Amway India eyes Rs 100-crore sales from Traditional Herb Nutrition Category in 2020
The category is expected to grow at a CAGR of 32 per cent from 2020 to 2024
Amway India foresees its traditional herb nutrition category to clock sales mark of Rs 100 crore this year and is gearing up to strengthen its local sourcing of herbal extracts in India.
An FMCG direct selling company, Amway foresees the nutrition category to grow faster with the current contribution of over 50 per cent to 65 per cent by 2024, which includes a significant contribution from the herbal nutrition segment.
“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,” Amway India CEO Anshu Budhraja said in a release.
The CEO also said that with the growing consumer preference for herbal, Amway ventured into the traditional herb nutrition space with Nutrilite Traditional Herbs Range in 2018.
“Presently, comprising of just six products made from native ingredients such as Tulsi, Ashwagandha, Mulethi, and more, the range is expected to reach its Rs 100 crore sales mark this year,” he added.
Citing a recent report, Budharaja said, “In the last few months, more than 51 per cent of the households in India have 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.”
Talking about the traditional herbs range nutrition category growth, 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, Khanna said.
“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,” he added.