The Coronavirus Pandemic- two words that have struck fear and desolation in the heart of millions across the globe. The epidemic has attained a diverse proportion of contraction affecting the majority of the population living in the world. In the midst of all the records and statistics in relation to the percentage of people affected by the virus, the United States of America, Brazil and India have emerged as the hotspots for the spread of this cataclysmic virus.
In accordance with the positivity rate of the spread of the virus, India is now even ahead of the United States of America and is poised to become the next hotspot of Coronavirus infection in the world.
With the growing incidence of infection and it's subsequent spread, there has been a conscious shift towards the importance of achieving immunity. Thus in this regard, the growth of the Indian Nutraceuticals market has expanded substantially. Nutraceuticals refer to the pharmaceutical components used by the people of a country which have additional nutritional value and requirement to the consumer.
The Indian nutraceuticals market is expected to grow from $4 billion in 2017 to $18 billion in 2025. These products are generally found in the pharmacies which are located nearby a locality and its subsequent branches are spread widely over a particular area. Certain indicative changes point out to the fact why this shift towards the Indian Nutraceuticals Market can be substantiated. The following are a few basic reasons in this regard-
Increasing Shift in Consumption Pattern
Nutrition in India’, a World Bank census signifies and foretells a data that India culminates a loss of nearly $12 billion in Gross Domestic Product (GDP) to lack nourishment and nutritional values in food articles. With the opportunity to educate themselves with the events taking place in their surroundings, consumers have become much more self-aware than before.
Consumers now possess a fairly good idea about the inopportune things happening around them and thus possess the capability of identifying what would be the best for them. They are now aware of the fact that unhealthy food items and junk consumption articles might not only impact the existing cholesterol levels in their body but also lead to the development of degenerative diseases which might lead to a reduction in the life expectancy level. Thus they have taken a conscious decision to abate from consuming fast foods and junk foods.
A healthy balanced diet full of vegetables and roughage, which enhances the metabolism system in a body is encouraged. People nowadays prefer to consume healthy food articles like fat-free foods, which lead to the development of the requisite amount of resistance in their body which is important in order to fight with the germs and viruses that might enter the body through external or internal means. Thus this shift towards a completely healthy and safe lifestyle is a big incentive behind the growth of the Indian Nutraceuticals market.
The abundance of Ayurvedic and Herbal Medicines
Our country has a rich lineage of sages and gurus who have devised different ayurvedic formulas for the preparation of medicines. The materials which are necessary for such preparation can be extracted from the forests and the vast expanse of the mainland region that is available to us. Thus the extraction of important minerals, oil's and leaf compounds have been instrumental behind creating ayurvedic medicines. These medicines if registered to a perfect dose can cure the most precarious and delicate diseases as well.
Patanjali is the chief manufacturer of such herbal and ayurvedic medicine in the country. The biggest advantage that acts in favor of such medicinal herbs and plants is that they do not have any sort of side effects on the body. Unlike Allopathy treatment they do not just give a temporary remedy from the disease. They identify the absolute root cause of the disease and try to find out the most feasible solution of how the medicinal property in those herbs can cure the most complex diseases of them all.
Venture Capitalist Firms with the intention of investing a significant amount of money are entering the business as they can very well identify the business prospects of the Indian Nutraceuticals Market in the future. With an increasing proportion of consumption behavior shifting towards the intake of nutrient-laden food articles and healthy items, the capitalists are looking to establish production and distribution arms for the nutraceutical components which can garner a huge amount of profit for them.
The nutraceutical ingredients and components market is estimated to be valued at $162.1 billion in 2020 and is projected to reach $227.5 billion by 2025, at a CAGR of seven percent from 2020 to 2025. India is a country where there is no shortage of skilled labor forces. The problem which crops up rather is the proper allocation of such labor forces because there aren't that many numbers of factories and production centers that can accommodate this constantly rising wave of skilled labor.
However, when it comes to the production of nutraceutical components, India has achieved a tremendous level of expertise and are perfectly capable of producing adequate quantities of medicines and pharmaceutical application devices that are essential for not only monitoring consumer behavior but also crucial in determining whether the pharmaceutical applications are necessary for the patients suffering from the ailment or not.
Thus with increasing production capacity and availability of skilled labor force, Nutraceutical Market in India is evolving on a continuous basis. Within a few years, India is definitely on the path to becoming one of the biggest exporters of Nutraceutical components in the world.