As the focus on preventive healthcare has drastically increased after COVID-19, India’s nutraceutical market has experienced significant growth. According to a report by Research and Market, the industry has reached a valuation of USD 5404.18 million in 2022, and is projected to maintain a strong CAGR of 11.77% until 2028.
The report also revealed that the flexible shopping habits of consumers have resulted in a rising demand for vitamin capsules, chewable tablets, and gummies, particularly during the pandemic when doctors frequently prescribed vitamin and zinc supplements. Over the year, the industry has witnessed the emergence of various players who have contributed significantly to the overall growth of the sector. One such company is Wellbeing Nutrition.
Launched in 2019, the India-based nutraceutical company is now shipping its health supplements to consumers in international markets like the USA, UK, UAE, UK, EU.
The company’s product ranges from daily fibre to time-release capsules for various goals like fertility and pregnancy, men’s health, women’s health, immunity, etc. Last year, the company raised $10 million, or around ₹85 crore, in a Series B round led by Hindustan Unilever Ltd. (HUL) and Fireside Ventures.
In an email interaction with Financial Express.com, Avnish Chabbria, Founder, Wellbeing Nutrition talked about his company’s growth trajectory, expansion plans, and product portfolio among others. Excerpts:
Could you please share some insights into your journey so far? What were your challenges and how did you overcome them?
Since the inception of Wellbeing Nutrition, our journey has been one of relentless determination and growth. We embarked on this journey with a vision to transform the wellness industry and empower individuals to take charge of their health through high-quality nutritional products. Along the way, we encountered challenges that tested our mettle, but each challenge served as a stepping stone to our progress.
One of the key challenges we faced, much like any growing company, was enhancing our brand awareness and visibility. Despite our dedicated customer base, breaking through the noise and capturing the attention of a wider audience required strategic and ongoing marketing and branding efforts. We recognized the need to amplify our presence in a competitive landscape and engaged in targeted initiatives to establish a more substantial market presence.
Furthermore, optimizing our supply chain and logistics emerged as another critical challenge. As demand for our products surged with our growth, it became imperative to ensure seamless operations. Efficient inventory management, timely delivery, and cost-effective processes were pivotal to our success. We dedicated ourselves to the task of refining our supply chain capabilities to meet the mounting demand and uphold the exceptional service that our customers had come to expect from us.
Drawing from these experiences, we took decisive steps to address our weaknesses and propel our strengths. We maintained an unwavering commitment to quality, ensuring that each product that bears the Wellbeing Nutrition name is backed by rigorous research and meets the highest standards. Our focus on innovation and staying ahead of industry trends enabled us to offer cutting-edge solutions to our customers’ wellness needs.
Our customer-centric approach has been the bedrock of our success. We listen to the needs of our customers, valuing their feedback and incorporating it into our products and services. This dedication has fostered strong relationships and loyalty within our customer base.
Our distribution network, a testament to our hard work and strategic planning, has played a crucial role in reaching our products to every corner. It’s a testament to our dedication to accessibility and availability.
As we continue our journey, we remain steadfast in our resolve to overcome challenges and evolve in an ever-changing landscape. By persistently addressing our weaknesses, particularly in the areas of brand visibility and supply chain efficiency, we aim to solidify our position in the market. Our ultimate goal is to continue providing exceptional products and services, empowering individuals on their wellness journey, and making a meaningful impact on their lives.
According to you, what is the nutraceutical market status in India? What has been the role of Wellbeing Nutrition in this segment?
The nutraceutical market in India has been on a remarkable trajectory. People are becoming increasingly health-conscious, and there’s a growing awareness that what we put into our bodies matters. This shift in mindset has fueled a demand for products that go beyond basic nutrition and offer specific health benefits.
At Wellbeing Nutrition, we’ve been right at the forefront of this movement. We believe in the power of innovation and research-backed solutions. Our journey has been all about bringing cutting-edge, high-quality nutraceutical products to the market. We’re not just selling supplements; we’re offering carefully crafted solutions that cater to real health needs.
