According to ReportLinker, the global nutraceuticals market is projected to reach $441.7 billion by 2026, growing at a CAGR of 7.8 percent.
In the last few years, especially driven by the COVID-19 pandemic, Indians have taken a liking to nutraceuticals products.
The market is gaining traction for several reasons, including skin and hair care management, beauty trends, and promoting holistic wellbeing and health.
YourStory lists five nutraceutical startups — that provide plant-based products by combining scientific advancements with rising buyers’ interest in healthy food.
Plix
Founded in 2019 by Rishubh Satiya and Akash Zaveri, Mumbai-based nutraceutical startup offers plant-based protein wellness products and hopes to supplant conventional formats of pills with flavourful gummies, superfood powders, and effervescent tablets.
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The startup offers items across categories, including weight loss, hair and skin nutrition, daily wellness, women's wellbeing, and workout supplements.
In December 2021, Plix raised $5 million in a Series A round from Guild Capital and RPSG Capital Ventures to launch new products. It also plans to add over 85 stock keeping units (SKUs) in the next few months.
"The pandemic brought in heightened awareness about immunity, and we started getting feedback on our products. We will enter into retail in Tier I and II cities, and we aim to partner with over 1,000 retail stores in the next two years," Rishubh had told YourStory.
OZiva
Mumbai-headquartered offers plant-based products to enable people to become healthier.
The nutraceutical startup — founded in 2016 by Aarti Gadani and Mihir Gadani — has SKUs across women's wellbeing, skin, hair, men's health, and general health.
Made using natural plant-based ingredients, OZiva claims to combine modern science and technology with the integrity of Ayurvedic herbs to empower holistic living.
Co-founders of Oziva, Aarti Gill (right) and Mihir Gadani (left)
Aarti said, "We started OZiva with a simple vision of enabling millions of people to be healthier and better. Being pioneers in the clean, plant-based nutrition space in India, we invested our energies in educating consumers and building the category.”
She added, “Having a strong digital ecosystem and personalised consultations have helped us in delivering more than just the product, and it has reflected in our growth numbers and unit economics.”
“We will keep investing and creating solutions focusing around three pillars of fitness: nutrition, workouts, and mental wellness,” she emphasised.
In March 2021, the startup raised $12 million in a Series B round led by Eight Roads Ventures, F-Prime Capital, and Matrix Partners to enter new product categories and build technology platforms to provide more value-added services.
Kapiva
In 2016, Ameve Sharma — a third-generation entrepreneur from 103-year-old Ayurvedic company Baidyanath — began manufacturing Ayurvedic products, along with Shrey Badhani, under the brand name Kapiva. The Mumbai-based startup has more than 40 functional food products, including herbal juices, honey, oils, plant nutrition, teas, etc., available on BigBasket and Amazon.
In October 2021, Kapiva roped in Malaika Arora as a strategic investor and brand ambassador, who invested an undisclosed amount in the startup.
“I’m a huge advocate of Ayurveda. I have been using Kapiva products since the pandemic began when I was first introduced to them,” she said.
“They have the vision, the ambition, and I believe in their ethos. As I am focused on fitness, wellness, and holistic living, it all came together, and the synergy just happened,” said Malaika Arora.
Fast&Up
Originally launched in Switzerland in 2007, Aeronutrix Sports Products made its way to the Indian market in 2015.
Its flagship brand , headquartered in Mumbai with a presence in cities like Bengaluru and Hyderabad, is backed by innovative Swiss technology and effervescent science aimed at promoting ‘active living’.
Founded by Varun Khanna and Vijayaraghavan Venugopal, B2B nutraceuticals brand Fast&Up offers 18 products, including Vitamin C immunity booster (Fast&Up Charge), electrolytes (Fast&Up Reload), and plant-based nutrition (Fast&Up Terra).
The brand has also entered into kids’ nutrition and plant protein for women.
“To date, nutrition supplements are considered to be only protein-based, but thanks to social media and more awareness, the misconception is slowly reducing. They love to research nutrition, diet, and supplements before consumption,” said Vijay.
Olena
Founded in 2018 by Akash Zaveri, Mumbai-based Olena makes and sells plant-based supplements and protein powder products, including multivitamins, super greens, vitamins, and antioxidants, to help Indians live a healthy life.
Olena’s products are available on Amazon, Nykaa, Wellness Forever, Nutrabay, and its official website, among others.
“Olena was founded with a vision to awaken the world to the potential of plant-based nutrition. With modern lifestyles and industrialised farming methods, eating high quality, bioavailable foods has become increasingly difficult. Also, finding good products that pack in the benefits of nature has become a challenge in developing countries such as India. We believe that elevating the mind, body, and the planet is key to living a healthy, happy life, and plant-based nutrition is key to achieving this,” Akash told YourStory.
Edited by Suman Singh