Indian Vitamins and Minerals market size stood at USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of 15% during the forecast period.
A large number of vitamin supplements are available in the Indian market. It includes single-ingredient products and various combinations of vitamins, minerals, and other constituents. Vitamins are widely used as dietary supplements. Vitamins and minerals occupies a larger share of the pie in the Indian dietary supplements market – 40% – followed by the herbal segment contributing 30%, proteins segment contributing 25% and other segments contributing around 5% of the total market. The major function of dietary supplements is to fulfil the nutritional requirements of the human body and is usually consumed in the form of a pill, capsule, tablet, or liquid. A supplement can provide nutrition either individually or in combination, depending upon the requirements of the consumer’s body. Dietary supplements are rich in vitamins, minerals, herbs, enzymes, amino acids, and various other ingredients. In urban areas, higher income groups are the main consumers of dietary supplements and this will grow at a considerable rate. Moreover, rising health consciousness, rapid growth of the e-commerce market and rising per capita income are driving the growth of the dietary supplements market in India.
The primary factor driving the Indian vitamins and minerals market is the increasing health consciousness among the consumers. Factors such as changes in eating habits, absence of physical activity and rising sedentary life styles have increased the occurrences of various lifestyle diseases such as diabetes, blood pressure, obesity, cardiovascular problems, etc. Moreover, improving awareness levels have also made consumers more aware on their nutritional requirements. With consumers unable to fulfil their nutritional requirements through their regular diets, they are now recognizing the importance of nutritional supplements to fulfil their nutritional gaps. Other factors driving this market include, rising disposable incomes, upgradation of the healthcare infrastructure, improving distribution networks, etc. Besides this, The government has taken several measures to reduce the same through various initiatives such as Integrated Child Development Services (ICDS), National Health Mission (NHM) and the mid-day meal scheme. As per a World Bank report on ‘Nutrition in India’, India loses nearly US$12 billion in Gross Domestic Product (GDP) to malnourishment.