The Hindu Business Line : ‘Nutraceuticals market growing at 40% on greater health awareness’

Mumbai, May 20 Higher disposable incomes and greater awareness on health have buoyed the estimated Rs 1,500-crore nutraceuticals market in the country, growing at about 40 per cent.

Customers are aware of health-related products available globally, as they probably have been exposed to such products on their overseas trips, observes Mr Ashutosh Garg, Chairman and Managing of Guardian Lifecare, a retail pharmacy chain.

Guardian Lifecare is also master-franchisee for global nutritional products retailer GNC Inc. The exclusive GNC stores break-even within three-odd months from opening, he points out, validating his observation on the burgeoning wellness products market.

Vitamins from the GNC store, for instance are about 30 per cent more expensive when compared to local products, though their prices are comparable to similar imported products, he said, illustrating how the products find customers despite being more expensive.

Of the over 100 Guardian stores in the country, only about 20 are exclusive GNC outlets, he said.

The decision to open an exclusive GNC store is taken depending on the demographics of the location, he told Business Line.

The company has just opened two exclusive GNC stores in Mumbai, marking its foray into the western region.

Guardian Lifecare is set to invest about Rs 25 crore in setting up about 50 outlets in Mumbai and Pune.

A foray into Kolkata is on the cards in the next three months, he said.

Only recently, Guardian Lifecare announced its Rs 100-crore expansion plan, where another 150 stores would be added across the country by March 2009.

In fact, the company’s foray into western India, besides sales at existing stores, would help the company more than double its sales to Rs 140 crore in the current fiscal, he said.

The company was looking to get a private equity on board to fund its expansion, he said.

A tie-up with an international beauty brand is also on the cards, he added.

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‘Nutraceuticals market growing at 40% on greater health awareness’