Why is the nutraceutical market witnessing an upsurge?
The nutraceuticals sector is witnessing growth in the recent times with shift in consumer behaviour and a renewed focus on preventive healthcare post Covid-19. Inclusion of nutritional supplements or nutraceuticals in daily diets for improving immunity, preventing and managing specific lifestyle disorders has become a norm. In fact, the global nutraceutical market size is projected to reach USD 826,426.3 million by 2028, expanding at a CAGR of 8.9% over the forecast period, as per a report by Research and Markets.
Increase in demand for nutraceuticals
Demand for nutraceuticals is increasing at the global level as it improve the digestive and immune systems and enhances the cognitive behavior of consumers. Rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the nutraceutical market growth over the forecast years. Positive outlook towards medical nutrition owing to increasing weight management programs, along with cardiovascular diseases, is anticipated to propel the demand for nutraceuticals.
Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries, such as India, Japan, and China, has increased the consumption of dietary supplements and functional foods in this region.
Nutraceuticals market in India
The nutraceuticals market in India is expected to reach USD 18 billion by 2025. It is expected to capture at least 3.5% share of the global market by 2023.
This sector has opened significantly to attract foreign investments. The Government of India has opened 100 percent FDI in this sector under automatic route, and such entities can sell their products through wholesale, retail, or e-commerce platform.
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