Nutraceutical startup Fitday to invest Rs 25 Cr in nutrition gummies segment
Hyderabad-based omnichannel nutraceutical startup Fitday will invest Rs 25 crore in the gummies segment this financial year, after launching seven vitamin gummies for the Indian market.
The global gummy vitamins market is projected to reach $10.6 billion by 2025 and to further expand its reach, Fitday will be looking to invest in educating more people on the benefits of nutraceuticals.
In a variety of herbal, mineral, and vitamin options, the new gummies are DHA + Multivitamin (Gummies for children), Biotin, Vitamin C, Ashwagandha, Korean Ginseng, Calcium, Vitamin-D3, Ginger Licorice Tulsi (Cold and Flu Gummies), and Iron Folic Acid.
Fitday aims to cater to consumers who are increasingly adopting vegetarian and vegan lifestyles, the gummies are made of plant-based pectin, not gelatin.
“We are proud to start a trend like this. Especially during the pandemic, there was an obvious need to increase the immunity in children and adults. Vitamins in the form of gummies are a fun and palatable way to get vital supplementation into the body,” said Suresh Raju, Founder of Fitday.
“In 2019, the FSSAI regulatory did not even recognise gummy bears, because the Indian food categorisation code list did not have it as an option. Given that it is an old fad in the western world, we supplied them with research and wrote to them several times for its inclusion. Much to our delight, the FSSAI eventually included gummies in the code list,” he added.
Fitday’s focus is on introducing pleasant-tasting supplements that are convenient and interesting to consume. The firm wanted to leverage the rising awareness for on-the-go supplements to tackle the increasing occurrences of vitamin deficiencies and malnutrition.
The company said it aims to serve the segment of higher population of older adults who are at high risks for chronic diseases caused due to vitamin deficiencies. Genomelabs, (parent company) that manufactures for Fitday, will introduce more research-based gummies in the future.