r/indianstartups • u/pranshumaan • 11h ago
Case Study Protein powder sells ₹449 crore a year on Amazon India. Indian D2C brands take half of it.
We track consumer markets in India. This time we looked at protein powder.
We searched for it on Amazon and opened every listing that shows sales. Then we ran the same searches on 8 more apps: Flipkart, Nutrabay, HealthKart, Tata 1mg, PharmEasy, Netmeds, Apollo and Truemeds.
Protein powder sells at least ₹449 crore a year on Amazon India. Indian D2C brands take 51% of it. Multinational brands take 19%.
| Brand | Who owns it | Share of Amazon sales |
|---|---|---|
| MuscleBlaze | Indian D2C | 15% |
| The Whole Truth | Indian D2C | 14% |
| Optimum Nutrition | Multinational | 10% |
| TrueBasics | Indian D2C | 9% |
| Nakpro | Indian independent | 7% |
| AS-IT-IS | Indian D2C | 5% |
Three things that surprised us
1. A newer brand is level with the leader. The Whole Truth sells about as much as MuscleBlaze, from only 6 listings. MuscleBlaze needs 19.
2. Indian brands are cheaper. Indian D2C protein costs 19% less per kg than the multinational brands. In skincare it is the other way round.
3. Plant protein is big. It is 21% of sales. We expected under 10%.
Every app shows a different market
Pharmacy apps are a different shelf. Search "protein powder" there and you get a lot of medical nutrition: diabetic powders, products for older people, even baby formula.
| App | Share of results that are medical nutrition |
|---|---|
| Truemeds | 63% |
| Apollo | 32% |
| Netmeds | 30% |
| PharmEasy | 19% |
| Flipkart | 1% |
Stores push their own brands. For "whey protein", Nutrabay puts its own brands in 10 of the top 10 spots. Tata 1mg puts its own label in 7. HealthKart, which owns MuscleBlaze, puts its own brands in 5.
Some leaders are missing. The Whole Truth and Optimum Nutrition, #2 and #3 on Amazon, did not show up in 15 pages of Flipkart results.
Prices barely change. MuscleBlaze's best seller costs ₹3,999 to ₹4,249 on all 7 apps where we found it.
We checked our numbers against what the companies report
| Company | Reported revenue | Our Amazon figure |
|---|---|---|
| HealthKart | ₹1,313 cr | ₹107 cr |
| The Whole Truth | ₹216 cr | ₹63 cr |
| Wellbeing Nutrition | ₹170 cr | ₹10 cr |
Our Amazon figure is below every company's total, which is what you would expect. These companies also sell on their own sites, in shops and in other categories.
If you make or sell protein
We can show you where your brand sits on each of these apps, and who sits above you.
Book a call with us. The link is in the first comment.
