India Dietary Supplement Market to Grow at CAGR of Over 16% through FY2027

(MENAFN- Techsci Research)

Growing health concerns due to hectic and stressful lifestyle, rising disposable income, and increasing consumer awareness to drive India dietary supplement market through FY2027

According to TechSci Research report, “India Dietary Supplement Market By Product Type (Vitamin, Combination Dietary Supplement, Herbal Supplement, Fish Oil & Omega Fatty Acid, Protein & Other), By Form (Tablets, Capsules, Powder, Liquids, Soft Gels/Gel Cap), By Distribution Channel (Pharmacies and Drug Stores, Supermarkets and Hypermarkets, Online, Others), By Application (Energy & Weight Management, General Health, Bone & Joint Health, Immunity, Others), By End Use (Infants, Children, Adults, Pregnant Females, Geriatric), By Region, Competition, Forecast & Opportunities, FY2027”, the India dietary supplement market was valued USD 3924.44 million in FY2020 and is predicted to grow at a CAGR of more than 16% until FY2027F, to reach more than USD 10,500 million by FY2027. Expanding working-class population, which is highly active on social media, has a higher awareness of lifestyle diseases caused due to lack of proper diet. Dietary supplements can be beneficial for the health, which can improve health issues. The U.S. Food and Drug Administration (FDA) has the authority to review dietary supplement products for safety and effectiveness before they are marketed. Dietary supplements include ingredients such as vitamins, minerals, herbs, amino acids, and enzymes. Dietary supplements are marketed in forms such as tablets, capsules, soft gels, gel caps, powders, and liquids. In addition, people with hectic lifestyles are not able to maintain a balanced diet, therefore, they tend to use dietary supplements to fulfill their dietary requirements. Rising per capita disposable income has led to an increase in consumer spending on discretionary products. People want to stay fit and fine; however, because of their busy and occupied schedule, they must consume supplements to fulfill the minerals and vitamins balance in their body. Middle-income consumers are now spending more on dietary supplements, due to rising disposable income. A rising number of consumers are preferring food supplements that contain healthy and natural ingredients. This is due to growing consumer awareness about the consumption of healthier ingredients and increasing concern for sustainability. Thus, most of the dietary supplement-producing companies are focusing on the use of organic/ecological or sustainable ingredients. This increase in demand for consuming organic products by consumers is boosting the botanical-based food supplement market in India. Government initiatives and steps are taken to keep a check on the quality of the supplements also ensure the growth of the market. The FDA has established good manufacturing practices (GMPs) that companies must follow to help ensure the identity, purity, strength, and composition of their dietary supplements. These GMPs can prevent adding the wrong ingredient (or too much or too little of the correct ingredient) and reduce the chance of contamination or improper packaging and labeling of a product. The FDA periodically inspects facilities that manufacture supplements.

India dietary supplement market is segmented into product type, form, distribution channel, application, end use and region. Based on product type, the India dietary market is divided into vitamin, combination dietary supplement, herbal supplement, fish oil & omega fatty acid, protein & others. The largest market share is held by Vitamin whereas, herbal supplement is the fastest growing as consumer demand is driving towards organic and herbal products. Based on form, the market is dominated by tablet but in the forecast period, capsules are witnessed to be the fastest growing. In terms of by region, the market is divided into North, South, East & West. Among these, North-India dominates the markets with a market share of 30.55% in FY2020, due to higher standard of living of people.

Browse 6 market data Tables and 62 Figures spread through 99 Pages and an in-depth TOC on "India Dietary Supplement Market"

With rising disposable income and sedentary lifestyle patterns, consumers are shifting towards convenient shopping options. Indian consumers are increasingly opting for online shopping and digital payment methods as a result of growing internet connectivity and smartphone penetration. Dietary supplement players are also focusing on e-commerce platforms to increase their consumer reach.