It could be the year of the gummy. Cute, colourful and easy on the palate, the rise of nutraceutical players is because of a number of factors, especially a surge in interest for wellness products.
An Accenture survey across 16 countries found that consumers are considering health and fitness an “essential”. About 80% said they intend to maintain or increase their spend on areas related to health. There have also been investments by MNCs in a bid to enter the space: Marico’s recent acquisitions of sizable stake in True Elements and Unilever’s investment in Oziva are cases in point. “It is growing at a CAGR of 21%,” says Ananya Agarwal, founder of Nyumi.
“The pandemic has led to a demand for immune-boosting products, which has fuelled growth in this market,” says Saurabh Kapoor, co-founder, Wellbeing Nutrition.
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