Updated on 10 April 2013
However, certain segments like dietetic supplements are now being catered to by pure-play nutraceutical companies, apart from their pharmaceutical and FMCG counterparts. As middle class purchasing power increases, manufacturers need to focus on a traditional brand identity allowing consumers to connect with the brand on a cultural level. The industry needs to focus on the inclusion of natural extracts (with proven health benefits) for their products. Further, the marketing of products such as sports and energy drinks is primarily targeted at niche segments of the urban population, resulting in low penetration for these products, even amongst the urban population.
The latest trend for nutraceutical manufacturers is understanding cultural requirements and focusing on specific product formats. For instance, omega-3 a traditionally non-vegetarian product, has been developed with vegetarian variants, thereby allowing it to gain traction with the large Indian vegetarian population.
With increasing sophistication among nutraceuticals, consumer demand for products with specific health benefits has been on the rise. Nutraceutical products have now been cordoned into various segments based on the health benefits. These sectors such as heart health, eye health allow manufacturers to position themselves better.