The Indian nutraceutical market is set to grow sixfold by 2030
The Indian nutraceutical market is projected to reach $64 billion by 2030. Currently, it stands at around $5-10 billion, which means it is expected to grow approximately sixfold at an annual growth rate of 14 per cent. The trend is definitely upward, and post-pandemic awareness about nutraceuticals has accelerated this growth. People are increasingly leaning towards prevention and preventive care rather than relying solely on therapeutic medications. The nutraceutical market began to gain traction around 2005-2010, growing steadily since then. However, the COVID-19 pandemic served as a significant turning point, increasing awareness about health and wellness. People started understanding the importance of maintaining their health proactively.
The nutraceutical market is typically divided into three segments:
- General health awareness: This segment caters to individuals who are health-conscious but not necessarily athletes or fitness enthusiasts. Products in this segment include multivitamins, omega supplements, and other general wellness products that address common health needs.
- Sports nutrition: This category is designed for athletes or individuals engaged in high-intensity physical activities like powerlifting or muscle building. Such individuals require specific nutrition, such as higher protein intake, omega supplements, and antioxidants, to support their rigorous routines.
- Medical nutrition: This is a growing segment addressing specific medical needs. Products in this category are often prescribed by practitioners, such as nephrologists for renal care or diabetologists for managing diabetes. Medical nutrition includes formulations for conditions like cardiac health, diabetes, and renal issues, often recommended as supplements to complement a patient’s diet when regular meals alone cannot meet all nutritional requirements.
India is already considered a pharmaceutical hub, and regulatory clarity can further boost the nutraceutical industry. Recently, FSSAI introduced amendments to ensure a clear separation between drug and nutraceutical production facilities. This prevents issues like cross-contamination. For instance, vitamin D supplements produced in doses under 600 IU are categorised as food, while higher doses are classified as drugs. However, this demarcation often leads to ambiguity, as the core nature of the ingredient remains unchanged. Similarly, methylcobalamin (Vitamin B12) highlights regulatory inconsistencies. For general use, the recommended dose is 2.2 mcg, but for medical purposes, doses can go up to 1,500 mcg or more. Despite its nutraceutical nature, certain manufacturing restrictions exist, creating confusion. Greater awareness and transparency from regulatory bodies would help manufacturers and consumers alike.
To ensure the industry’s growth, several factors guy need attention:
- Awareness: Government initiatives should focus on educating people about the role of nutraceuticals in day-to-day wellness and preventative health care.
- Quality standards: Uniform regulations and compliance with standards like WHO CGMP are critical. Currently, many players in the market do not adhere to these standards, resulting in inconsistent quality. Regulatory enforcement should be stricter and uniform for all players.
- Research and development: R&D is the backbone of innovation. Companies should allocate 10-15 per cent of their budgets to R&D to develop new and innovative products. My company, for instance, has been recognised as an innovative company and is continuously investing in R&D to maintain its edge in the market. In conclusion, while the industry is poised for significant growth, addressing regulatory ambiguities, enhancing quality standards, and fostering innovation will be critical for sustained progress.
The future of nutraceuticals lies in personalised, impactful, and sustainable solutions backed by science
As we step into 2025, the nutraceutical industry is going through a transformative phase driven by dynamic consumer demands, technological advancements and a growing demand for customisation. Today’s consumers are more aware and proactive about their health and fitness levels and are seeking products that are not only effective but also to a large extent, tailored to their unique needs. Trends like personalised nutrition, fueled by advancements in genomics and AI, are redefining how we approach health and wellness. Focus on strong R&D and product innovation with science-backed solutions will be rampant in the coming year. At Nutrabay, we focus heavily on product R&D and innovation and deploy sizable resources on identifying new ingredients and formulations that are efficacious. Along with product innovation, transparency about ingredient usage and consumer education to impact ingredients or combination of ingredients on their systems empower consumers to take control of their wellbeing and support their unique health goals. As we look ahead, the future of nutraceuticals is one of personalised, impactful, and sustainable solutions that truly enhance lives.
The rise of personalised vitamin supplements marks a new era in tailored health and wellness solutions
The global nutraceuticals market size was valued at $712.97 billion in 2023 and is expected to grow at a CAGR of 8.4 per cent from 2024 to 2030. Whereas the global vitamin supplements market size was estimated at $48.51 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.3 per cent from 2023 to 2030.
Vitamins and supplements are the products taken in small doses concentrated to support the body’s physiological functions, maintain health status, promote physical and mental well-being or reduce the risk of disease.
A significant trend in the dietary supplement market is the rise of personalised vitamin supplements, tailored to an individual’s specific health needs, lifestyle etc. This approach involves using health assessments, blood tests in order to determine the exact vitamins and minerals an individual requires.
For example, some people might need higher doses of vitamin D due to low sun exposure and age-related deficiencies, while others may require more vitamin B12 because of an imbalanced diet.
Keeping in view of this, companies like GSK, Herbalife, Pfizer etc are offering in the forms like pills, powders, or even liquid sachets for vitamin supplements.
Health experts caution that while personalised supplements are promising, they should complement a well-rounded diet and be taken under medical supervision to ensure safety and efficacy.