India Nutraceuticals Market on the Rise
According to Frost & Sullivan-FICCI, the Indian nutraceuticals market is expected to grow at the rate of 16 percent year-on-year for the next five years, reaching roughly US$5 billion.
Jul 21 2011 --- More than 200 experts from the fields of nutrition science, pharmacy and healthcare attended a conference in India last month to discuss the future of the country’s food supplement and nutraceuticals market as it continues to display fast growth, with new regulation on the horizon.
The conference, co-organised by India’s Health Foods and Dietary Supplements Association (HADSA) and the Federation of Indian Chambers of Commerce and Industry (FICCI), was the 3rd International Conference on Nutraceuticals, Dietary Supplements and Functional Foods and took place on 23 June in Mumbai.
Participants highlighted consumer trust through the provision of safe and sustainable products as a key factor for the nutraceuticals market, and addressed the challenges at play, such as the rapidly growing market and customisation issues.
Ajit Singh, Chairman of HADSA, said: “The market in India has good potential both locally and internationally as consumer demand for products grows across the world. Last year it was estimated to be worth US$2 billion. Therefore it is important that we address the emerging opportunities in regulation and in customising nutraceuticals.”
Speaking at the event, Simon Pettman, Executive Director of the International Alliance of Dietary/Food Supplement Associations (IADSA), said: “The market in India is growing fast and with as much potential as many of the fastest growing technology sectors. Increasingly, product concepts that once would have been only local, are now starting to have a regional and global distribution.”
Mr Pettman said that India’s food supplement sector was still in the early stages of achieving its potential and stressed the importance of investing in product quality.
He added: “As IADSA we have experience from other regions in the world, and two big challenges globally are claims and ingredients. We see governments working on new regulation for food supplements, and this is important to protect consumers and companies and create a climate for sound investment. We work across the world on regulatory issues to ensure that these developments are in balance with the emerging food supplement market."
The conference was opened by Satej Patil, Minister of State, Home, Rural Development, Food and Drugs Administration (FDA), Government of Maharashtra.
According to the Frost & Sullivan-FICCI knowledge paper launched at the event, the Indian nutraceuticals market is expected to grow at the rate of 16 percent year-on-year for the next five years, reaching roughly US$5 billion.
