Industry evolution in India’s vitamin C & D markets: evidence from 2007-2013

Abstract

Dietary supplements are substances extracted from food sources or produced synthetically. They are intended to supplement nutrition and increase in their quantities of consumption in the diet (individually or in combination) when taken orally as pills, capsule, tablets or liquid are supposed to make human beings healthy. The class of such compounds may include vitamins, minerals, fibre, fatty acids, and amino acids. India’s revenue generation in the vitamins and minerals sector amounts to US$174.52 million in 2020 and is expected to grow annually at a CAGR of 3.8%.2 There are various factors which affect the vitamins market. These can be the growth in the demand for functional and nutritionally enriched processed foods, the prevalence of vitamin deficiencies, and a rise in global meat and dairy product consumption, creating a demand for feed-fortification.3 However, consumption can also be influenced by physician recommendations.4 Vitamin C and Vitamin D markets in India were the focus of this study during the period 2007 to 2013.