|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Growth of dietary supplements and nutraceuticals during pandemic
|
|
Monday, 07 February, 2022, 08 : 00 AM [IST]
|
|
Venkatesh Ganapathy
|
The term ‘nutraceutical' was coined in 1989 by the Foundation for Innovation in Medicine, USA to provide a name for the rapidly growing area of biomedical research. The word is derived from nutrition and pharmaceutical – a food or part of food that provides health benefits including disease treatment and prevention.
Nutraceuticals (also called as functional foods) range from specific nutrients to dietary supplements, herbal products and processed foods. It includes beta carotene, fish oil, garlic, green tea, oat bran and various herbs. Dietary supplements are broad and diverse category of products that can be eaten or drunk to support good health and supplement the diet. Dietary supplements are not medicines and nor should they be considered as substitute for food.
India’s nutraceutical market is expected to be a global leader at $4-5 billion and it is expected to grow to roughly $18 billion by 2025. The dietary supplements segments constitute 65% of nutraceutical market and this is growing at a rate of 17% per year. The dietary supplements market in India was valued at $3924.44 million in 2020 and is expected to reach $10198.57 million by 2026. The CAGR for this industry is around 22% and this growth has resulted due to an increased attention of consumers towards preventive health care.
The World Bank claims that India loses about $12 billion in GDP to malnourishment. Nutraceuticals can play a role in mitigating the ill effects of malnutrition and contribute to the growth of global pharmaceutical industry. In July 2020, Rakuten Insight conducted a survey on usage of dietary supplements in India. 67% respondents maintained that they had increased the consumption of nutraceuticals after the outbreak of the pandemic.
A recent study highlighted that 75% Indians believed that taking vitamins, minerals, and supplements on a daily basis aids overall health and fitness. Evidence indicates that supplements and nutraceuticals can reduce severity of viral infections particularly among people with inadequate nutrients from the diets that they consume.
A multi vitamin supplement is not very exorbitantly priced but is also an easier way to replenish and maintain micronutrient stores. Reduced exposure to sun can lead to deficiency of Vitamin D. As many people stayed indoors during the pandemic, Vitamin D deficiency can become more pronounced.
Consumers need to be reminded that nutritional supplements should not be treated as substitutes for a regular, healthy diet. Vitamin tablets and capsules, chewable tablets, zinc supplements have been prescribed during the pandemic. Nutraceuticals market’s growth is attributed to growing awareness among consumers to stay fit and eat right.
The pandemic is making people consume multi vitamins to boost their immunity. This has led to increase in consumption of Vitamin C, Vitamin D, E3 and probiotics. Pharma experts believe that this trend will continue even after the impact of the pandemic wanes. In US market, immunity boosters were growing at a rate of 1 to 2% before pandemic but now it has increased substantially – for example – the market for Vitamin D3 grew by 80% while Vitamin C grew by 40%. Besides immunity, consumers are lapping up supplements to improve cognition and sleep and alleviate stress.
For a supplement to be successful, science must support the claims; there has to be demand for specific benefit, the dosage has to be fixed and the cost per dose has to be arrived at. The practitioner channel is conspicuous by its absence in India – however in the West, this channel comprises doctors, personal trainers and fitness instructors. Vitamin K2 is essential to help calcium be absorbed into your bones. This vitamin may be a part of vitamin water, cereal, energy bars as its daily dose is 90 mg.
These developments will also need stringent regulation to keep fake claims in check. Interestingly, the consumption of nutraceuticals during economic recession increases as people don’t want to fall sick or go to the doctor or miss work. Bone health, digestive health and heart health will come into sharp focus with probiotics being preferred to improve digestive health.
A large part of India’s population has now learnt the significance of improving immunity and this has influenced consumer behaviour. For patients who tested positive, doctors have recommended vitamin and zinc supplements. The renewed interest in nutraceuticals is an indication that consumption of nutraceuticals may cease to be an option.
Even after people have recovered from the pandemic, their behaviour towards consumption of nutraceuticals and dietary supplements is unlikely to change. This augurs well for manufacturers of nutraceuticals. The good thing about nutraceuticals is that they can be segmented across all age groups. Chewable nutraceuticals that are safe for children are being lapped up by parents. The designs of these products are such that they appeal to young children.
A well-balanced diet is necessary but many diets do not provide significant amounts of essential vitamins and minerals. Consumers are now seeking personalised nutrition solutions that are tailored to their unique lifestyles. This can lead to psychographic segmentation of such products.
The rising prevalence of lifestyle disorders like cardiovascular disease, diabetes, hyperlipidemia, obesity and blood pressure is driving the growth of dietary supplements in India. With a sizeable ageing population, the market prospects for such products can only become brighter.
The growing market for nutraceuticals has made it imperative for pharmaceutical companies to make the products more consumer-oriented. The convergence of medicine, food and technology has provided impetus to the food processing industry which is slated to rise over $ 958 billion by 2025. The nutraceuticals sector has been opened up to attract foreign investments. 100% FDI is permitted in the manufacturing sector under automatic route.
Sports nutrition and supplements can enable improvement in athletic performance. Increase in disposable incomes is driving the growth of nutraceuticals market but mention must be made of strong marketing and promotional tools that are creating awareness about such products. Additionally, the available of e-commerce and direct to customer channels is making delivery of these products easier.
The pandemic highlighted the importance of leading a healthy lifestyle and has altered the way we live today. Wellness has become a buzzword now as consumers do not flinch before spending for their own health and fitness. The pandemic has driven home the point that physical health must be complemented by mental health.
(The author works with Presidency College, Bengaluru)
|
|
|
|
|
|
|
|
|
|