Nearly 70% of dietary supplements sold in India fake: Assocham
08 Dec 2015
About 60 to 70 per cent of dietary supplements sold across India are fake, counterfeit, unregistered and unapproved, besides it was also extremely difficult to identify them, according to a recent Assocham-RNCOS joint study, ANI reported.
The Indian dietary supplements market is currently pegged at $2 billion (nearly Rs13,382 crore) and would likely double to $4 billion (nearly Rs26,764 crore) by 2020, in the process clocking a compounded annual growth rate (CAGR) of about 16 per cent during the course of next five years, according to the study titled 'Indian nutraceuticals, herbals and functional foods industry: Emerging on global map', conducted by The Associated Chambers of Commerce and Industry of India (Assocham) jointly with business consulting firm RNCOS.
The study, further pointed out that vitamin and mineral supplements would emerge as major areas of opportunities for nutraceuticals players over the coming years as demand from an evolving customer base rises, with the middle-class population being the major consumers in this regard.