Nutraceuticals in India: A Challenging Opportunity

One of these is India. It cannot quite compete with China for sheer volume of potential consumers: China has a population of around 1.38 billion compared with 1.31 billion in India, although the Indian population is expected to catch up by 2022.On the other hand, a significantly larger proportion of the Chinese population lives in urban environments, where factors such as improved access to healthcare, higher disposable income and more exposure to diseases of affluence will create greater demand for nutraceuticals.  Nonetheless, India offers considerable potential for growth from a modest base, currently estimated at 1-2% of global nutraceutical sales. To deliver fully on that promise, though, food and pharmaceutical companies need to address a number of regulatory, cultural, economic and structural challenges in the Indian market.The underlying growth drivers are already there. A combination of rising disposable income, growing prevalence of chronic disease, and willingness to pay for personal healthcare, favors a shift towards health maintenance, early intervention and disease-risk reduction – key pillars of the nutraceuticals market.These factors are especially relevant in a country where access to publicly funded healthcare is limited. Only around 30.5% of all health expenditure in India comes from government – compared with, for example, 47.0% in the United States, 47.5% in Brazil, 56.0% in China, 67.0% in Australia and 76.7% in Germany. Heavy reliance on out-of-po...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news