New Delhi: India’s nutritional supplement market is expected to more than double in the next four years at over Rs9,500 crore, a study said.
According to a joint study by industry body Ficci and consultancy firm Ernst and Young, the growth in the nutraceutical products business will be fuelled mainly because of the changing lifestyle and increasing awareness about nutritional supplements.
Currently, the domestic market for nutraceutical is around Rs4,400 crore, which is just 0.9% of the total global business in the category.
Nutraceuticals are dietary supplements which are generally used to fill nutritional deficiencies in food and to prevent diseases.
Nutraceuticals are divided into three segments, functional foods, functional beverages and mineral supplements.Out of these functional food has the maximum share while functional beverage has the lowest.
“However, the total market size in India is still very small compared to the global market but there is a huge potential for these products,” Ernst & Young’s partner Health Sciences Advisory Services’ Muralidharan Nair said.
There are certain issues such as lack of awareness and no regulations, which need to be sorted out and if these issues are sorted out, the total market for these products in India can go up to Rs17,000 crore in the next four years.