After COVID-19, there is an increased awareness on holistic healthcare. According to experts, preventive healthcare has become an important line of defence during the pandemic proving the nutraceuticals sector to be a strong economic partner to the people.
The increasing importance of preventive healthcare has led to the exponential growth of nutraceutical and dietary supplements market. India’s nutraceutical market is prepped to be a global leader at USD 4-5 billion. It is expected to grow approximately USD 18 billion by 2025. Neutraceuticals bridge the gap between nutrition and medicine, promoting holistic well-being.
Meanwhile, the dietary supplements market in India is valued at USD 3924.44 million in 2020 and reports say that it will reach USD 10,198.57 million by 2026 that is 22% growth rate year on year.
Moreover, key market players like Fast&Up haved transformed daily health and nutrition from a need-based requirement to an everyday essential. In an interview with Financial Express.com, Varun Khanna, Co-Founder, Fast&Up spoke about the scope of the market, business growth plans, market expectations among others. Excerpts:
What is the status of the nutrition and dietary supplement market in India?
By the end of 2025, the Indian nutraceutical market is expected to grow from USD 4 billion in 2020 to a substantial USD 18 billion. This fourfold increase is indicative of the dynamic nature of the sector. Notably, the liberalization of regulations allowing 100% Foreign Direct Investment (FDI) in the manufacturing of food supplements and nutraceuticals has contributed significantly to this surge. This, in turn, has provided domestic players with expanded avenues for distributing their products, encompassing e-commerce, retail, and wholesale channels.
Projections for the foreseeable future indicate a continuous upward trajectory in the consumption of dietary supplements. This anticipated growth is attributed to a flourishing client base, the expansion of the national economy, and evolving lifestyle patterns. The confluence of these factors positions India to emerge as a prominent global leader in the field of nutraceuticals.
Since its inception in 2015, How Fast&Up built its position in the country’s dietary supplement space?
Since its inception in 2015, Fast&Up has strategically positioned itself within the competitive landscape of the country’s dietary supplement space. Recognizing the increasing significance of dietary supplementation as a solution-oriented category, the brand has diligently emphasized ethical practices and the integration of scientific principles into its product offerings.
The brand’s commitment to ethical standards and scientifically formulated products provides a distinct advantage. This commitment ensures that Fast&Up not only meets the expectations of consumers but also effectively addresses their specific health and wellness concerns. This approach fosters a sense of loyalty among consumers, as they experience tangible solutions to their individual health challenges.
Understanding that the choice of supplements, the method of consumption, and the overall approach to nutrition are pivotal considerations for consumers, Fast&Up has tailored its offerings to align with these preferences. Whether individuals seek to enhance strength, bolster immunity, build muscle, or simply fulfil their daily vitamin requirements, the brand positions itself as a reliable source for intelligent nutrition. At Fast&Up, the philosophy revolves around the belief that intelligent nutrition, grounded in scientific principles, is paramount. The brand’s dedication to addressing diverse health concerns with precisely tailored solutions underscores its commitment to providing not just products but comprehensive wellness solutions. This strategic emphasis on ethical practices, scientific rigor, and personalized health solutions has played a pivotal role in establishing Fast&Up as a trusted player in the dietary supplement space since its inception in 2015.
What are your upcoming business growth plans? What are your market expectations?
Our forthcoming business growth plans strategically focus on expanding our market presence through comprehensive marketing initiatives. The trajectory of our expansion encompasses a global perspective, with a specific emphasis on targeted penetration into key markets such as the United States and the United Kingdom. A pivotal milestone in our expansion strategy is a significant partnership agreement with Suta, the largest distributor in the United Kingdom. This collaboration positions us for substantial growth in the UK market. Simultaneously, negotiations are underway to secure a prominent distributor in the United States, further fortifying our international market foothold.
