A lot has changed during this pandemic, but the pandemic sure hasn’t put a hold on special occasions, festivals, and celebrations entirely. As all the momentous occasions have fallen amid the pandemic this year, we’ve altered our ways of commemorating them. Our idea of gifting, too, has been completely transformed. Our society is witnessing the rise of various kinds of gifting options across the country. This, coupled with the rising awareness of health and immunity and growing demand of solution-based gifting options within the Nutraceutical market has given momentum to the rapidly evolving health-focused ecosystem.
Altering Gifting Choices
The pandemic has had people realize the importance of a healthy body and a healthy functioning immune system. They not only want it for themselves, but also for all their loved ones. In these difficult times, people are reminding their friends and family that they are cared for with health and wellness gifts. Immunity boosters, health kits, and other health supplements have been on the top of the list for gifting choices this pandemic-bordered festive season.
With the festive season approaching, and the latest trend of gifting health to your friends and family, the nutraceutical and the wellness industry is expecting to witness a further rise in the demands and sales of various products, especially immunity-booster and other immunity-related products.
The Evolution Of Nutraceutical Industry Amidst The Pandemic
The nutraceutical and the wellness industry in whole have witnessed a massive increase in demands in the past few months. As people have become more conscious about their health and look for preventive measures, they turn to supplements and nutraceutical products. This growth can also be attributed to the rise in the amount of disposable income. Until a few years back, these products, including supplements and functional foods, were mainly purchased and gifted by those in higher income groups, a pattern that we are seeing a drastic change in because of rising disposable income and greater purchasing power. Higher spending power has also prompted Indians to pay more attention to their lifestyle and health, with a focus on nutrition as preventive.
The current market size of the Indian nutraceutical industry is worth nearly $2.1 billion, and is projected to grow at 20% year-on-year in the next 5 years. In terms of revenue, only 2% of the global nutraceutical market revenue comes from India, although we have 17% of the world’s population and this itself should give you an idea of the mega opportunity that is in store for us!
As wellness becomes the top priority for most, people are constantly looking for immunity-related products on the internet. According to a recent Google report, the queries in the health and wellness category are mostly pivoted towards immunity-boosting and wellness products, and there has been a hike of 500% in the search related to such products.
Industry Initiatives To Celebrate Health
We as a fraternity are taking up the responsibility of educating our consumers about the importance of a strong immune system, especially during such unpredictable times. Increasing sales are secondary; the industry’s top priority has always been to ensure the good health of our customers. We are also trying our best to ensure that all our consumers, even from the nooks and corners of the country, have access to nutraceutical and preventive healthcare products. We are not limited to metro cities anymore, we’ve expanded to the tier I and tier II cities, and are working towards tapping the rural population as well. The industry is working tirelessly to ensure that India soon becomes a healthy nation.
Sushil Khaitan, CEO & Director at Purenutrition.in, Bengaluru