Pragya International, a Bangalore based company has launched online shopping portal MyNutraMart.com to cater to the growing wellness nutrition market.
The Indian wellness services market is expected to remain buoyant and has the potential to sustain a compounded annual growth rate (CAGR) of approximately 30-35% for the next five years, says a latest study by FICCI and professional services firm, Ernst & Young. The wellness services market is currently estimated at Rs 11,000 crore in India.
The FICCI-EY report, titled Wellness- Exploring the untapped potential, highlights that the growth is expected on the back of favorable market demographics, consumerism, globalization, changing lifestyles, increasing availability across categories and regions and rising awareness among people.
Global brands like Joint Expert , Mega-Pro, Zenith Nutritions, Joint's Coach, Alpha Omega etc, have joined hands with MyNutraMart.com to sell their brands online.
Says Pawan of Vista Nutrition's US more than 60% of dietary supplements and wellness products are sold online. In India, online shopping is at nascent stage as internet penetration stands at paltry 9%. But still being able to sell online gives us instant advantage to cater to wider market and save on branding expenses”.
MyNutraMart.com is expected to tie-up with more than 300 brands and offer 5000 products to cater to the growing Nutritional supplements market worldwide and in particular India. The portal offers products for cholesterol management, blood pressure management, skincare, brain & memory, depression, vision & eye etc. Well known supplements like Grape Seed extract, colostrum, policosanol, glucosamine, spirulina and major vitamins have been included on the portal.
“While the Bodybuilding supplements market in Southeast Asia is well developed, at the same time uninformed & fraudulent selling is on the rise. By joining hands with MyNutraMart.com, we have ensured that the customers will get the option to make informed purchase and avail some discount as well.” said Arvind M Madhok of Bodycare Nutritions India, exclusive distributor for South Asia for US based company MEGA-PRO International, deals in sports nutrition.
