| |OCTOBER 20228VANTAGE POINTT here is a paradigm shift happening in consumer choices from pharmaceuticals to the nutraceuticals. The industry is witnessing a rapid growth globally. As per a study conducted jointly by Assocham & RNCOS, in 2017, the Indian market was estimated at $4 billion and is expected to reach $9 billion by 2022 increasing at a CAGR of 21 percent.India held only two percent market share of the global nutraceuticals market in 2017 and is expected to hold at least 3.5 percent market share of the global market by 2023 which is expected to be over $300 billion.In per capita expenditure on nutraceuticals, India is way behind than its global counterparts. It is just $2.5 compared to the global average of $21. In the nutraceutical market in India, vitamins & minerals are the popular one & comprises 40 percent share followed by herbals at 30 percent and Protein at 25 percent.Today Indian market has over 400 participants with over 100 participants only in the vitamins & minerals space. With global markets getting saturated, many global players are turning eyes on developing markets and India is seen as one of the most potential opportunities in nutraceutical consumption.Importance, Awareness & Trends Poor eating habits, busy & sedentary lifestyle & hereditary issues have made us vulnerable to many lifestyle related ailments. As per reports, over 80 percent Indians are deficient in protein. There is a large population including affluent urban class, is deficient in essential micronutrients. All this has led to exploration of ways to prevent diseases arising out of these deficiencies. There were times when people were apprehensive of consuming dietary supplements and the awareness was at a very low level. But over the period with increasing health consciousness, global integration, active media in the health space & social media penetration THE SUNSHINE SECTOR: PREVENTIVE HEALTHCARE & NUTRITIONBy Vinay Jain, Chief Operating Officer, Onelife NutriscienceVinay Jain,Chief Operating Officer
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