The energy supplement industry is growing in India, Fox Sports says
The energy supplements industry is booming in India.
In 2016, the industry generated $3.5 billion in revenues and was valued at $5.5 trillion, according to a report by consultancy firm Ernst & Young.
In the United States, the number of energy supplements sales in 2016 was $10 billion, according the company.
The industry’s growth rate in India has been about 25 percent a year.
“India is a country with more than 10 billion people, which is about 3 percent of the global population,” said Rajendra Rao, senior director of global regulatory affairs at Ernst & Free.
“We are looking at India to be a growth market for a long time.”
India is the second-largest consumer of energy products after the United Kingdom, according an analysis by Ernst & Smith.
The market was worth $3 trillion in 2016.
In 2016, Indian energy companies received more than $6 billion in subsidies.
Of that, about $3 billion went to the sector, including $1 billion in direct subsidies and $500 million in indirect subsidies, according a report in Business Standard.
India’s Energy Minister Piyush Goyal told the Hindustan Times newspaper that the government would be making an investment of Rs.20,000 crore in energy supplements.
The Indian government has also launched a series of projects aimed at increasing the energy supplement market.
A new set of energy supplement tariffs is being formulated and is expected to be announced later this year, said Anurag Sharma, managing director of the Energy and Resources Research Center (ERRC).
The government also announced a $20 million fund to fund research on the development of new products and the development and sale of alternative energy products.
Energy supplements are marketed to people with heart disease, diabetes and metabolic syndrome, among others.
India has a population of about 1.3 billion, and it consumes about 12 percent of global energy consumption.