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Dietary Supplements Market Exhibiting a CAGR of 17% During 2018 to 2023

November 12, 2019 by Jason Lee  

Facto Market Insights has carefully uploaded a smart research report titled Dietary Supplements (Vitamin, Herbal, Probiotic, Omega-3, Protein Supplements) Market in India 2018-2023, to its broad online database. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2023. The research study examines the Dietary Supplements on the basis of a number of criteria, such as the product type, application, and its geographical presence.

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Nutraceuticals market segmentation:

The nutraceuticals market is segmented into the following types:

o  Functional food
o  Functional beverages
o  Dietary supplements

Indian dietary supplements market overview:

Dietary supplements are products consumed in the form of powder, capsules or liquid, in order to make up for the deficiency caused due to the lack of a balanced diet. Based on product type, the dietary supplements market is segmented into:

o Vitamin
o Herbal
o Probiotic
o Omega-3
o Protein Supplements 

The dietary supplements market in India is expected to grow CAGR of ~20% from 2015 to 2023.

Dietary supplements market segmentation:

Product-wise:

Vitamins and minerals occupies a larger share of the pie in the Indian dietary supplements market - 40% - followed by the herbal segment contributing 30%, proteins segment contributing 25% and other segments contributing around 5% of the total market. Vitamin and mineral supplements includes micronutrients which help the body function properly and improve mental health. The vitamin and mineral supplements market comprises around 100 market players. The urban population in India that resides in metro cities predominantly consumes protein supplements.

Cardiac, anti-diabetic, dermatology, vaccines, vitamins, minerals and nutrients are the fastest growing segments in the dietary supplements market.

Player-wise:

Vitamin supplements dominate the dietary supplements market in India. Amway India Enterprises Limited is the market leader in the vitamins and dietary supplements segment, with ~33.8% market share, followed by Pfizer Limited, Merk, Bayer, and Abbott. The probiotic drugs and dietary supplements segment is dominated by Dr. Reddy’s Laboratories, Tablets India, and USV India.

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Key growth drivers of the market:

Rapid digitization and increase in social media usage have increased awareness regarding nutrition care and improved access to vital information. Changing lifestyles is increasing the incidence of several diseases such as diabetes, blood pressure, obesity and cardio-vascular problems, among others. In urban areas, higher income groups are the main consumers of dietary supplements and this will grow at a considerable rate. Moreover, rising health consciousness, rapid growth of the e-commerce market and rising per capita income are driving the growth of the dietary supplements market in India.

Key challenges of the market:

The lack of clear regulatory framework has been a major challenge to the growth of the dietary supplements market in India. Around 60% of the dietary supplements sold across India are fake, counterfeit, unregistered and unapproved, in addition to being extremely difficult to identify. In India, protein supplements are priced high, making it quite expensive for consumption on a regular basis by the lower middle class and rural population of the country.

Competitive landscape:

Some of the major players operating in the market include:

o Abbott India Ltd.   
o Amway India Enterprises Pvt. Ltd. 
o Cadila Healthcare Ltd.
o Dabur India Ltd.
o GlaxoSmithKline Consumer Healthcare Ltd.   
o Herbalife International India Pvt. Ltd.
o The Himalaya Drug Company
o Merck Ltd.
o Patanjali Ayurved Ltd.
o Sun Pharmaceutical Industries Ltd.

Notable Development:

In March 2018, Amway Enterprises India Ltd. launched Nutrilite in the herbal segment. The Nutrilite Traditional Herbs range includes Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha and Nutrilite Amalaki, Vibhitaki, and Haritaki. 

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