Quality and credibility are non-negotiable for us. We’ve invested heavily in scientific research and stringent quality assurance processes to ensure that every product that bears our name is something we’re proud of. Our mission is to make a positive impact on people’s lives, and that starts with providing products they can trust.
But it’s not just about the products. We’ve also been committed to educating consumers. We want people to understand the potential benefits of nutraceuticals and how these products can complement their efforts toward a healthier lifestyle. Education empowers individuals to make informed choices for their well-being.
We’ve had the privilege of partnering with healthcare professionals, celebrities, and experts in the field. These collaborations have been incredibly valuable in guiding our product development and ensuring that what we offer aligns with expert recommendations. After all, we’re not just here to sell; we’re here to contribute to a healthier society.
As for our role in market expansion, we’ve been working tirelessly to reach new audiences. Our focus has been on creating products that truly make a difference and then getting the word out there. We’ve invested in branding, marketing, and distribution to ensure that our products are accessible to those who can benefit from them.
In a nutshell, our journey has been about combining innovation, quality, education, and collaboration to make a meaningful impact in the nutraceutical market. We’re proud of what we’ve achieved so far, but we’re even more excited about the road ahead. We’re continuously looking for ways to evolve, improve, and provide exceptional products and services to our valued customers.
What are your upcoming business plans for the current financial year?
As we look ahead to the current financial year, I’m thrilled to share some of our exciting business plans at Wellbeing Nutrition. Our focus remains steadfast on driving growth, and innovation, and making a positive impact on the well-being of our customers. Here’s a glimpse of what we have in store:
- Product Innovation and Expansion: We’re committed to pushing the boundaries of nutraceutical innovation. This year, you can expect to see a range of new products that address specific health needs and provide even more options for our customers to enhance their well-being. Our research and development efforts are geared toward creating solutions that truly make a difference.
- Enhanced Customer Engagement: Our customers are at the heart of everything we do. We’re investing in ways to deepen our connection with them, whether it’s through improved customer service, engaging content, or interactive platforms. We want to create a holistic experience that goes beyond just purchasing products.
- International Expansion: While we’ve already been making waves in the Indian market, we’re setting our sights on expanding our reach internationally. We believe that our products can benefit people beyond borders, and we’re excited to introduce Wellbeing Nutrition to a global audience.
- Sustainability Initiatives: We’re passionate about sustainability and being responsible stewards of the environment. In the coming year, you’ll see us taking concrete steps toward reducing our ecological footprint, whether it’s through eco-friendly packaging, sourcing practices, or other sustainability measures.
- Collaborations and Partnerships: Collaboration has always been a driving force for us. We’re actively seeking partnerships with like-minded organizations, experts, and influencers who share our vision of promoting health and wellness. These collaborations will help us amplify our impact and reach.
- Continuous Improvement: At the heart of it all, we’re dedicated to continuously improving every aspect of our business. Whether it’s refining our supply chain, enhancing our production processes, or fine-tuning our customer experience, we’re committed to raising the bar in all areas.
These are just a few highlights of what’s in store for Wellbeing Nutrition in the current financial year. We’re excited about the opportunities ahead and the chance to make a meaningful difference in the lives of our customers.
What are your key focal areas for your consumers? Any plans to diversify into new areas concerning product launches?
Our commitment has always been to empower individuals on their journey to better health and well-being. Here’s a closer look at our priorities and some exciting plans on the horizon:
Targeted Wellness Solutions: We understand that every individual’s health needs are unique. Our focus continues to be on creating targeted wellness solutions that address specific concerns. Recent launches like melts PMS Relief, Her Superfood Plant Protein, and our all-new Adaptogenic Herbal & Green Tea Range with variants catering to Sleep, Focus, Her Care, Digest, Slim, and Cleanse are prime examples of our dedication to offering precise solutions that cater to diverse health goals.
- Innovation and New Product Launches: Innovation is in our DNA. We’re constantly exploring new avenues and harnessing the latest research to develop innovative products. And yes, you heard it right – we’re excited to venture into the luxurious nutricosmetics segment. This means you can look forward to products that not only promote internal well-being but also enhance external beauty.
