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Strategic Analysis of the Indian Health Ingredients Market
Frost & Sullivan, Sep 2011, Pages: 102
This research investigates the Indian health ingredients from 2008 to 2010, with forecasts to 2017. It offers a comprehensive insight to the Indian market and the structure and developments related to it for omega 3 fatty acids, probiotics, prebiotics, and vitamins and minerals. It clearly lists and defines the market drivers and restraints that have had an impact in the Indian scenario. The dynamics affecting each ingredient has been discussed and growth strategies provided. This research will benefit ingredient manufacturers, distributors, and end use firms by discussing current and emerging market scenario and providing forward projections for the health ingredients market.
This Frost & Sullivan research service titled Strategic Analysis of the Indian Health Ingredients Market provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment, in addition to the challenges faced by market participants. In this research, Frost & Sullivan’s expert analysts thoroughly examine the following market sectors: omega 3 fatty acids, probiotics, prebiotics, vitamins, and minerals.
Market Overview
Rapid Urbanization and Expanding Middle Class Stoke Growth in the Indian Health Ingredients Market
The Rural Indian Consumer Base Holds Huge Expansion Potential for Participants
The Indian market for health ingredients is at a nascent stage. Although ingredients such as omega 3 fatty acids, probiotics, and prebiotics are new entrants, vitamins and minerals have been used for food fortification since the 1970s. Rapid urbanization and an expanding middle class have led to significant changes in the Indian social fabric, with obesity and lifestyle-related diseases witnessing an uptrend. With the growing emphasis on preventive healthcare, the health ingredients industry has received a huge boost. Rising disposable incomes and aspirational lifestyle changes have prompted fast moving consumer goods (FMCG) majors to introduce functional foods for the health conscious consumer. However, growth rates have not matched expectations. “The total Indian health ingredients market is growing at less than double-digit volume,” notes the analyst of this research service “This trend is expected to continue over the next three to five years. However, rising consumer awareness is expected to provide an impetus to the total market during the long term.”
Although the market is progressing steadily, some impediments are stalling forward momentum. Health ingredient manufacturing is investment intensive in terms of financial and human capital. Having the required R&D and technological capabilities is mandatory to enter this domain. This hinders the opening up of the market. Food and beverage (F&B) manufacturers are risk averse when it comes to putting new fortified products on the shelves. This has led to a slower than expected growth in demand for health ingredients. Outside the malted health beverage sector, there has been limited activity in terms of introducing new functional food products. Another restraint for the market is the lack of scientific studies on the Indian population. The efficacy of health ingredients is based on human trials in Europe and the United States. Considering the genetic and geographical diversity of the human physiological system, documented benefits may vary widely. India-specific human trials can help unlock the health ingredients market potential. Apart from this, natural ingredients used for food fortification are expensive, and consumers’ price sensitivity makes food and beverage manufacturers apprehensive about passing on the price premium to customers.
To sustain in this market, large F&B firms need to unleash smart marketing strategies to improve consumer awareness. Additionally, expansion into new end-use segments compatible with the Indian palate can promote health food adoption. Food and beverage companies must tap into the huge rural potential. Participants should also roll out innovative offers to stoke business progression. “In terms of the competitive scenario, the health ingredients market is highly concentrated, with large multinationals holding a majority of the market share,” says the analyst. “Technical and R&D capabilities, consistency in product quality, and economies of scale will enable foreign enterprises to maintain a competitive advantage over local participants.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Omega 3 fatty acids
- Probiotics
- Prebiotics
- Vitamins
- Minerals
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