Sectoral Capsule-Dietary Supplement Market in India (2013 - 2018)
India is still a nascent market for nutraceuticals and dietary supplements. The Indian dietarysupplements market has now become highly attractive because of growing health consciousness andaffluence among consumers. It is projected to grow at a CAGR of 18.46 percent from 2013 to 2018.The vitamin and minerals segment dominates the sector. Herbal supplements has also beenwitnessing rapid rise in demand with more and more people shifting away from synthetic productsto natural products.
Dietary supplements targeted at women and children have a bright future. Preventive dietarysupplements for diseases such as cancer, diabetes, obesity and arthritis are also much sought after.Presently, vitamins supplements is the need of the hour; it has a strong brand proposition followedby protein and iron.
The dietary supplement market in India is largely untapped. To realize its full potential, it isnecessary for players in the sector to adopt an FMCG marketing model to understand consumers’taste and devise appropriate strategies. The sector also needs to invest time and money in researchand development. Potential entrants into this segment need to assess various influencing elementssuch as the classification of the product, regulations, route to market and target customer.Dietary supplements play an important role in the development of India’s nutraceutical market.However, this will depend on purity control, efficiency and safety. Hence, a strong regulatoryframework is an urgent requirement.
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