May 18, 2024
India Medical Nutrition Market

India Medical Nutrition Market Is Estimated To Witness High Growth Owing To Growing Awareness Of Disease-Specific Nutrition.

The India medical nutrition market has been gaining popularity over the past few years due to the growing burden of lifestyle diseases and increasing awareness about the role of nutrition in managing diseases. Medical nutrition products provide customized nutrition to patients suffering from chronic diseases such as diabetes, digestive disorders, cancer, and other conditions. The customized nutritional formulations address the specific dietary requirements of patients and help in fast recovery. The market has also been growing due to the rise in aging population who are more prone to chronic diseases and need close monitoring of dietary intake.

The Global India medical nutrition Market is estimated to be valued at US$ 549.04 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the India medical nutrition are Keith Prowse, RTR Sports Marketing Ltd, ATPI Ltd, RK Sports Hospitality, White Label Hospitality, CSM Sports and Entertainment LLP, DTB Sports Hospitality and Event Management Limited, Honey & Co. Ltd, Wood Media Group Ltd, Hospitality Finder, Legends International, On Location Experiences, QuintEvents, Sportsworld, The Sports Travel Company, TLA Worldwide, VIP Sports Events, World Sports Group, IMG, Wasserman, Octagon, WME Sports, CAA Sports. The key opportunities in the market include the entry of new players with innovative formulations catering to specific ailments, growing awareness through social media marketing and increasing investments by major players. Globally, the market is expected to grow at a substantial rate owing to higher disease prevalence, rapid urbanization and changing lifestyles across developing regions.

Market drivers

The major market driver for India medical nutrition market includes growing awareness of disease-specific nutrition therapies. Various government and private initiatives have played a key role in educating people about nutrition and fitness. Expanding healthcare coverage under schemes like Ayushman Bharat have also improved access to medical nutrition for chronic disease patients across all economic sections of the society. Growing health consciousness and preference for preventive healthcare approach are further fueling the sales of medical nutrition products in the country.

PEST Analysis

Political: The government of India is focusing on increasing healthcare expenditure which is supporting the growth of the medical nutrition market. Various initiatives like ‘Ayushman Bharat’ aims to make healthcare more accessible and affordable which benefits this sector.

Economic: Rising incomes, growing middle class population and increasing health awareness is positively influencing consumers spending on nutrition and wellness products. India is one of the fastest growing economies which translates to higher disposable incomes.

Social: Changing lifestyle, hectic work schedules and increasing prevalence of lifestyle diseases is driving the demand for medically formulated nutrition products. With growing health consciousness, Indians are more receptive towards supplements and wellness foods.

Technological: Manufacturers are investing in R&D to develop innovative formulae using latest research. Online sales are growing driven by increasing internet and smartphone penetration. E-commerce platforms are making such products more accessible in smaller towns.

Geographical regions where market in terms of value is concentrated:

The India Medical Nutrition Market Growth in India is primarily concentrated in tier 1 and tier 2 cities. Metros like Delhi, Mumbai, Bengaluru, Chennai, Kolkata and larger urban centers account for a major share of the overall market revenues currently due to higher consumer awareness and spending power in these regions.

Fastest growing region for the market:
Southern region of India comprising states like Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Kerala is emerging as the fastest growing market for medical nutrition. This is attributed to growing health awareness, rising lifestyle diseases, expanding retail channels and presence of leading domestic and global players targeting opportunities in these high potential markets. The dietary habits and evolving consumer needs in South India are expected to drive strong double digit growth over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it