Now, catching hold of a market as dynamic as India’s is a job easier said than done. The fact is: The Indian market’s heterogeneity makes it an extremely tough nut to crack
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India’s love affair with fitness has grown by leaps and bounds as a large number of young working professionals are laying emphasis on the need to stay fit. In all fairness, it is quite heartening to see young working professionals focusing on physical and emotional wellness in order to maintain a healthy work-life balance.
Looking at India’s obsession with fitness and health, many players within the health supplement market have started sensing an opportunity to strengthen their foothold. Furthermore, the growth of India’s urban middle class is being seen as an encouraging sign by all of the players trying to rule the roost
Now, catching hold of a market as dynamic as India’s is a job easier said than done. The fact is: The Indian market’s heterogeneity ( in terms of culture, eating habits, spending, etc.) makes it an extremely tough nut to crack.
Take a look at some interesting facts and numbers from the healthcare supplement market in India.
Some Number Crunching for You:
The global healthcare market is expected to grow at a CAGR of 7.8% between 2017-2023.
The Indian dietary supplements market is expected to grow at a rate of approx 20% (2015-2023)
Vitamin and mineral supplements form a major chunk of the market in India with a share of around 40%.
Herbal products are the second-most popular category with a share of around 30%.
Also, here are a few key trends that need to be looked at before anybody tries to tap into the Indian health supplement market
Key Trends That Need to be Looked at:
It’s All About Customer Trust: Of late, companies seem to have realized that winning a customer’s trust Is the best way to reap dividends in the long run. Well, that’s because a large number of competitors are doing the rounds within the online (and offline) marketing space. You have to bank on customer loyalty if you want to make your presence felt.
Awareness is Key: Merely developing best-in-class health supplements isn’t enough. You need to have an impressive (and engaging) marketing strategy at your disposal in order to lure the customers. This can be ensured by providing customers with more and more information about the supplements and other products that are being manufactured.
Making it Convenient for the Customer: Convenience is an important aspect that needs to be taken into consideration before manufacturing a supplement of any type or kind. A majority of the health-supplement users in India go for capsules that can be swallowed with ease and are bound by dosage.
Competitive Pricing is a Must: Here’s the real deal. The thing is: there are already 20 different healthcare supplement providers doing the rounds in the market, which means people won’t buy from you, unless you are willing to provide the same supplement (which is available at 10 different outlets simultaneously) at a relatively cheaper price. If your product is the same, then you will need to provide your customer with an extra-value proposition, i.e. Something more than the product. A competitive price in this case.
The Challenges That Await
● The need to lay down a framework in order to regularise the Indian health supplement market has grown by leaps and bounds.
● The sale of hoax health supplements needs to be stopped/minimized as reports claim that more than 60% of the supplements being sold in the market are fake.
In all fairness, these are exciting times for the health supplement manufacturers in India, all because of the changing outlook (tastes and preferences) of the urban middle class. Therefore, it would be no overstatement to say that India’s urban middle class is the fulcrum around which the future of India’s health supplement market rotates.