NEW YORK, August 12, 2016 /PRNewswire/ --
India is one of the fastest growing economies among developing nations and is experiencing a major change in lifestyle of individuals. Changing supplement habits, absence of physical activities and rising demand of individuals in desk-bound employments has increased the consumption of fast foods and packaged nourishments in India. This has played a key role in increasing the occurrences of lifestyle diseases, like Diabetes, Blood Pressure, Obesity, Cardio-Vascular diseases. Consumers, belonging to upper and middle class are searching for supplements offering balanced nutrition. Consumers are looking for energy-boosting products to enhance their physical perseverance, mental sharpness and to become more dynamic and conscious, consequently increasing the demand for dietary supplements in India. Dietary supplement refers to any item consumed by mouth that contains a dietary component and/or another dietary component intended to provide a balanced diet. In India, dietary supplements are sold in many forms like tablets, capsules, powders, liquids, soft caps and soft gels, under the banner of Fast Moving Healthcare Goods (FMCG). These products are promptly accessible to consumers through chemist shops, confectionary stores and online channels.
Increasing health consciousness, stressful and hectic lifestyles, lack of time to cook meals at home due to increasing number of working class females and rising per-capita income are few of the major growth drivers of the dietary supplements market in India.
Dietary Supplements Market: Drivers and Restraints
India dietary supplements market is growing at a significantly high rate and the market size stood at around USD1-2 billion in 2015. Increasing purchasing power of customers, especially in tier I & II cities of India, has been a major driving factor for the market. Increasing awareness among consumers about preventive healthcare has also increased the consumer focus towards these products. Furthermore, growth in the organised retail and E-commerce has also improved the visibility and availability of these products in the market thereby, increasing the overall awareness of these products.
Lack of proper standardization in the market has been a major challenge in the market and has resulted in number of small companies offering products which are not up to the quality standards. Other factors such as prevalence of counterfeit products and price skimming are few other challenges present in India Dietary Supplements Market.
Dietary Supplements Market: Segmentation
The Dietary Supplements Market is classified on the basis of product type (Protein Supplements, Vitamins & minerals, Herbals, Probiotic, & Others).
India Dietary Supplements Market, by Product Type
India Dietary Supplements Market: By Region
North and West regions of the country accounted for a major share in the country on account of high increasing awareness, rising employment rate, etc. Tier I & II cities, have been the major demand generators for India Dietary Supplements Market.
India Dietary Supplements Market: Key Players
Himalaya, Abbot, Dabur, GlaxoSmithKline and Amway are some of the major players operating in dietary supplements market in India.
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