- Vegan and Functional Nutrition: The demand for vegan products and functional nutrition is on the rise, and we’re fully embracing this trend. We have exciting plans to expand our range of vegan products, ensuring that individuals with different dietary preferences can benefit from our offerings.
- Innovative Formats: We understand that convenience matters. That’s why we’re working on introducing innovative formats for our nutritional supplements. These formats will make it even easier for you to incorporate our products into your daily routine, ensuring that taking care of your health is effortless and enjoyable.
- Comprehensive Customer Education: Our commitment to consumer education remains unwavering. We’ll continue to provide you with in-depth information about our products, their benefits, and how they fit into your wellness journey. We believe that an informed consumer is an empowered one.
- Sustainability and Responsible Practices: As we grow, we’re doubling down on our efforts to adopt sustainable and responsible practices. This includes eco-friendly packaging, responsible sourcing, and other initiatives aimed at reducing our environmental impact.
- Holistic Well-Being: Our vision goes beyond just physical health. We’re passionate about promoting holistic well-being – encompassing mental, emotional, and spiritual aspects. You can expect to see more products and resources that support your overall well-being and help you achieve balance in all areas of life.
In essence, our consumers are at the heart of everything we do. We’re committed to evolving and expanding our offerings to meet your diverse needs and aspirations. As we step into new segments, introduce innovative formats, and continue to prioritize quality and effectiveness, our goal remains the same: to empower you to lead a healthier, happier life. Keep an eye out for our exciting launches and developments in the coming months – we can’t wait to take this journey of well-being together.
What are some of the factors that are driving your business growth in India?
The growth of Wellbeing Nutrition in India can be attributed to a combination of factors that have come together to create a dynamic and thriving environment for our brand. Firstly, there has been a significant shift in consumer consciousness towards health and wellness. People are increasingly aware of the importance of taking charge of their well-being, and they are actively seeking products that align with their health goals.
Secondly, our unwavering commitment to quality and innovation has set us apart in the market. We take immense pride in the meticulous research and scientific formulation that goes into each of our products. This dedication to excellence has not only garnered trust among our customers but has also contributed to our positive word-of-mouth reputation.
Additionally, our customer-centric approach has played a pivotal role. We listen to the needs of our consumers, value their feedback, and continuously evolve our offerings to meet their demands. This has fostered a strong and loyal customer base that has been instrumental in driving our growth through repeat purchases and referrals.
Furthermore, our agility and adaptability in responding to market trends and demands have been key drivers. We’re not just following trends; we’re actively shaping them with innovative products that address emerging health concerns and align with evolving lifestyles.
Lastly, our strategic partnerships and collaborations have expanded our reach and amplified our impact. Working with healthcare professionals, experts, and influencers has not only added credibility to our brand but has also helped us connect with a wider audience.
In essence, our growth in India is a result of a holistic approach that encompasses consumer awareness, quality assurance, customer engagement, innovation, adaptability, and strategic partnerships. As we continue to navigate the dynamic landscape of health and wellness, we remain committed to upholding these principles and furthering our mission of empowering individuals to lead healthier and happier lives.
Concerning retail and e-commerce, what are your upcoming plans?
When it comes to retail and e-commerce, we have some exciting plans in the pipeline that align with our mission of making our products easily accessible to a wider audience while enhancing the overall shopping experience. Here’s a glimpse of what you can expect:
- Enhanced Online Shopping Experience: We’re committed to providing a seamless and user-friendly online shopping experience for our customers. Our website will continue to evolve, making it even easier for you to explore our product range, learn about its benefits, and make informed purchasing decisions from the comfort of your own home.
- Expansion of Retail Partnerships: We’re actively working on expanding our presence in physical retail spaces as well. This means you’ll have more opportunities to find our products on the shelves of trusted retail partners across various locations. We believe that this approach will allow us to reach a broader audience and cater to diverse shopping preferences.
