Tata 1mg, Vitonnix JV to launch products
- Tata 1mg, through this partnership is looking to further penetrate the Indian nutraceutical space to solidify its presence in the rapidly expanding market
New Delhi: Tata 1mg and Vitonnix, a UK-based healthcare product research and development company to introduce a range of new products, are expanding their presence in the rapidly growing Indian nutraceutical sector beyond the existing five offerings, Saurabh Goel, VP-category management at Tata 1mg, told Mint in an interview.
In phase one the companies launched five sublingual sprays to meet the daily vitamin and health supplement requirements; namely, Vitamin D, Melatonin, Biotin, Veg Omega, and Multivitamin.
“With Tata 1MG, we envision a phase two introducing a variety of additional products. While our current portfolio comprises nearly 20 products, the initial offering of five is just the beginning... This collaboration reflects our commitment to providing the Indian market with innovative health solutions that are both effective and convenient," added Satish Subramani, Managing Partner, Vitonnix UK.
Tata 1mg, through this partnership is looking to further penetrate the Indian nutraceutical space to solidify its presence in the rapidly expanding market. This space is poised to soar to a staggering $18 billion valuation by 2025, as per the ministry of food processing.
"We have observed the evolving trends in browsing patterns and purchasing behaviors over the years. There's a notable surge in demand for nutraceuticals and vitamin supplements. The post-COVID era has intensified this trend, with users increasingly adopting nutraceuticals,” added Goel.
“While the Indian market is expanding, we acknowledge it's still a fraction of the US market, hovering around three billion dollars. However, the trajectory is clear, and this trend is poised to grow significantly in the coming years. India's nutraceutical market, currently around $17-18 billion, is expected to reach new heights, with the dietary supplement sector alone estimated to hit approximately $9 billion by 2025, boasting a robust annual growth rate of 12.6%."
The company wants to revolutionize the style of intake of vitamins and health supplements while offering several key benefits including rapid absorption, increased bioavailability, convenience, and precise dosage.
Vitonnix claims to be the only sublingual spray in the Indian market as they are focused on optimizing the absorption of micronutrients through the mucosal lining of the mouth which has a very rich blood supply. NutraSpray by Source Naturals is one of its competitors in the market.
“These products aren't labeled as sublingual; they haven't conducted the research to make that claim. They refer to themselves as oral sprays without explicitly stating they are sublingual because they lack the evidence. Our emphasis is on sprays, a field we've been in for a decade. We proudly stand as the sole provider of sublingual sprays in the current market, substantiated by a decade of experience and evidence."
Vitonnix, later in the year also plans to launch the product in Europe, North America, parts of Mexico, South America as well.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:8 Jan 2024, 10:38 PM IST
- Top Gainers
- Top Losers
- 52 Week High