May 13, 2023 | Nutraceuticals
Nutraceuticals Industry Growing at 22% Annually During Pandemic
With the dreadful befall of the Covid-19 pandemic inflicting each one us in ways beyond compare, everyone has, to some extent, reverted to the use of nutraceuticals. We’ve seen how the growing significance of preventive healthcare has caused this industry to grow exponentially. In what could be seen as the golden age for Nutraceutical Manufacturer in India, India is topping the global charts in being the producer of world class dietary supplements.
The buying patterns and market behavior of the consumers have shifted drastically with people being more willing to include immunity-boosting supplements in their daily routine. In such times, Indian nutraceutical manufacturers like Akums have an edge over their contemporaries as they not only are adept with the highest standards of environment, health and safety (EHS) performance but are innovative to offer a plethora of options to choose based on the ever-evolving needs of their customers. Since India is a reservoir of untapped potential in the field of medicine, this is the right time for startups and other small-scale businesses on the lookout for visibility and expansion in the market to collaborate with nutraceutical third party manufacturers in India. This relation, apart from fulfilling the surge in demand from far and wide, helps redesign global healthcare towards a happier world.
The nutraceuticals industry in India, under the aegis of FSSAI, is flourishing at a rate of 22% growth rate year on year since the beginning of the pandemic. According to FSSAI, with a USD 4-5 billion market, India is positioned to lead the world in nutraceuticals. By 2025, experts and estimates predict it will increase to over USD 18 billion. In India, the market for dietary supplements is estimated to be worth USD 3,924.44 million in 2020 and is expected to grow to USD 10,198.57 million by 2026, according to reports.
Gone are the days when supplements were consumed only by those with week immunity and/or elderly. Everyone has learned it the hard way to keep up their immunity to prevent another such episode from occurring. At least that is the bare minimum one can do in their capacity! Supplementation is the new normal for many of us. No matter what our ideology is, with options ranging from as diverse food sources as animal to plant to algae and fungi, it turns out that everyone’s nutraceutical requirements can be met without a compromise.