Indian Vitamins & Minerals Market Analysis

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  • Type: Common Disease Area
  • Published : April 2021
  • Region: Asia
  • Country: India
  • Report ID : 1411

  • Format: PPT, PDF

Indian Vitamins and Minerals Market: Segmented by Product Type (Vitamins and Minerals Dietary Supplements, Herbal Dietary Supplements, Protein Dietary Supplements, Others) by Form (Tablets, Capsules, Powder, Liquid, Soft Gels, Gel Caps) – Growth, Trends, Forecasts (2019 – 2028)

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Report Overview

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.

Market Drivers

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.

1. Indian Vitamins and Minerals Market Overview…………………………………….
A. Market Size
2. Market Growth Drivers………………………………………………………………….
A. Increasing Health Consciousness Among the Consumers
B. National Health Mission (NHM) and the Mid-Day Meal scheme
3. Major Vitamins & Minerals Deficiency Diseases……………………………………….
A. Scurvy
B. Rickets
C. Beriberi
D. Pellagra
4. Vitamins and Minerals Market Segmentation……………………………………..
A. Product Type
I. Vitamins and Minerals Dietary Supplements
II. Herbal Dietary Supplements
III. Protein Dietary Supplements
IV. Others
B. Forms
I. Tablets
II. Capsules
III. Powder
IV. Liquid
V. Soft Gels
VI. Gel Caps
5. Vitamins and Minerals Major Drugs Market Share………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………………………………………..
A. Abbott India Company overview, Product & Services, Strategies & Financials
B. Amway India Enterprises Company overview, Product & Services, Strategies & Financials
C. Cadila Health Care Ltd. Company, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape…………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth………………………………………………………
A. New Trends and Development of Vitamins and Minerals market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Product Type:

Based on the type, Vitamin and Minerals is segmented into Vitamin and Mineral Dietary Supplements, Herbal Dietary Supplements, Protein Dietary Supplements, Others. India is Well- Known for the Herbal Dietary Supplements, it demand has increased by XX% in last few years.

By Form:

Based on the form, Vitamin and Minerals Market is segmented into Tablets, Capsules, Powder, Liquid, Soft Gels, Gel Caps. Tablets for Vitamins C, D and E demand has increased after COVID-19 Pandemic.

Major Players

The major players for Vitamins and Minerals Supplements in Indian Market are Abbott India Ltd, Amway India Enterprises Pvt. Ltd, Cadila Healthcare Ltd, Dabur India Ltd, GlaxoSmithKline Consumer Healthcare Ltd, Herbalife International India Pvt. Ltd, The Himalaya Drug Company, Merck Ltd, Patanjali Ayurved Ltd, Sun Pharmaceutical Industries Ltd. In March 2018, Amway Enterprises India Ltd. launched Nutrilite in the herbal segment. The Nutrilite Traditional Herbs range includes Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha and Nutrilite Amalaki, Vibhitaki, and Haritaki. The growing demand for nutraceuticals has also helped give rise to ventures such as HealthKart, Patanjali, apart from creating room for further consolidation by global brands such as Cargill, Nestle, and Amway in the Indian market.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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