The Indian nutraceuticals market makes up 2-3per cent of this global market, which is expected to grow at a rate of 21per cent CAGR to $ 10 billion in 2022
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In the year 2018, for the first time ever, a Wellness Index was launched in India, which was a unique barometer to capture the wellness quotient of the country. This Index measured the understanding, infrastructure, influence and action behind wellness practices. 2,350 people across 11 cities scored an average of 58.3 out of 100, which is a moderate score for the second most populated country in the world. If we focused on the entire country for this test, the scenario would be starkly different.
The reason why the country is placing an increased emphasis on wellness, both mental & physical, is because of changing lifestyles, access to insurance and an increased health and wellness awareness amongst the general population. Reports state that the healthcare market in India will increase threefold by 2022, and will stand at INR 8.6 trillion.
With the health and wellness industry in India booming at a rate of three times its current size, here are a few emerging trends the country is likely to envision:
Clean Label 2.0
The Transparency Imperative 2018, a study by the Food Manufacturers Institute (FMI) and Label Insight, shows that 93per cent consumers believe it is important that brands provide them with detailed information about the ingredients that are present in the food that they eat. 74per cent of consumers also says that they will switch brands if they find an alternate brand that gives them in-depth information about the product.
A clean label is easy to read as it contains ingredients that are familiar to the modern consumer. The labels are authentic, transparent and provide consumers with detailed information about the natural ingredients in the food products. These labels contain no artificial ingredients and synthetic chemicals while being easy to understand, pronounce and recognize.
The clean label movement has constantly been on the rise, with a 2017 Nielsen report stating that small manufacturers have sold 40per cent of clean label products as compared to 60per cent of the sale of conventional products. This has led experts to state that we have entered Clean Label 2.0, where the consumers need to be provided with absolute clarity to facilitate informed decision making.
Increased Consumption of Protein
The PROGIDY (Protein Consumption in Diet of Adult Indians) report of 2015 states that almost 9 out of 10 people within India are consuming inadequate amounts of protein. 91per cent of vegetarians suffers from a protein deficiency, while 85per cent of non-vegetarians leads protein deficient lives.
The Recommended Dietary Allowance (RDA) for protein is 0.8 grams to 1 gram of protein per kilogram of the body weight. Without this amount being met, the body is susceptible to illnesses like poor muscle function, weight gain, reduced metabolism and fatigue. Therefore, many nutritionists, medical professionals, dieticians, physical trainers, and also thought-leaders in India have taken the initiative to bring attention to this issue and have been focusing on educating people about the importance of protein consumption, especially the right type of protein to have a well-balanced diet and prevent protein deficiency in the long run.
70-80per cent of the average Indian’s diet is made up of carbohydrates. Many yet believe that eggs, meat, whey-based protein drinks and soy are the only forms of protein. But studies have repeatedly shown these proteins may not be the best as they are not gut-healthy. People are already looking for protein alternatives that are safe, gut-friendly and safe and are opting for plant-based sources of protein through beans, nuts, seeds, greens, etc. But sometimes consuming these in single portions might not help meet the body’s requirement. Therefore the market has seen a steady uprising in the demand for Plant-based protein blends and powders and is being consumed as alternate to whey. Plant-based proteins serve as an excellent alternative as they contain natural sources of protein and are usually free of synthetics, gut-healthy and can fulfil your protein requirements.
Rise of Nutraceuticals
Nutraceuticals are food or a part of food (including drinks) that provide health benefits can also help nourish your body. Nutraceuticals are divided into three categories: functional foods, functional beverages and dietary supplements, with functional food and beverages accounting for 35per cent of the nutraceuticals market in India.
According to a report, the global nutraceutical market is expected to add $12-15 billion dollars to the industry, every year. The Indian nutraceuticals market makes up 2-3per cent of this global market, which is expected to grow at a rate of 21per cent CAGR to $ 10 billion in 2022.
The reason for this steady growth is the awareness of the consumer towards his/her health, and their attempt to reduce the chances of contracting ailments in the long run. These nutraceuticals contain essentials nutrients such as vitamins, proteins, carbs, minerals, etc. The Indian consumer is now leading a fast-paced life that has added stress, and they are looking for a product that enhances their health in the long run.
State of the Art Wellness Centres
India, as a country, has started to take fitness more seriously than ever before, with the growth of fitness centres and gyms in India estimated to grow at a rate of 18per cent in the next ten years. The Indian population has started paying close attention to their health due to increased awareness, globalization and changing lifestyles.
This has led them to demand state of the art gyms, fitness centres, aerobics studios and wellness centres. According to reports, the Indian sports and fitness market is estimated to reach $6,054 Million by the year 2024, growing at a CAGR of 9.0per cent during the time period 2019-2024.
These fitness enthusiasts do not just want access to normal gyms but are instead focusing on unconventional methods of working out like Zumba, aerobics, high-intensity interval training, resistance training, aerial yoga, pole dancing, cross fit and kickboxing. They are also opting for wearable fitness devices and fitness mobile apps that help them track their health statistics day on day.