More and more consumers shift towards preventive healthcare
The Indian Dietary Supplement Market is predicted to grow at CAGR of 17.28% until FY2026, to US$10,198.57 million by FY2026. It was valued US$3,924.44 million in FY2020, said ResearchAndMarkets in a report on 12 May 2021.
Anticipated growth in the market can be attributed to growing consumer awareness about preventive healthcare, increasing purchasing power and rising cases of lifestyle diseases such as obesity, blood pressure, diabetes, malnutrition, etc. In addition, adoption of aggressive marketing and promotional strategies for the promotion of dietary supplement is expected to positively influence the growth of the market.
Consumers are increasingly shifting towards preventive healthcare. India has one of the highest diabetes cases in the world and it is anticipated that over 80 million people will be diabetic in the country by 2030. Consumers are now getting increasingly aware about excessive use of chemicals and their side effects and opting for dietary supplements. This changing trend would boost the country’s dietary supplement market.
In FY2020, combination dietary supplement held the lion’s share in market due to owing to the fact that vitamin & mineral dietary supplement contain a variety of micronutrients, water-soluble and fat-soluble vitamins that help the body to function smoothly and improve mental health as well. Based on distribution channel, pharmacies & drug stores led the market with share of 64.49% in FY2020 as the government licenses them to sell drugs and dietary supplements as prescribed by doctors or health professionals.
Companies operating in the market are investing in R&D and launching new products to retain their share in the competitive market.
The Indian Dietary Supplement Market is controlled by several major players, including Abbott India Limited, Herbalife International India Pvt Ltd, Amway India Enterprises Pvt Ltd, Dabur India Limited, Danone Nutricia International Pvt Ltd, Himalaya Drug Company, GlaxoSmithKline Consumer Healthcare Ltd, Sun Pharmaceutical Industries Ltd, Kraft Heinz India Pvt Ltd and Patanjali Ayurved Limited among others. #manufacturing #retail #investment #exports /fiinews.com
