enzymes and Fatty Acids Supplements
- Organ Detox Supplements
- Others
The market, based on form, can be divided into:
- Capsule
- Tablet
- Liquid
- Others
On the basis of age group, the market can be classified into:
- Adults
- Kids
Market Trends
Rapid urbanisation in India has led to an increasing western influence, growing middle-class population, and rising consumer income levels in India. In line with this, rising disposable incomes and the subsequent increase in living standards are facilitating the shift to plant-based nutraceuticals, hence invigorating growth in the Indian market. In addition, the flourishing e-commerce industry, coupled with rising consumer awareness, are additional factors providing impetus to the growth of the market.
Additionally, technological upgradation, together with progression in product development, is projected to drive the market of dietary supplements in India over the coming years. The market is anticipated to witness further growth on account of rising demand for prebiotics and probiotics. Market expansion is also expected to be aided by favourable government regulations. Furthermore, the retail sector’s strong growth, fuelled by governmental support for investment, is likely to expand product accessibility, boosting the overall sales.
Key Market Players
The major players in the market include Zywie Ventures Private Limited. (Oziva), Organic India, Satiya Nutraceuticals (Plix), and Arbro Pharmaceuticals Private Limited, among others.The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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