Azaz Motiwala, founder & chairman and managing director of IKON Marketing Consultants, said, “Increased affluence and lifestyle diseases and change in consumer perception and mindset, increase in awareness about extra supplements among consumers, increasing health consciousness along with rising healthcare cost are paving way for growth of Indian nutraceuticals market.
Indian nutraceutical companies have been watching a nascent industry mature over the last couple of years, and now recently released figures have backed up the boom. According to Ikon, the market research agency, the nutraceutical industry is expected to double over the next five years, and some of this growth will be supported by traditional pharmaceutical companies moving into nutrition.
The domestic nutraceutical market could have grown five-fold by 2020 since the beginning of the current decade with possible domination by functional food and beverages segments, according to a research conducted by Ikon Marketing Consultants.
There is a general perception among consumers that government-owned brands are more trustworthy. The middle class and lower-middle class people mainly consume these products. They may not find shelf space in upper-middle class houses," says Azaz Motiwala, chairman and managing director, IKON Marketing Consultant, a strategic marketing solutions firm.
The consumption of bottled water in India has shown a jump of 21 per cent in last fiscal but still India is far behind as compared to global average, according to a research recently conducted by leading marketing consulting firm IKON.
The per capita consumption of bottled water in India was at 16.20 litres during 2010-11 and jumped by almost 21%to 19.60 litres in 2011-12, IKON said in its report "The Indian bottled water market unveiling its thirst".
"Increasing scarcity of safe drinking water, changing lifestyles and aggressive expansion by market players may lead this industry to be the next oil industry in coming decade" says Azaz Motiwala, founder & principal consultant of IKON.
According to a research by Ikon Marketing Consultants, bottled water market in India is growing at 19 per cent annually. In terms of volume, the demand was estimated at around 532 million cases of small packs.
The overall packaged bottled water in India is estimated to touch the Rs 10,000 crore mark in the 2012-13 fiscal, growing at a compound annual growth rate (CAGR) of 19%, says a new report by Ikon Marketing Consultants. Presently, this market is estimated at Rs 8,000 crore, and could touch Rs 15,000 crore by 2015, the report adds..
"The Indian auto component industry may cross USD 100 billion mark by 2020 by growing at a 15% CAGR (Compound Annual Growth Rate)," Azaz Motiwala, a principal consultant with the city-based Ikon Marketing Consultants told PTI quoting from a national survey conducted by the firm.