Just Veda is the nutraceutical product line of Pro Healthywayz, which includes supplements like multivitamins, flaxseed oil, krill oil, etc., and is seen to be getting great reviews from the consumers. Let’s take a detailed look into why entering into this particular market could help Pro Healthywayz to reach new heights.
Nutraceuticals come from two different terms, nutrient (a nourishing food component) and pharmaceuticals (a medical drug) and was coined in 1989 by Stephen DeFelice, founder, and chairman of the Foundation for Innovation in Medicine, an American organization located in Cranford, New Jersey.
Despite the foreign origin of the term, India is not unfamiliar with what the term actually signifies. Herbal medicines and supplements have been a legacy of India, a fact that resonates with our mythology and this legacy is what forms one of the strongest pillars of the foundation of the nutraceuticals market in India.
Nutraceuticals market can be divided into two segments: Functional Food and beverages which included fortified food and drinks (probiotic yogurt, protein bars), sports drink, energy drink and so on, and Dietary Supplements which include Vitamin and Mineral Supplements, Protein Supplements and other dietary supplements.
The nutraceuticals market is seen to be growing with speed. The global market should reach from $247 billion in 2019 to $336 billion by 2023, at a compound annual growth rate (CAGR) of 8%. But the focus of nutraceutical players is now shifting towards developing economies, especially those across the Asia Pacific, including India. In 2017, the Indian market held only a 2% market share of the global nutraceutical market and its estimated valuation stands at around $5 billion as of 2019. It is expected to reach $11 billion by 2023, increasing at a CAGR of 21%. By 2023, India is also expected to hold at least 3.5% market share of the global market.
The key growth drivers for this market in India are:
Rise in awareness
A surge is seen in the awareness among people regarding their health and well-being, especially in the youth of the country. This awareness is leading people into making more educated decisions and the preference is moving towards more, natural-based, health products.
Also, higher socio-economic and middle class, perceive nutraceuticals as an alternative to prescribed drugs which in itself is another key factor.
The penetration of modern retailing means like supermarkets, e-commerce, direct selling, etc., have been increasing which increased the availability of these products to people.
Under penetrated markets
The penetration of nutraceuticals in India has been low compared to other developed economies which have also matured, this increases the scope of growth even more.
Keeping the current scenarios in mind, it’s safe to say that the nutraceuticals market will be growing with a rocket speed in India and it wouldn’t be surprising if Pro Healthywayz leaves the global pharmaceutical leaders behind, sooner or later.