With almost $800 million revenue, India overtakes US to become largest market for Herbalife

The Bengaluru-based Herbalife India also announced its entry into skincare products based on ayurveda under the Vritilife outer nutrition range.
This is up 17.6 per cent over the previous year, overtaking the US which had been Herbalife's largest market from its launch in 1980
This is up 17.6 per cent over the previous year, overtaking the US which had been Herbalife's largest market from its launch in 1980(File photo | AP)

MUMBAI: Direct seller Herbalife Nutrition India has become the largest revenue contributor to its Los Angeles-based parent with a revenue of $796.6 million in 2023, thus overtaking the US which had been its largest market till its launch in 1980.

India's revenue grew 17.6 per cent over 2022 while the global revenue in 2023 stood at $5 billion from selling directly its products across 94 markets.

The Bengaluru-based Herbalife India, where it has a global R&D centre and food and ayurveda labs, also announced its entry into the skincare products based on ayurveda under the Vritilife outer nutrition range. The company had in 2020 entered the ayurveda focuses on inner nutrition.

The newly-launched skincare range includes facial cleansers, facial toners, facial serums, and moisturizers, and are priced as luxury products, Ajay Khanna, managing director of Herbalife India said and expects the ayurveda range to fetch 5 per cent of the topline over the next five years.

“From a revenue perspective, we are the largest for the group. In fact in 2023 with sales rising by 17.6 percent to $796.6 million for the fiscal ending December 2023, India became the largest market for Herbalife. In absolute terms sales increased by $119.5 million over December 2022,” Khanna told TNIE but refused to share the margins or net profit.

While the US had for long been its largest market, followed by China, the India arm overtook China in 2022, pushing it now down to the third largest.

India sales rose to $203.5 million for the three months ending March 2024, up 13.9 per cent over the corresponding period last year.

Our global sales stood at $5.06 billion for the year ending December 2023, and Asia Pacific continues to be the company’s strongest region, with $1.72 billion of sales and is predominantly led by India as a region driving that growth.

Khanna attributed the higher growth and top global position to the product portfolio expansion drive, brand promotion, and a wide network of distributors who are over 1 million here have driven sales growth. Weight management and the energy & fitness category continue to perform well here. Its product portfolio comprises 48 products across fitness and performance, daily nutrition, and overall health, he added.

In 2022, the company’s global chief executive John Agwunobi had said India would become the largest market for the company by the end of 2022 and India has delivered it.

In 2022, India overtook China to become the number two market for Herbalife in the world. But it's growing faster than China, faster than Mexico, faster than the US and so I think India is currently set up to become our largest market globally, Agwunobi had said in March 2022.

Herbalife India, which has been here for over the past 20 years, however is not looking to take the ayurveda range to global markets where it’s in present in 94 countries.

The domestic beauty products market is evolving at a rapid rate, with Ayurveda seeing significant growth. A recent Verified Market Research study valued the Ayurveda beauty market at $8-9 billion.

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