With each passing day, the world is experiencing new developments in healthcare and wellness sectors. They are said to be booming the most. The factors like a rapid lifestyle change and the pandemic have called for an expansion in the nutraceutical sector worldwide. The Himalayan Organics claims to be venturing into this space by keeping in mind the affordability and need of the customers. Financialexpress.com recently got in touch with Vaibhav Raghuwanshi, Co-Founder of the brand, to learn about the foreseeable growth in healthcare and wellness, and much more. Read the excerpts to know more:
What percentage of growth has the nutraceutical industry witnessed since the pandemic? Why do you think this is the right time to venture into this business?
According to the report of Nutrify, there has been a 20% increase in prescription trends of nutraceuticals inclined to immunity and gut health. With the new normal in the ecosystem of nutraceuticals in India, the proposed target of $18 Bn by 2025 now stands corrected to $20.6 Bn.
What is the target market for the nutraceutical industry? Which group of people is the TG and why?
People who fall in the age bracket of 20-70 years & belong to the middle class & above are the target group. They are becoming aware of health issues & possible alternatives to solve them and are increasing their health consciousness. Also, this segment reports high incidences of diabetes, cholesterol, vitamin deficiencies & lifestyle disorders.
What is the concept of holistic wellness, and how do you think we as a country can attain it?
Holistic wellness is a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity. It involves nourishment of mind, body & soul because the human body is interconnected; our physical body depends on our mental state and vice versa.
As a country, the government and private institutions need to take active steps that focus on every individual, especially mental health. For companies like us, we need to work more intensively & aggressively to break the irrational taboos and raise awareness on mindful eating & functional health. Bringing a ground-breaking food range will also help make daily food choices better for the family.
As a company in wellness and health, what are your primary challenges, and how do you cope with them?
Wellness & health is one such industry where every step has to be taken after careful consideration and backed by the regulatory bodies to avoid any mishap. At times, this increases the working and deliverable time of specific formulations.
Moreover, poor health awareness, especially in rural areas, challenges reaching out to new possible segments.
Also, in this fast-moving age, extracting chemical & toxin-free foods from ethical farms for 100% transparent & organic solutions requires more research time.
What are some of your best selling products? What does it tell about the change in consumer preference?
As an age-old saying, the customer is the king. We listen to our customers’ needs as well as their feedback. We also conduct in-depth interviews to know their problems and find the best solutions in the form of our products.
Our best-selling products are Vegan D3 K2, Vegan Multivitamins, Plant-Based Multivitamin range, Milk Thistle & Spirulina. We offer 100% vegetarian supplements and many plant-based alternatives, which is one of the reasons for the high customer acquisition & retention rate.
How has digitization helped in this business? What are your plans for it?
90% of our business is generated from digital mediums. Apart from our website, we are listed on 30+ active e-commerce portals that bring us around 10CR+ sales annually. Along with that, we integrate all the famous and secure payment methods for trustworthy payments. Himalayan Organics also utilizes the latest technology to make UI/UX better, which makes checkout easy & user experience ultimate. Moreover, our active presence on trending digital platforms allows us to penetrate the young audiences who have just started realizing the importance of health.
We plan to expand our digital presence on e-commerce websites globally. We are also improving our marketing budget for various digital platforms. With that, we will use extensive ad campaigns and niche influencer marketing to educate the audience on what, when & how of supplements & mindful eating. We will continue to harness the technology & bring upgrades when needed.
At what numbers do you see the industry reaching by 2025?
As per the report of FSSAI, experts believe that this market will grow up to USD 18 billion by 2025, making it one of the most growing segments.
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