February 25, 2024
India Medical Nutrition Market

India Medical Nutrition Market Is Projected To Propelling Growth By Rising Health Awareness

The India medical nutrition market has been gaining significant traction over the recent past due to rising health consciousness among individuals and growing prevalence of chronic diseases such as diabetes, cardiovascular disorders, obesity and malnutrition in the country. Medical food and nutritional formulas play a vital role in maintaining health, managing diseases and promoting recovery. The market comprises a wide range of specialized medical foods including proteins, fiber, fat, vitamins, minerals and other formulations developed for patients with specific medical needs.

The 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 between 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 growing demand in the market can be attributed to rising prevalence of chronic diseases and growing health awareness among consumers. India has a large patient pool of diseases like diabetes, cancer, malnutrition which is expected to drive the demand for medical nutrition products over the coming years.

With respect to geography, the India medical nutrition market is expanding significantly across the country. The large patient population, rapid urbanization, rising per capita income, increased healthcare spending and evolving consumer lifestyle are some key factors supporting the market growth. Manufacturers are focusing on India market by launching new products tailored to the needs of Indian patients.

Market key trends
Online platforms are emerging as major sales channels for medical nutrition products. E-retailers offer a wide assortment of brands along with product knowledge, reviews and convenient online purchase options. This has boosted the access and acceptance of medical foods among Indian consumers. Another major trend is the customization of products and tailoring formulations specific to the health condition, genetics, lifestyle and age of individuals for better management of diseases.

Porter’s Analysis

Threat of new entrants: The India Medical Nutrition Market Demand is moderately difficult to enter due to high manufacturing infrastructural and distributional costs and compliance requirements.

Bargaining power of buyers: There exists fragmented bargaining power of buyers due to availability of substitutes and lack of switching costs for consumers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to presence of many raw material providers and differentiated products requiring customized raw materials.

Threat of new substitutes: Substitutes do not pose serious threat as medical nutrition offer unique health and nutritional benefits.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Geographical Regions

In terms of value, the India medical nutrition market is highly concentrated in Western and Southern regions of India. States like Maharashtra, Karnataka, Andhra Pradesh and Telangana hold major market share due to higher disposable incomes, health awareness and concentration of target patients with chronic diseases.

The Eastern region consisting of West Bengal, Bihar, Jharkhand, Odisha is expected to witness fastest value growth during the forecast period. This is attributed to rapid economic development, expansion of healthcare infrastructure, increasing penetration of key players and growing prevalence of lifestyle diseases in these states.

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