“… we are concentrating on the production of nutraceuticals, food supplements and beverages. We have invested Rs 150 crore in our plant in Paonta Sahib and are expecting to launch 35 products by the end 2016,” Mankind Pharma MD Sheetal Arora said in a statement.
With a strategic approach on formulations, the company has been focusing on the manufacturing of nutraceuticals with a growth rate of 35 per cent.
Currently, the company’s 80 per cent of niche molecules have been concentrated in the production of nutraceuticals and it has recently introduced 24 products under the segment, as more people are becoming health conscious, Arora added.
The growth of nutraceuticals market in India accounts for around 1.5 per cent of the global market which is currently estimated at $4,182 billion.
The domestic nutraceuticals market is growing at a compounded annual growth rate (CAGR) of 17 per cent.
From current size of $2.8 billion, the industry is estimated to touch $6.1 billion by 2020, according to an Assocham report.
Mankind Pharma is also planning to push its products in tier II and III cities, the statement added.