Indian Dietary Supplements Market has offered a lot of opportunities for new and existing players over the last several years. There has been opportunities by way of new gaps in the market and also need for new alternatives for traditional therapeutic applications. Pharmaceuticals, FMCG companies and a very few nutraceutical products companies constitute the Indian nutraceutical market . The general increase in health consciousness and improved incomes and living standards have promoted the growth of these markets in India. It is also one of the fastest growing segments in the country and has shown a continuous growth that does not seem to be affected by the economic downturns or rising inflation.
The country has taken to sports and fitness like never before. Sports Nutrition continues to be another promising market in the country. Protein supplements in particular have become popular in the last few years in this niche. This has also attracted foreign brands into the market through sever collaborations and partnership arrangements. The interesting aspects that have fueled the growth in this segment are the many changes that have occurred in the spending habits of the urban population. This demographic has become more health conscious than ever before. Gyms and health clubs have also contributed to the growing demand of supplements & vitamins. The nutraceuticals market in 2010 grew by 26.95% compared to 2009. Even though the industry showed a positive trend, 2008 and 2009 saw low sales volumes. Also, the turnover of the industry was low although there was a positive trend fueled by an aging population and increasing chronic diseases. The industry has grown at a CAGR of 18.90% from 2006-2010. The areas that offer great opportunities so far are Urban consumers who make up for 67% of the vitamin and dietary supplement market and a major share held by herbal food products and supplements; followed by functional digestives.
An enormous opportunity exists for anyone who wants to create products for niche markets targeted at specific demographics within the sports nutrition or therapeutic supplements as long as one can educate the end user about the products applications and benefits without having to depend on medical or fitness practitioners. This can be done in many ways, one way would be to be able to build a culture and following around a niche product that is built for a responsive niche community of consumers defined by a specific common personal fitness or health goal. The effort needs to be one that educates the consumer and aids them in their personal fitness or health goals and not simply push products onto them. A great understanding of what the identified community cares about goes a long way in building resources for them and positioning your product in their lives. Bio-gen offers a range of services including new formulations, custom formulations, new products, testing, clinical trials and also fully transparent processes. We make it a point to not only be your reliable partner for ingredients and formulations but also your partner in exploring new Opportunities that help you grow your business.
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