The nutritional supplements market in India is experiencing an enormous surge with a projected market valuation of US$ 28.70 billion by 2032. This significant growth is driven by a multitude of factors, including changing dietary requirements, public health concerns, and a rising demand for Ayurvedic and plant-based remedies. As the prevalence of lifestyle diseases such as anemia, child malnutrition, obesity, and diabetes increases across the country, so does the need for nutritional supplement interventions.
Market Overview: India’s Nutritional Supplements
The nutritional supplements market in India was valued at US $11.85 billion in 2023 and is projected to reach US $28.70 billion by 2032, growing at a CAGR of 10.7%. This growth is largely attributed to dietary changes, the rising demand for Ayurvedic and plant-based remedies, and increased government initiatives promoting health consciousness. The market is segmented by product type, ingredients, form, age group, end use, and distribution channel, providing a comprehensive landscape of the industry’s current condition and future outlook.
Government Initiatives and Public Health Concerns
The government plays an instrumental role in shaping the nutritional supplement landscape in India. Initiatives focused on exclusive breastfeeding, combating malnutrition through community-based programs, and addressing micronutrient deficiencies are pivotal in the growth of this market. As India grapples with health issues such as anemia, child malnutrition, obesity, and diabetes, the demand for nutritional supplements is on the rise, providing ample opportunities for key players in the market.
The Demand for Ayurvedic and Plant-Based Remedies
The demand for Ayurvedic and plant-based remedies is creating new revenue streams for market players. This demand is reflected in the spirulina market, which is projected to reach USD 1,338.4 million by 2032. Spirulina, a valuable source of plant-based protein, is widely utilized as a dietary supplement, dominating the market in the powder segment with a 66.3% market share in 2022.
The Age of Personalized Nutrition and Dietary Supplements
The nutritional supplements market in India is driven by increased health awareness, rising disposable income, and a growing elderly population. The demand for vitamin and mineral supplements is especially high, with a focus on improving immunity and overall health. Key players in the market include Amway India, Herbalife Nutrition, and Abbott India, who are set to benefit from this increasing demand.
Global Nutritional Supplements Market
The global nutritional supplements market, much like India, is driven by the rising prevalence of chronic diseases and nutritional deficiencies. This has led to a growing demand for supplements to prevent or manage these conditions. The global market size was valued at USD 25 billion in 2022 and is estimated to reach USD 612.92 billion by 2031, with a CAGR of 6.05%. Key players in the global market include Glanbia PLC, Abbott, and Nestle Health Science, among others. These companies are frequently launching new products, creating lucrative market expansion opportunities.
Conclusion
As the nutritional supplements market continues to grow, both in India and globally, it becomes increasingly important for individuals to understand the impact of these products on their health and wellness. With a multitude of factors driving this growth, including government initiatives, dietary changes, and a rise in lifestyle diseases, the industry is poised for significant expansion in the coming years. This growth presents a wealth of opportunities for key players in the market to develop innovative solutions that cater to the evolving needs of consumers.