Over the past few years, the Indian nutraceutical and healthcare supplements sectors have witnessed a phenomenal growth. Healthcare experts believe that even the most happening pharmaceuticals sector may face a stiff competition from nutraceutical and health supplement sectors in the near future. According to some estimates this sector, growing at 15 per cent annually, is expected to top $5.5 billion within two to three years.
The major factors that have spurred the growth of nutraceutical and healthcare supplement sectors are rising public health consciousness, changing life styles, increased spending capacity and preventive medication. The Indian nutraceutical market has grown to around Rs 9200 crores during the year 2010-11.
Many companies are not just sticking to only pharma products but also venturing in to related health care and other dietary products which can be used as preventative therapy and also supplementary products. The potential market growth for nutraceuticals and healthcare supplements are also attracting foreign manufacturers to Indian sub continent.
India has a great potential to grow in nutraceutical sector in the coming years, says Dr. Moinuddin Rawoot, Managing Director of Medicon Health Care Private Ltd, Mumbai. The most important reason for this is the economic and environmental factors present in the country, according to him.
The conditions present in Indian sub continent are conducive for the growth of nutraceutical sector. Since the foods consumed by most of the Indians lack nutritional content , they are forced to depend on health care supplements to increase their physical fitness and strength. This is advantageous for the growth of the sector, he added.
However he feels that the sector needs a lot of aggressive marketing in order to grow faster and to reach out to newer horizons.
Commenting on the growth prospects of nutraceutical sector , he said the sector is poised to grow at the rate of 15 per cent every year and would even overtake the pharmaceutical market in the next five years.
Understanding the huge potentials of the Indian nutraceutical market, international companies are keen on entering Indian market said Dr. Rawoot. A Canadian delegation is expected to visit Medicon Health Care from February 28-29 to discuss business modalities and partnerships in the nutraceutical arena and other related areas. The main objective of the visit is to promote their products like spray dried and refined colustrum supplements in Indian market.
Many nutraceutical products are designed to improve immunity against infectious diseases, and to provide key growth and metabolic factors that support general health, well being and athletic performance. For instance Medicon Health Care produces and exports nutraceuticals such as ascorbic acid, multivitamin tablets, folic acid tablets and Vitamin k1.
Ramesh Pandit, Managing Director, Oceanic Laboratories Private Ltd chimed in and said that in the next couple of years the nutraceutical and healthcare supplements markets would double up as there exists a vast unexplored potential.
While the prospects are high for nutraceuticals, the government restrictions on imports of certain important products and raw materials are hurting the growth of this sector. Prem Kumar, MD Xena Bio herbals Pvt Ltd Hyderabad said, “For certain raw materials needed for manufacturing essential oils, the government is making it compulsory to have license. Even if we apply for license, it takes more than two to three years to issue the same. This is killing a lot of time and our investments are wasted as we cannot wait so long for our returns.”