Rising Popularity of Nutraceuticals
A recent survey by LocalCircles has brought to light the extensive consumption of nutraceuticals across Indian households, with a significant 71% regularly consuming vitamins, minerals, and herbal supplements. Despite their popularity, a concerning 69% of these consumers do not consult a doctor before taking these supplements, underscoring a trend of unsupervised intake that could pose health risks.
Consumer Purchasing Behavior and Regulatory Gaps
The survey further explores the purchasing patterns, revealing that 68% of consumers buy nutraceuticals from local medical or general stores, while 25% opt for online platforms. However, only a small fraction (31%) adheres to doctor-prescribed products. This preference indicates a lack of awareness about the potential dangers of unregulated nutraceutical consumption.
Public Calls for Government Intervention
Amidst affordability concerns, a striking 78% of survey participants advocate for government-imposed price caps on essential nutraceuticals, such as vitamins A and C. This demand aligns with ongoing deliberations by the Ministry of Health and Family Welfare, which is considering bringing nutraceuticals under the purview of the Central Drugs Standard Control Organization (CDSCO) to ensure quality and regulated usage.
Proposed Regulatory Framework
The health ministry’s proposal includes forming a committee with representatives from FSSAI, CDSCO, ICMR, the Ministry of Ayush, and the Department of Pharmaceuticals. This initiative aims to tackle the challenges in the burgeoning nutraceutical sector and potentially enable the National Pharmaceutical Pricing Authority (NPPA) to make these products more accessible and affordable for consumers.
Market Growth and Quality Concerns
In 2023, the value of the Indian nutraceuticals market reached around USD 26.87 billion. It is projected to grow at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2030. This growth is driven by increasing consumer focus on health-enhancing diets, the rising incidence of lifestyle-associated diseases, and a greater preference for preventive healthcare measures. Additionally, changes in consumer dietary habits are expected to boost the demand for nutraceutical products.
Demographics of the Survey
The LocalCircles survey, gathering over 47,000 responses from 318 districts in India, indicates a demographic split with 62% male and 38% female respondents, reflecting a broad interest and concern regarding nutraceutical consumption and regulation in the country.
| The nutraceuticals that you regularly consume, what percentage of them were prescribed by a doctor? | |
| Description | Percentage |
| All of them were prescribed by a doctor | 31% |
| 50-100% of them | 27% |
| None of them, I decided to take them | 23% |
| 0-10% of them | 14% |
| 10-20% of them | 5% |
| Total Responses: 10,873 | |
| Should the government cap prices of vital nutraceuticals like Vitamin A, Vitamin C and other immunity boosters? | |
| Opinion | Percentage |
| Yes, absolutely | 78% |
| No, not necessary | 17% |
| Can’t say | 5% |
| Total Responses: 11,935 | |
Positive Outlook for Manufacturers in India’s Nutraceutical Market
The growing consumer interest in dietary supplements, which alone represents a significant market segment, indicates a substantial opportunity for expansion and innovation.
To capitalize on this potential, manufacturers should proactively align with the forthcoming regulatory changes. By staying ahead in compliance with the standards set by bodies like the CDSCO and FSSAI, companies can ensure product quality, gain consumer trust, and avoid legal pitfalls. Preparing for regulation in advance can position manufacturers as industry leaders, ready to meet the increasing demand in a market that values safety and efficacy.
In conclusion, the expanding market size and the impending regulatory framework present a dual opportunity for nutraceutical manufacturers in India. By embracing the changes and prioritizing quality and compliance, manufacturers can not only contribute to a healthier society but also secure a competitive edge in this dynamic and growing market.
Reference: LocalCircles data, Grand View Research
