The Indian Dietary Supplement Market was valued at USD 3924.44 Million in FY2020 and is predicted to grow at a CAGR of 17.28% until FY2026, to reach USD 10,198.57 Million by FY2026 as of 17th May 2021.
In FY2020, combination dietary supplements held the lion's share in the market since vitamin & mineral dietary supplements contain a variety of micronutrients, water-soluble & fat-soluble vitamins that help the body to function smoothly and improve mental health as well.
Based on distribution channels, pharmacies & drug stores led the market with a share of 64.49% in FY2020 as the government licenses them to sell drugs and dietary supplements as prescribed by doctors or health professionals.
Even after the intensity of the pandemic dropped, nutraceuticals continued to be preferred. The second wave has seen that the nutraceutical sector has built and will continue to grow its presence in the market.
The current situation paints a brighter picture for the future where the Indian nutraceutical industry could help the global pharmaceutical industry grow. It is an industry that is regulated by the Food Safety and Standards Authority of India (FSSAI) which comes under the Ministry of Food Processing Industries (MOFPI).
In this webinar, Ms Sakshi Grover, Manager, Freyr Solutions, will provide a complete regulatory outlook on how food products and food supplements are regulated in India along with the end-to-end steps in launching the food/food supplements in India.
