Sep 28,2021 | Pharmaceutical
People are increasingly shifting towards preventive healthcare. India has one of the highest diabetes cases in the world and it is anticipated that over 80 million people will be diabetic in the country by 2030. Many consumers are now getting increasingly aware about the excessive use of chemicals and their side effects and are opting for dietary supplements. This changing trend would boost the country’s dietary supplement market.
India dietary supplement market was valued US$ 3.92 billion in 2020 and is predicted to grow at CAGR of 17.28% until 2026, to reach US$ 10.19 billion by 2026. Anticipated growth in the market can be attributed to growing consumer awareness about preventive healthcare, increasing purchasing power and rising cases of lifestyle diseases such as obesity, blood pressure, diabetes, malnutrition, etc. In addition, adoption of aggressive marketing & promotional strategies for the promotion of dietary supplement is expected to positively influence the growth of the market.
In 2020, the combination dietary supplement held the lion’s share in market due to 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. Based on distribution channel, pharmacies & drug stores led the market with share of 64.49% in 2020 as the government licenses them to sell drugs and dietary supplements as prescribed by doctors or health professionals.
India dietary supplement market is controlled by several major players, including Abbott India Limited, Herbalife International India Pvt. Ltd., Amway India Enterprises Pvt. Ltd., Dabur India Limited, Danone Nutricia International Pvt. Ltd., Himalaya Drug Company, GlaxoSmithKline Consumer Healthcare Ltd., Sun Pharmaceutical Industries Ltd., Kraft Heinz India Pvt. Ltd., and Patanjali Ayurved Limited, among others.
According to the new report offered on Bharatbook, the study is useful in providing answers to several critical questions that are important for the industry stakeholders such as dietary supplement manufacturers, distributors and dealers, customers and policy makers. The study would help them to identify which market segments should be targeted over the coming years in order to strategize investments and capitalize on the growth opportunities in the market. It also helps to classify dominant region, drivers and challenges, as well as identify key sustainable strategies adopted by market players in India dietary supplement market.
To get more insights on the market, please visit India dietary supplement market.