- Exclusive Offers and Promotions: We understand the value of providing our loyal customers with special offers and promotions. You can look forward to exclusive deals and bundles, whether you’re shopping through our website or our retail partners. These offerings are designed to provide added value and rewards for choosing Wellbeing Nutrition.
- Innovative Product Launches: As we introduce new and innovative products, we’ll be sure to make them available through both our online platform and our retail partnerships. This ensures that you have access to our latest offerings, whether you prefer to shop online or in-store.
- Educational Resources: Our commitment to consumer education extends to both our online and offline presence. We’ll continue to provide informative resources that help you understand our products, their benefits, and how they can contribute to your well-being.
- Global Reach: As we expand our horizons, we’re also exploring opportunities to make our products available to a global audience through e-commerce platforms. This means that our international customers will be able to access Wellbeing Nutrition products regardless of their geographical location.
In essence, our plans for retail and e-commerce revolve around creating a seamless and convenient shopping experience that caters to your needs, whether you prefer online shopping or traditional retail spaces. We’re excited to leverage the potential of both platforms to ensure that Wellbeing Nutrition products are within reach for everyone seeking to enhance their well-being.
What are your expectations from the Indian market? Are there any plans for geographical expansion or M&A on the cards in the upcoming quarters?
Our expectations from the Indian market are rooted in our vision to be a leader in the health and wellness industry, empowering individuals across the country to prioritize their well-being. We see immense potential for growth and impact in India, given the increasing awareness of health, a growing demand for high-quality wellness products, and a population that is eager to make healthier lifestyle choices.
In terms of geographical expansion, we do have ambitions to extend our footprint beyond our current reach. While our primary focus has been on the Indian market, we’re actively exploring opportunities to introduce Wellbeing Nutrition products to a global audience. This expansion will allow us to share our innovative and effective solutions with individuals around the world who are seeking to enhance their overall health and quality of life.
As for mergers and acquisitions (M&A), while we’re always open to strategic collaborations that align with our mission and values, I can’t provide specific details about potential M&A activities in the upcoming quarters. Our priority remains on delivering exceptional products, enhancing customer experiences, and pursuing growth opportunities that are in the best interest of our customers and stakeholders.
In summary, our expectations from the Indian market are optimistic, and we’re dedicated to further strengthening our presence while also exploring opportunities for global expansion. As we navigate the evolving landscape of health and wellness, we remain committed to our core principles of innovation, quality, and customer-centricity.
What are your business strategies for sustainable market growth? What is unique about Wellbeing Nutrition as compared to market competitors?
At Wellbeing Nutrition, our strategies for sustainable market growth are built on innovation, quality, customer-centricity, and a commitment to holistic well-being. What sets us apart from competitors is our unwavering focus on continuous innovation backed by scientific research, ensuring our products address evolving consumer needs. We prioritize quality assurance, transparently sourcing high-quality ingredients for safe and effective offerings. Our customer-centric approach fosters loyalty through tailored solutions and attentive service. Embracing the full spectrum of well-being, we extend beyond physical health to encompass mental, emotional, and spiritual aspects. Sustainability is ingrained in our practices, from eco-friendly packaging to responsible sourcing, appealing to socially conscious consumers. Our diverse product range caters to various preferences and dietary needs, while collaborations with experts enhance our credibility. These strategies, unique to Wellbeing Nutrition, drive our growth and reinforce our commitment to empowering individuals on their journey to a healthier and happier life.
Anything else that you would like to add?
I’d like to express our gratitude to our customers, partners, and supporters who have been integral to our journey. Your trust and belief in Wellbeing Nutrition inspire us to continuously strive for excellence and push the boundaries of innovation. As we look ahead, we’re excited about the possibilities that lie ahead – from introducing new products and expanding our reach to embracing emerging trends and making a positive impact on well-being. Our commitment remains unwavering, and we’re dedicated to being a source of empowerment, education, and transformation for all those who choose to embark on this journey of health and wellness with us. Thank you for being a part of the Wellbeing Nutrition family. Together, we’ll continue to write a story of growth, well-being, and positive change.
