Mumbai-based nutraceuticals manufacturer Mission Vivacare is expecting to reach a sales target of Rs.50 crore from the US market alone for its nutraceutical supplement brand Vivaprime in the first year. Vivaprime was launched in the US in March 2010. In a move to strengthen its hold in the US, the company has appointed Diane Rich as its country head and nutritionist Dr Holly Lucille as its brand ambassador for its US market.
The US market size for nutraceutical products is to the tune of around $50 billion, growing at around eight to 10 per cent annually. The company manufactures its nutra supplements at its US GMP manufacturing facility at Indore and later exports to US.
Akkshay Mehta, managing director, Mission Vivacare informed that Dr Holly is a celebrated nutritionist in the US and her knowledge of the natural products industry and her experience with a variety of new ventures make her an ideal candidate to help the company build their business in the US. “Our target is to touch sales of Rs.50 crore from the US market in the first year of product launch,” Mehta added.
Speaking about Dr Lucille Mehta said that she has been a guest on a number of radio shows and is quoted regularly as an expert primary source in both consumer and peer journals. In 2007 she was listed in the Time Magazine’s alternative list as one of the top 100 most influential people.
The company soon plans to have an aggressive Indian launch in 2011 and is looking forward to appoint its Indian brand ambassador. According to Akkshay Mehta, managing director, Mission Vivacare, “The Indian market for dietary supplements is estimated at approx Rs.2,400 crore is growing at around 20 per cent. We will launch our products through shopping malls and retail outlets in large metros.”
Mission Vivacare reported net sales of Rs 300 crore for the year ended June 2010, a 50 per cent growth over approximately Rs.200 crore reported a year ago. Vivaprime products combine the advantages of ayurvedic and other herbs with conventional vitamins, minerals, antioxidants and enzymes for specific conditions, to provide maximum support to the human body, in its own natural processes. The products are meant to supplement drugs taken for illnesses like diabetes, cardiovascular diseases, psychiatry, etc.