In order to develop and prosper, Indian food industry and all its components need to be integrated. Forming an ecosystem is one such approach towards an integrated system.
Dietary supplements are divided into vitamins and minerals, proteins and peptides, and herbals and non-herbals. While functional beverages as a whole shows the best growth potential, when considered individually, various sub-segments and micro-segments, which fall under functional foods or dietary supplements, offer an excellent potential for growth, highlighting the need for a more relevant segmentation of products for the industry.
Clusters based on health conditions
The world is moving towards condition-based nutrition where nutraceuticals play a huge role. The general trend observed in the nutraceuticals industry is the movement from traditional formats to much focused products addressing specific conditions. This helps the customers select the right nutraceutical product based on their demographics, health benefits and purpose. E.g. heart health, bone health, women’s health, children’s health etc. Niche segments such as anti-aging, energy boosting, skin care, digestive care, etc. are also emerging as fast-growing categories.
Medical foods are another category that has been gaining popularity recently. Medical foods are dietary products that have been created for and intended to satisfy the nutritional needs of patients that cannot be met through their daily diet. The category has emerged from the realisation that certain dietary products produce healthcare benefits beyond that of their nutrition value
Clusters based on general health and well-being
In today’s fast-paced lifestyle it has become difficult for most people to get the daily required amount of nutrients in order to remain healthy. Thus, more and more consumers are looking for other options to suffice their daily macro and especially micro nutrient requirements in order to maintain their health. The most commonly required nutrients are vitamins and minerals. The vitamins and minerals constitute about 48 per cent of the Indian dietary supplement market. Similarly, in the US, vitamins and minerals are the largest supplement category (with sales of $10.6 billion, up 5.4 per cent in 2014), ahead of specialty and herbal supplements. This suggests the need of consumers and their buying pattern accordingly.
Each of the clusters in the nutraceutical industry is growing at its own pace. With the individual growth of the clusters, the nutraceuticals industry is growing on the whole. For further growth of the clusters effective marketing and promotional strategies along with viable business models for each specific segment are essential. Thus, we can say that our nutraceutical industry is growing cluster by cluster.
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