Dietary Supplements Market in India to Grow at Over 13% through 2022
Growing health concerns due to hectic
& stressful lifestyle, rising disposable income and increasing consumer
awareness to drive India dietary supplement market through 2022
According to TechSci Research report, “India
Dietary Supplement Market By Type, By Distribution Channel, Competition Forecast &
Opportunities, 2012 – 2022”,
India dietary supplement market is forecast to grow at a CAGR of over 13% during
2017-2022. Dietary supplements are products that are consumed in the form of
powder, tablet/capsule, liquid or semi-liquid to provide the nutrients required
for a healthy and balanced diet. Growing R&D activities, aggressive
marketing strategies by the leading players, rising consumer interest in
fitness, innovative product launches to lure Gen-X and millennial population
and changing consumer lifestyles are some of the major factors expected to
boost demand for dietary supplements in India in the coming years. Moreover, increasing
penetration of marketers in rural and semi urban areas coupled with rising
working population is anticipated to aid India dietary supplement market
through 2022.
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Rising young population base, growing physical
fitness market like gyms and personal training centers and increasing focus on
personal health is boosting dietary supplement consumption in India. According
to the Telecom Regulatory Authority of India (TRAI), number of internet users increased
to 391.50 million in 2016 from 257 million in 2014. Such increasing in internet
penetration is anticipated to further fuel sales of dietary supplements through
the online channel during the forecast period. Rapid urbanization and
increasing awareness about the benefits of dietary supplements is e also
expected to positively impact dietary supplements market in India over the next
five years.
In 2016, vitamin
& mineral dietary supplement segment dominated India dietary supplement
market, and the segment is anticipated to continue its market dominance through
2022, owing to the fact that vitamin & mineral dietary supplement contain a
variety of micronutrients, water-soluble & fat-soluble vitamins that help the
body to function smoothly and improve mental health as well. The largest distribution
channel for India dietary supplement market is pharmacies/drug stores/chemists
and other specialty stores, as the government licenses them to sell drugs and
dietary supplements as prescribed by doctors or health professionals.
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“India
dietary supplement market is growing at a tremendous pace, on account of
rising health consciousness, surging economic development with
consumers having higher disposal income and expanding working class population.
Moreover, increasing endorsements of brands by celebrities and
continuous
investments on R&D activities to introduce new variants are few of the other factors anticipated
to provide lucrative
opportunities to the industry players during the forecast period.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Dietary Supplement Market By Type, By Distribution Channel, Competition Forecast &
Opportunities, 2012 – 2022” has evaluated the future growth potential of India
dietary supplement market and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers to take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, trends and
opportunities present in India dietary supplement market.
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