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In this era of inflation, the sale of everything is decreasing, but why is the market of this product increasing?

New DelhiRetail inflation rate has gone to the highest level of eight years at this time. The rise in emergency prices like food items and petroleum fuels (Petrol Diesel) and gas (CNG) has made life difficult for the people. In such a situation, everyone is running their household with utmost care. But, you know that even in this inflation, the market of nutraceuticals is growing at a fast pace of about 25 percent. This is because people no longer want to get sick unnecessarily. They want to keep their immunity better. That’s why they have started paying more attention to products like Nutraceuticals meaning Vitamins, Minerals and Immunity Booster.

According to EY, there is a market of Rs 331 billion in India.
EY India EY India has done a report on the market of Dietary Supplements this year. It states that the market for vitamins, minerals, herbal supplements, etc. is growing at a CAGR of 15% annually. Its market has reached Rs 331 billion in India during FY21. The report said that due to the increasing outbreak of lifestyle diseases and fear of corona, the consumption of these items is increasing among the people.

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Growth of more than 25 percent last year
The report titled ‘Sunrise Consumer Health and Nutrition Sector’ prepared by EY India states that the demand for herbal supplements, vitamins and minerals has seen a growth of more than 25 percent in the last year. The report states that Indian consumers have increased their focus on fitness classes and activities. Now they are emphasizing on consuming more and more natural foods. Also they are adopting dietary supplements and specialized diet. If you have to spend a little more money for this, then they are doing this.

learning from abroad
Suresh Garg, MD of Gion Lifesciences Limited, an Indian company that makes nutraceuticals and herbal products, says that the Corona era has given us a big lesson. Now people are emphasizing on staying healthy instead of falling ill. That’s why they are including vitamins and minerals in the daily diet. If it is not getting enough quantity from daily food, then they are fulfilling it through dietary supplements. At the same time, they have become more cautious on personal health, hygiene, fitness and holistic nutrition. This type of routine was earlier seen only in the people of America, Britain and some other developed countries. Now this is happening in India also.

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Indian people ahead of the world in this field
Garg says that at this time the government’s emphasis is also on making common people aware about health. Along with this, companies related to this sector are also running community development programs. All of them have the same aim, to make people aware. Anyway, people in India are more concerned about the health of themselves and their families at this time. The EY report shows that around 94 percent of Indians are concerned about the health of their family. Globally, it is 82 percent. This change is being seen after the Corona period.

Business is growing all over the world
Yashna Garg, CMO of Zeon Lifesciences, a company that manufactures contracts in India for international companies Danone Nutricia, Decathlon, Zydus, GNC Lifewell etc. says that the size of the dietary supplements market is increasing worldwide. Its market size is estimated at $ 151.9 billion in the year 2021. It is expected to grow at a CAGR of 8.9 per cent between 2022 and 2030. Aashna says that this market will grow rapidly in India. Because earlier there was not much awareness for personal health among the people here. But this awareness is gradually increasing after the Corona period. Hence the market for this product is also increasing.

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what sells more
Talking about the dietary supplement market in the worldwide market, there is an unquestionable vitamin coin in it. Vitamins accounted for more than 30.8% of the dietary supplement market during 2021. Most of its demand comes from working professionals and sports athletes. Because these people pay more attention to weight management. The botanical ingredient has emerged as the second largest sub-segment in this segment. A CAGR growth of 9.2 per cent is projected in this segment by 2030. This is because, at this time there is a growing awareness of the environment around the world and the demand for vegan diet is increasing among the people. Apart from this, the proteins and amino acids segment is also growing rapidly. It is also expected to grow at a CAGR of 13.4%.

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Source: navbharattimes.indiatimes.com

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Shehnaz Ali
Shehnaz Alihttps://www.newsdayexpress.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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