About 60-70 per cent of dietary supplements being sold across India are counterfeit, unregistered and unapproved, according to a study by industry body Assocham.
The dietary supplements market in India is estimated to be about $2 billion and is likely to double to $4 billion by 2020, touching a compounded annual growth rate (CAGR) of about 16 per cent in the next five years, the study said.
The study titled "Indian Nutraceuticals, Herbals and Functional Foods Industry: Emerging on Global Map" was conducted by the Associated Chambers of Commerce and Industry of India (Assocham) with business consulting firm RNCOS.
Vitamin and mineral supplements will form major areas of opportunities for nutraceuticals players in the coming years driven by a rising demand from an evolving customer base with middle-class population being the major users, the study noted.
As per current market segmentation, vitamins and minerals account for about 40 per cent, followed by herbal supplements at 30 per cent, probiotic (10 per cent), omega-3 fatty acids (five per cent) and proteins, amino acids and other essential elements together accounting for the remaining share of 15 per cent.
The study suggested that committees should be formed at local levels to check the prevalence of counterfeit products in the market.
Dietary supplements (mainly vitamins and minerals) are primarily produced by pharmaceutical companies and are predominantly prescription-based, recommended by physicians, nutritionists, gym instructors and others who act as major influencers.
Higher purchasing power has made people more health conscious and prompted them to adopt a healthy diet routine completed with consumption of nutritional supplements.
Dietary supplements are sold in many forms like tablets, capsules, soft gels, gel caps, liquids and powders. These products are readily available to consumers through chemist shops and online channels.
According to a survey conducted across top Indian cities in 2012, about 78 per cent adolescents in urban India daily consumed dietary supplements in one form or another with a view to enhance their physical appearance, improve immunity and increase their energy levels.
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Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
