About 60-70 per cent of dietary supplements being sold across India are fake, counterfeit, unregistered and unapproved, notes a recent study released by Assocham-RNCOS.
“The dietary supplements market in India is currently estimated at about USD2 billion and is likely to almost double by 2020 thereby clocking a compounded annual growth rate (CAGR) of about 16 per cent during the course of next five years,” projected the study titled ‘Indian nutraceuticals, herbals and functional foods industry: Emerging on global map,’ conducted by Assocham jointly with business consulting firm RNCOS.
According to a survey conducted by the Assocham Social Development Foundation across top Indian cities in 2012, about 78 per cent adolescents in urban India daily consumed dietary supplements in one or the other form to enhance their physical appearance, improve immunity and increase their energy levels undermining the various side-effects of such supplements.
“Vitamin and mineral supplements will form major areas of opportunities for nutraceuticals players in the coming years driven by rising demand from an evolving customer base with middle class population being the major consumers in this regard,” highlighted the study.
As per current market segmentation, vitamins and minerals account for lion’s share of about 40 per cent in Indian dietary supplements market followed by herbal supplements (30 per cent), probiotic (10 per cent), omega-3 fatty acids (five per cent) and proteins, amino acids and other essential elements together account for the remaining share of 15 per cent.
“Small committees should be built at block levels to check the prevalence of counterfeit products in the market and immediately discard them as they bring bad name to the industry,” suggested the study.
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.
The apex body said the Non-Banking Finance Companies (NBFCs) should also be allowed to accept old notes till December 31
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