How health and wellness boom amid COVID-19 inspired these companies to diversify into new categories
The pandemic has further given an impetus to trends such as rise in the demand for superfoods, nutritional supplements, immunity-boosting products, health alternatives, and more.
The COVID-19 pandemic has caused people to pay close attention to their health. While several sectors suffered from lack of demand, the pandemic resulted in an unprecedented boom in the health and wellness segment.
According to a report by Numb Research, India’s 443 million millennials spend an average of Rs 4,000 per month on health and wellness services and products. Perhaps, that is why it is not difficult to fathom why this market generated whopping revenue worth $639 billion in 2020.
Additionally, the pandemic has further given an impetus to trends such as rise in the demand for superfoods, nutritional supplements, immunity-boosting products, health alternatives, etc.
SMBStory has curated a list of three companies that leveraged the health and wellness boom to tap into these very trends.
Synthite Industries
Viju Jacob, Managing Director, Synthite Industries Ltd
was started in 1972 by CV Jacob. Headquartered in Kerala’s Ernakulam, it is known for manufacturing and selling essential oils, spices, dehydrated green pepper, and more. Today, the company has over 3,000 employees, and is run by CV Jacob’s son and second-generation entrepreneur, Viju Jacob.
In December 2020, Synthite Industries launched a supplements vertical, . This brand was launched on , and is today present on medtech platforms such as , , and .
Mathew K Samuel, Global Marketing Head of the business, says, Synthite Group had been mostly operating as a B2B company since inception. While it was planning to enter the space since 2018, the group finally took a dive into the health supplements market during COVID-19.
In December 2020, NatXtra was launched. At present, NatXtra offers four products – Ashwagandha - DSTR, Amla-CZ, CurQmeg-3, and Gymne-Mag D – that are priced between Rs 545 and Rs 1,045.
Supreem Pharmaceuticals
Apart from supplements, superfoods is another category that saw a boom during COVID-19. One of the companies that decided to venture into this category is Mysore-based .
Founded in 1985 by SN Rao, the B2B (Business-to-Business) company has been manufacturing and selling pharmaceutical and nutraceutical products. It has more than 400 customers in India and abroad, including the likes of major pharma players such as Cipla, Cadilla, Sun Pharma, Dr Reddy’s, and more.
In a conversation with SMBStory, Rao explains entering the superfoods space with its brand Supreem Super Foods. Launched last month, it offers 20 products across four categories including health management, performance beverages and foods, and lifestyle management.
With over 40 SKUs, the superfoods product line will include healthy snacks, candies, nutritional multipurpose mix, sashes and capsules to help conditions related to diabetes, obesity and high cholesterol, to greatly improve immunity, digestion, and clear blocked nose or throat.
The manufacturing of these products are outsourced from units in Vapi and Mumbai. However, the R&D is done in the company's own facility in Mysore.
Adroit Biomed
Sushant Raorane and Ajit Marathe launched in 2011. The company manufactures and sells skincare and nutraceutical products. The company also sells online through Clickoncare.com, and has a distribution network of 500 stockists, and 10,000+ chemists and pharmacies across the country.
Adroit’s product bolus dose of Vitamin C in effervescent formulation (tangy drink), especially worked wonders during the coronavirus pandemic.
Coronavirus pandemic has opened several opportunities for pharmaceutical companies. Sushant says that two things he is particularly looking forward to in the coming times are geographical expansion and introduction of new products.
“We want to introduce a new range of products in the immunity segment because that is something whose demand will increase in the post-coronavirus era. In addition, we plan to go beyond India,” he says.
It is also eyeing the US, Europe, and the Middle East countries for global expansion.
Edited by Megha Reddy