Fitspire is trying to enter non-metro towns on the back of growing demand for plant-based and vegan health supplements in the country. It also plans to expand its presence in international markets this year.
Founded in 2020 by IIM Lucknow alumnus Vipen Jain, along with cofounders Nidhi Jain and Hinah Sawhney, Fitspire provides health and wellness products in the vegan nutritional segment catering to sports nutrition, general health wellness, and personal and child wellness.
“We plan to continue with our omni-channel approach and grow through e-commerce channels and our own website.” We also want to have a presence in international markets where vegan product demand is high, “said Jain, cofounder, Fitspire, adding that it is shifting its focus to tier 2 and tier 3 cities like Meerut, Chandigarh, Lucknow, and Gwalior.
Most people in India, whether they are from tier 1, tier 2 or tier 3 cities, are becoming increasingly aware of the importance of a healthy diet and lifestyle. Our main focus is to provide the most useful information as well as healthcare supplements that are easily accessible, irrespective of the address.
The company’s sales grew by more than 50% in 2021 on the back of growing demand for vegan products, product expansion, and an omnichannel approach. Its goal over the next two years is to capture 20% of the total vegan market that is currently pegged at Rs. 6000 crore and is growing at a CAGR of 28%.
“We at Fitspire wanted authentic, 100% vegan, nutrient-dense, allergen-free supplements that delight the senses.” “All we believe is that the right nutritional profile has the power to make our lives more accomplished, balanced, and nourished,” Jain added.
The Indian nutraceutical market is currently worth $5 billion. Many mainstream fast-moving consumer goods companies have been entering the market, mostly in the functional food category. While NSE-0.89% launched a meal replacement beverage, NSE 3% expanded into making whey protein. “To differentiate their product offerings, D2C brands have concentrated on naturals with vegan and ethical sources.”
“D2C brands have received positive feedback and compete with conventional brands due to their diverse product lines,” according to an HDFC Securities report.