New Delhi: Demands from herbal and natural products is increasing day by day especially from overseas countries. Seeking the demand direct selling firm Amway India is looking to cash in the opportunity and is planning to take it ingenuously manufactured range to its overseas markets.
Anshu Budhraja, Chief Executive of Amway said, “Based on the response met by our Nutrilite traditional herbs range over the past six months, we are exploring options to take the products globally.”
The natural product range was launched by the company earlier this year and it was projected that the sales of those products would reach to Rs 100 crore by the end of the year. Notably, Satinique shampoo and Artistry skin-care are made by Amway itself.
The company, which is worth Rs 1,800 crore, revealed that it will strengthen its presence in herbal and natural space which already has competition with various giants like Patanjali and Dabur with numerous herbal and natural products in the market.
As per the report of research firm Euromonitor, Amway Nutrilite emerged as a leader in the market of vitamins dietary supplements, which is around Rs 9,400 crore markets, with 12 per cent market shares in 2017. As per the estimates, the market of herbal, traditional vitamins and dietary supplements which is around 29 per cent is of worth Rs 2,700 crore. It was predicted by the research firm that the category would grow around 10 per cent in next five years.
Consumer inclination for long-established remedies, increasing focus on precautionary healthcare options and traceability including organic certification and levels of active ingredients are driving the growth, said Budhraja.
The India arm of the Michigan-headquartered maker of health, beauty, and home care products has committed investments of Rs 1,000 crore in the country, and is targeting sales of Rs 6,000 crore by 2025, it said.