The Nutraceutical Market in India is Booming

Mar 20, 2015

The nutraceuticals industry is booming in the United States, but how is it fairing around the world? In India the nutraceutical market is growing at a rate faster than in the U.S. It is projected to leap 20 percent by 2019, and reach $6.1 billion. Health experts attribute the nutraceutical boom to a rising health and fitness awareness in the region. Currently the epicenter of the nutraceutical market is in the southern region which grosses about $2.2 billion a year. Trailing the southern region are the three major states of Andhra Pradesh, Tamil Nadu and West Bengal, in the eastern region, and there is every indication that the nutraceutical industry is in India to stay.

The nutraceutical market is not only growing in India, its spreading throughout the entire Asia-Pacific region. It seems that the same emphasis on fitness, lifestyle, aging populations, and health infusing life into the nutraceutical industry in the West is affecting the East.

The nutraceutical business is segmented into three categories – functional beverages (sports drinks), dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules), and functional foods (probiotics, nuts, tomato products, yogurt). In urban India, the nutraceutical market commands about 22.5%, but is only about 6.3% in rural India. Many speculate that this discrepancy is due to urban access to more information about the importance of health and nutrition.

The influx of nutraceuticals is not only coming from Indian pharmaceutical companies, but from various international players as well. Currently, nutraceuticals fall under the regulation of Food Safety and Standards Act of India (FSSAI), but is not guaranteed to protect consumers. The FSSAI regulates the distribution, manufacturing, sales, and importation of nutraceuticals in India. But much like the FDA in America, the entity that many believe should be keeping a closer watch on how nutraceutical companies operate, may not provide the level of oversight needed to adequately protect consumers from fraudulent products.

The nutraceutical market is now a global phenomenon, and is ready for smart and independent nutraceutical merchants to establish a nutraceutical merchant accounts.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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