Domestically, our commitment to deepening market penetration in India remains unwavering. Specifically, we plan to amplify the reach of our core products by expanding our presence in offline retail outlets. Having achieved a notable presence in approximately 3000-4000 outlets in 2022, we project a significant increase to 7000 outlets by the end of this year, with further expansion to 10,000 outlets anticipated at the commencement of the next year.
In addition to market expansion, we are actively engaged in forging substantial partnerships and undertaking significant manufacturing responsibilities for renowned brands. This strategic move aligns with our capacity expansion initiatives and underscores our commitment to providing comprehensive solutions in the dietary supplement space.
Notably, our product Fast&Up Reload has secured the third position on Amazon in the United Kingdom, indicating strong consumer acceptance. With this achievement, we aim to capture a substantial market share ranging between 10 to 12%, solidifying our position as a key player in the UK market. In summary, our business growth plans are intricately designed to optimize market opportunities globally, strengthen our presence in key regions, and fortify our position as a leader in the dietary supplement industry through strategic partnerships and market expansion efforts.
What are your upcoming plans concerning portfolio expansions? Are there any new launches on the agenda?
Our commitment to portfolio expansion is exemplified through our recent introduction of Nightout, a groundbreaking hangover relief supplement. This innovative product offers a multitude of benefits, ranging from rapid hydration to the alleviation of post-drinking side effects. Nightout also supports liver health, aids in toxin elimination, and effectively reduces common symptoms such as nausea, fatigue, and weakness.
What sets Nightout apart is its formulation – a sugar-free composition that is non-habit forming and gentle on the stomach. This underscores our dedication to providing not only effective solutions but also products that align with contemporary health-conscious preferences. Furthermore, as part of our ongoing efforts to enhance product delivery methods, we are actively working towards developing different delivery formats. Recognizing the evolving landscape of the nutraceutical industry, we acknowledge the shift in consumer preferences from traditional pill formats. This shift has witnessed a surge in popularity, with several brands capitalizing on this trend.
In response to this market dynamic, our research and development efforts are geared towards introducing products in these innovative formats. By embracing the demand for novel and convenient supplement options, we aim to stay at the forefront of industry trends while offering our consumers a broader spectrum of choices. This strategic approach reflects our commitment to not only meeting current market demands but also anticipating and adapting to emerging consumer preferences.
What are the challenges that market players in this space often face? How Fast&Up is addressing these aspects?
The biggest challenge that market players are facing is consumer trust in the category, and that nutrition can solve this problem. As a brand, Fast&Up is addressing this challenge with properly designed, clinically proven, high-quality ingredients, and result-oriented products. We ensure that we deliver on the promises we make, allowing consumers to experience the product, benefit from it, and receive the best quality. This approach has not only proven successful in India but has also led to displacing large players in significant markets such as the UK and others.
Anything else that you would like to add?
I would like to highlight the notable industry trend shifting from traditional pills to effervescent nutrition supplements. This transition is a direct response to consumer preferences, as evident in their desire for a more palatable and enjoyable supplement consumption experience. In the past three to five years, there has been a visible decline in the introduction of brands exclusively in tablet or capsule form, whereas Fast&Up has embraced diversification by offering products in multiple delivery formats, prominently featuring effervescent options.
It is crucial to recognize the fundamental distinction between pharmaceuticals and nutraceuticals. While pharmaceuticals adhere to specific requirements necessitating a no-frill, no-fuss consumption approach, the nutraceutical landscape places a premium on the consumer experience. Nutraceuticals are about fostering a daily ritual, a commitment to holistic well-being, and a sensation of actively pursuing health rather than merely addressing illness.
For Fast&Up, taste, quality, and novelty holds paramount significance. We understand that in the realm of nutraceuticals, consumer engagement goes beyond the functional aspects of the product, it is about creating an enjoyable and rewarding experience that encourages consistent and sustainable usage. This emphasis on the experiential aspect aligns with our commitment to not just provide nutritional supplements but to elevate the overall well-being journey for our consumers.