Absence of proper regulatory framework and dilemma over the understanding and adopting the term ?Nutraceuticals? has became undue advantage for Nutraceutical manufacturers. Today, healthcare market in India is flooded with Nutraceutical products. To explore this market, many Nutraceutical and Pharmaceutical companies have launched nutraceutical products in the healthcare market. Increasing awareness about the health, disease prevention, high cost of the medication, and handy disposable income are the factors which contributed in increasing demand of the Nutraceuticals. In the context of Indian scenario, Nutraceutical market is growing fast with the 20% CAGR5. We understand that global Nutraceutical market is growing very rapidly. This study reveals that, Nutraceutical manufacturer have tremendous opportunities to explore Nutraceutical market. In order to increase the sale of Nutraceutical product, it is advised that, manufacturers should reduce the price of product and make more efforts to spread awareness about the benefits of nutraceutical product. It is also important to regulate the advertisement of Nutraceuticals to restrict misleading claims in advertisements. Increasing trends in preventive therapy is a major driving force for nutraceutical market followed by increase in self medication. This study has revealed that, child Nutraceutical Products are in high demand followed by Nutraceuticals for Pregnant / Lactating Mothers and Weight Gain Products therefore, it is very important to regulate the manufacturing, labeling, and advertisement of the Nutraceutical products targeted to Children, Pregnant and lactating mothers.
Percentage analysis method was adopted for Data Analysis, Statistic calculator (version 3.0) by StatPac Company was used for data processing.
Sampling size of 70 was calculated by standard formula to achieve desired confidence level of 97%. Sampling Unit: retail shops, medical shops, malls from selected localities of southern Karnataka. Convenient, non-probability sampling process was adopted for the study. Data was collected through primary data collection method by visiting retail stores to know about the Nutraceutical product in selected area. Research Methodology: A questionnaire was designed including open and closed ended questions. Sreedhar, Manthan Janodia, Virendra Ligade, Udupa N.Ībstract:Objective of study: To analyse Indian Nutraceutical regulatory scenario.
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Print Article Download XML Download PDF STRATEGIC ANALYSIS OF INDIAN NUTRACEUTICAL REGULATORY SCENARIO THROUGH MARKET RESEARCHĪuthor: Ajay Pise, Shilpa Pise, D.
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