- The category is expected to grow at a CAGR of 32% from 2020 to 2024
- Traditional Herbs Range contribution to the nutrition category to double by 2024
- Foresees sourcing requirement to rise significantly for traditional herb extracts
Haryana: As the demand for herbal nutrition category records a drastic rise with consumers shifting towards healthier living, Amway India, one of the country’s leading FMCG direct selling companies, foresees its traditional herb nutrition category to clock sales of INR 100 crores this year. To accommodate the growing demand for herbal products, Amway is also gearing up to strengthen its local sourcing of herbal extracts in India.
Reinforcing its commitment to the Government of India’s ‘Make in India’ agenda, Amway continues to locally source ingredients for manufacturing its high-quality nutrition products. A leader in the nutrition space, Amway is renowned globally for its nutrition category brand – Nutrilite. In India, too, Nutrilite holds significant brand equity. Going by the trend of prioritizing holistic nutrition and wellness, the company foresees the nutrition category to grow faster with the current contribution of over 50% to 65% by 2024, which includes a significant contribution from the herbal nutrition segment.
Commenting on the category, Mr AnshuBudhraja, CEO, Amway India, said, “There is a rising inclination towards holistic nutrition and wellness solution leading us back to our traditional beliefs. The trend of going ‘back to local’ has accelerated the consumption of ingredients such as Tulsi, Ginger, Turmeric, Amla and more such herbs. With the growing consumer preference for herbal, Amway ventured into the traditional herb nutrition space with Nutrilite Traditional Herbs Range in 2018, which received a tremendous response. Presently, comprising of just six products made from native ingredients such as Tulsi,Ashwagandha, Mulethi, and more, the range is expected to reach its INR 100 crore sales mark this year. Further, a recent report suggested that in the last few months, more than 51% of the households in Indiahave made these traditional ingredients a part of their diet, which indicates huge potential for this category in the years to come. Going by the market scenario, we expect the traditional herbs range contribution to the overall nutrition category to double from 10% today, to 20% by 2024.”
|· The Nutrilite Traditional Herbs range is expected to reach INR100 crores sales mark this year
· Amway foresees herbal nutrition category to grow by three times at a CAGR of 32% from 2020 to 2024
· In line with the trend, the traditional herbs range contribution is expected to double from 10% today, to 20% by 2024
· With this, the overall nutrition category contribution to grow from over 50% to 65% by 2024
The Nutrilite Traditional Herb Range from Amway offers an assured level of Purity, Safety and Potency of herbs as it passes through a stringent seed to supplement process ensuring a world-class quality product. The herbs used in the product are DNA fingerprinted to ensure the right species and quality of herbs with active form and free from any contamination. To guarantee the potency of the product, these herbal supplements are prepared from certified non-GMO sources to prevent any unknown health hazards and ensuring safety. Further, these supplements are developed at Amway’s manufacturing facility that follows Good Manufacturing Practices to maintain the safety, proper identification, and highest quality of the product.
Talking about the traditional herbs range nutrition category growth, Mr Ajay Khanna, Chief Marketing Officer, Amway India, said, “In India, consumers are increasingly growing health-conscious, and this megatrend of the holistic approach to wellness will drive the next phase of growth for Amway. In line with the emerging trends, we have observed a spike in the sale of immunity supporting nutrition products, including the herbal nutrition range. The consumers today are showing a strong resonance for the herbal products, and especially amongst the youth, there is a growing preference for traditional herbal ingredients. Keeping these trends in mind, we foresee the category to grow by three times at a CAGR of 32% from 2020 to 2024. To further build momentum, we will continue bolstering the category with product innovations, from time to time, to have a strong pipeline of launches in line with the market requirement, alongside new and innovative ways of communication targeting the youth.”
Further, speaking about the sourcing, MrBudhraja added, “At Amway, we remain committed to the AtmaNirbhar Bharat vision and are well on course to support a self-reliant India by sourcing the raw materials from the NutriCert certified organic farms in India. This aspect also helps us maintain the quality of our products.”
Aspart of strengthening its hold in the herbal nutrition category, Amway India is building a strong partner network, in line with the company’s vision of making a tangible difference in the lives of its stakeholders. Currently, Amway India works with 12 Nutricert Certified partners to procure ingredients such as Boswellia, Cinnamon, Garcinia, Ginger, Gymnema, Holy Basil, Bacopa, Marigold, Pomegranate, Turmeric, and so on. Lately, with the growing sales of herbal nutrition products, Amway India has witnessed a sharp rise in demand for herbal extracts. To cater to the rising demand, Amway is evaluating to expand its organic farm base, in India. The organization is looking to add more organic certified herb farms to encourage local produce in the country in the coming two years. Amway’s investment in organic farming solutions is further supporting the transformation of the local economy and the overall lives of the medium and small-scale farmers.
Amway is one of the world’s largest owners and operators of organic farms adding to its renowned traceability program.