Dietary supplements which were conventionally sold by medical stores have become a huge market in India. Growth is driven mainly by increasingly health conscious urban consumers. Vitamin and dietary supplement market during 2008 was valued above Rs.2550 Crore (about $510 million) and is set to grow to Rs.3400 Crore (about $680 million) by 2013. Some of the major players in this market are Amway, Dabur, Heinz, Pfizer and Ranbaxy. Recognizing the huge potential, Swedish cosmetics major Oriflame plans to introduce its wellness products like protein shakes in India. Other Indian company which has announced its entrance in this market is Emami. Emami plans to launch a range of over-the-counter (OTC) drugs for stress relief, diabetes and blood pressure.
Some of the growth drivers for this market are higher spending power of people, ageing population and growing awareness of the advantages of dietary supplements. In India there is sharp rise in chronic diseases which can be attributed to growing fast food culture, lack of physical activity, people restoring to high fat, high cholesterol diet which makes them susceptible to lifestyle diseases. Escalation in cost of medial treatment drives people to resort to preventive measures such as intake of dietary supplements. Growth in the pharmacy chains and organized retail outlets gives opportunity to merchandise a wide range of dietary supplements to the consumers. Promotions, display, counseling further drives dietary supplement market. With organized retail sector poised to grow by 15 percent of the retail sales by 2011, we can expect huge growth in dietary supplement market in India.
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