The nutraceutical industry in India is currently undergoing incredible growth, driven by a combination of factors that align with the evolving consumer preferences for healthier lifestyles and natural products. Between 2023 and 2028, the Indian nutraceutical market is anticipated to expand at a CAGR of 15%. Nutraceuticals are functional foods, dietary supplements, or herbal products that provide health benefits beyond basic nutrition. As the ideology ‘prevention is better than cure’ and holistic wellness see wider acceptance, the nutraceutical market in India has emerged as a significant player in the global arena. This blog delves into the factors behind the industry’s growth and its promising future prospects.
Factors driving the growth of the nutraceutical industry in India
Change in lifestyles and rising health awareness: In recent years, India has experienced a drastic change in lifestyles, with an increasing number of people becoming health-conscious and looking for proactive ways to manage their well-being. The awareness about the importance of a balanced diet, being physically and mentally fit, and overall health has led consumers to look for natural and safe alternatives, thereby reinforcing the demand for nutraceutical products.
Government support and regulation: The Indian government’s supportive policies and regulations have played a significant role in fostering the growth of the nutraceutical sector. Regulatory organizations such as the Food Safety and Standards Authority of India (FSSAI) have established guidelines for the manufacture and marketing of nutraceutical products, ensuring their safety and quality. This move has instilled confidence among both consumers and industry stakeholders.
Research and development: Many contract nutraceutical manufacturers maintain an in-house R&D department meant for consistently developing effective and innovative nutraceutical products. Leading contract pharmaceutical manufacturer Akums Drugs & Pharmaceuticals Ltd, for instance, has an R&D process flow that begins with idea conceptualization to prototype development and ultimately leads to commercialization and launch of the desired nutraceuticals. Scientific advancements have resulted in the development of new formulations and technologies that offer enhanced health benefits, attracting more consumers to the industry.
Personalized nutrition: Personalized nutrition is gaining traction as consumers seek tailored solutions to their specific health needs. The approach ‘one size fits all’ works no more. Nutraceutical companies leverage technology to offer customized products, further expanding their consumer base. Being highly flexible in all its operations, Akums Drugs & Pharmaceuticals Ltd provides innovative and customized products to its clients. Be it the ingredients, the packaging, or the labeling, the company goes above and beyond to meet the personalized nutritional requirements of its clients.
Future prospects of the nutraceutical industry in India
Expanding elderly population: India is experiencing a demographic shift, with an increasing number of elderly individuals. This aging population will drive the demand for nutraceuticals that cater to age-related health issues, including but not limited to bone health, cognitive function, and joint pain.
Product diversification and integration of Ayurveda: The industry will witness continuous innovation and product diversification to address various health needs and preferences of consumers. Formulations with evidence-based benefits and natural ingredients will attract a larger customer base. As the country has a rich history of traditional medicine systems like Ayurveda that encourages using traditional herbs, the nutraceutical industry is more likely to integrate age-old practices to develop effective and culturally relevant products.
Global reach: Indian nutraceutical companies are increasingly eyeing the global market. India’s renown as a hub for natural and herbal remedies will bestow the country with a competitive edge in the global market.
The nutraceutical industry in India is on a trajectory of growth and success, driven by changing consumer habits, supportive regulations, and the pursuit of a healthier lifestyle. The industry is positioned to greatly influence the nation’s healthcare system while advancing the well-being of its population Kudos to the convergence of innovation, research, and a health-conscious population that paints a bright future for the nutraceutical industry in India. Akums Drugs & Pharmaceuticals Ltd’s role as a reliable contract pharmaceutical manufacturing partner has been instrumental in propelling the nutraceutical industry forward, and its expertise will continue to shape its future in India and beyond.
