| | March 20218T here is a paradigm shift happening in consumer choices from pharmaceuticals to the nutraceuticals. The industry is witnessing a rapid growth globally. As per a study conducted jointly by Assocham & RNCOS, in 2017, the Indian market was estimated at USD 4billion and is expected to reach USD 9 billion by 2022 increasing at a CAGR of 21%. India held only 2% market share of the global nutraceuticals market in 2017 and is expected to hold at least 3.5% market share of the global market by 2023 which is expected to be over USD 300 billion.In per capita expenditure on nutraceuticals, India is way behind than its global counterparts. It is just USD 2.5 compared to the global average of USD 21. In the nutraceutical market in India, vitamins & minerals are the popular one & comprises 40% share followed by herbals at 30% and Protein at 25%.Today Indian market has over 400 participants with over 100 participants only in the vitamins & minerals space. With global markets getting saturated, many global players are turning eyes on developing markets and India is seen as one of the most potential opportunities in nutraceutical consumption.Importance, Awareness & Trends Poor eating habits, busy & sedentary lifestyle & hereditary issues have made us vulnerable to many lifestyle related ailments. As per reports, over 80% Indians are deficient in protein. There is a large population including affluent urban class, is deficient in essential micronutrients. All this has led to exploration of ways to prevent diseases arising out of these deficiencies. There were times when people were apprehensive of consuming dietary supplements and the awareness was at a very low level. But over the period with increasing health consciousness, global integration, active media in the health space & social media penetration has helped in increasing awareness. The old adage "Prevention is THE SUNSHINE SECTOR: PREVENTIVE HEALTHCARE AND NUTRITIONBy Vinay Jain, Chief Operating Officer, Onelife Nutriscience Pvt. Ltd.VANTAGE POINTVinay Jain
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