Rise in health awareness to take nutraceuticals market to $ 8.5 bn by 2022

In 2015, the Indian dietary supplements market was valued at $ 1.8 billion. With growing awareness, number of people opting for dietary supplements has been increasing. “Higher purchasing power has prompted Indians to be more health conscious and adopt a healthy diet routine completed with consumption of nutritional supplements,” opined D S Rawat, secretary general, Assocham. 

The demand for the vitamin and mineral supplements is likely to increase in the future due to the unhealthy eating habits and stress in daily lifestyle. People may benefit from the extra nutrients found in these supplements. A multivitamin and mineral supplement helps in safeguarding against periodic nutrient shortfalls in the diet. Due to these reasons the vitamin and mineral market in India is anticipated to grow in the coming years and reach a value of $ 2.1 billion by 2022, added the Assocham-RNCOS study. 

In 2015, the market for herbal supplements – a type of dietary supplements that contain herbs or parts of a plant - was approximately $ 0.6 billion in India. Owing to their natural ingredients and popularity among people, this market is forecasted to reach a value of $ 1.7 billion by 2022, noted the study.

Functional foods and beverages market in India has strengthened itself, fostered by its rising penetration amongst health conscious people in the country. Functional foods include food products such as functional biscuits, breads, cereals, vegetable oil, nutrition bars, yogurt and others. Functional beverages include functional fruits juices, milk, tea, coffees, and energy drinks. Rising knowledge about wellness and health along with inclining expenditure on food has increased the number of consumers accepting functional foods & beverages. This is propelling the growth of the functional foods and beverages market to reach a value of $ 3.2 billion by 2022.

Additionally, protein drinks have also showcased an increasing demand from a segment of people searching for weight management solutions while maintaining a sound lifestyle. Functional teas and coffees are slowly capturing the demand in the country. 

While functional foods occupy the major share of the Indian functional foods and beverages market with 70 percent share. Functional foods are food products that consist of vital nutrients that go beyond simply nurturing usual growth and development of an individual. These food products are fortified with nutritional and disease preventing qualities. The consumption of such food is done with an intention towards improved wellbeing, prolonged existence and prevention of chronic diseases. 

The functional foods available in the market include the likes of oats, soy, flaxseed, nutrition bars, probiotic yogurt, fortified baked goods, and fortified edible oils. The market for functional foods was valued at $ 0.7 billion in 2015. This market is forecasted to grow to an approximate value of $ 2 billion by 2022 owing to the increasing health consciousness of people and their awareness about availability of such products. 

A functional beverage is an emerging segment of the Indian nutraceuticals industry that was valued at $ 0.3 billion in 2015. Functional beverages, like Yakult, Ocean, Gatorade, are available in the form of energy drinks, vitamin water, fortified milk and buttermilk, and enhanced iced tea, among others. Various companies, including Danone, Dabur, PepsiCo, Coca-Cola, Amul, Britannia and Rasna, are introducing innovative beverages with enhanced nutritional value in order to woo the health conscious Indian consumers. The market for this type of beverages is forecasted to reach an approximate value of $ 1.1 billion by 2022. This exponential growth will be majorly due to the erratic eating habits of people and their efforts to make-up for the lost nutrients with the help of these easy-to-consume fortified beverages.