As the awareness about health and fitness is increasing along with changing lifestyle, the nutraceuticals market in India is estimated to reach $6.1 billion by the year 2020. The existing level of this market segment is $2.8 billion and it is growing at a CAGR (Compounded Annual Growth Rate) of 17 percent, revealed a study.
The nutraceutical product is nothing but a food product or fortified food product with the ability to supplement the diet and assist in the treatment or prevention of diseases. The product also provides medical benefits.
The study also predicted that the global nutraceuticals market might cross $262.9 billion by the year 2020 from the existing $182.6 billion. The global market segment is growing with a CAGR of 8 percent.
As per the study conducted jointly by Assocham and RNCOs, the largest market for mutraceuticals is the United States. It is followed by Asia Pacific as well as European Union. In the U.S. nutraceuticals market, the functional food category is growth swiftly. The major markets for nutraceuticals in the European Union are Germany, France, the United Kingdom and Italy. In the Asia Pacific region, Japan is the major nutraceuticals market with 14 percent share and China is the next one with 10 percent.
When it comes to India, the country accounts to around 1.5 percent of the international nutraceuticals market. Nutraceuticals market in India is expected to grow due to the large population of the country as well as the increase in the urban belt and heath awareness.
The report urged that both the private players and the government have to create awareness of the heath benefits of using nutraceuticals in the public. They should call off the phony and unregistered players that exist in the market. it also added that the government should offer special incentives as well as subsidies to the firms that achieve faster growth in the Indian nutraceuticals market.
