26 September 2017 | News | By NFS Correspondent
Nutraceuticals has become a buzzword in popular healthcare and wellness sector as large number of people are realizing the importance of prevention of diseases and hence shifting from curative to preventive therapy.
Nutraceuticals market in India is one of the most rapidly growing in Asia Pacific region. It is worth $ 2.2 billion and is projected to grow at 20% CAGR to $ 6.1 billion by 2019-20. It is going to be one of the important sectors in the Indian economy as popularity of nutraceuticals is increasingly growing.
Nutraceutical industry in India started showing positive results following the notification of nutraceuticals standards by FSSAI in 2016. Till then, the industry was striving hard due to lack of regulations which are required to process the development of this sector. At present, the industry might be having certain issues, suggestions and points of view for further growth of the industry, and this needs to be discussed.
Realising the need for the same, NuFFooDS Spectrum is organizing a day long Industry Leaders’ interaction with Regulators on ‘Nutraceuticals: Regulating for Growth’, in New Delhi on Thursday, October 5, 2017. This event is being conducted through an initiative of NuFFooDS Spectrum, called Spectrum Dialogue, to explore or deliberate new paradigms in this direction.
The program will see participation from regulators, entrepreneurs, top and middle level decision makers from R&D and marketing in the industry and laboratories. The conference will start with an inaugural ceremony followed by interactive sessions on Nutra self- regulations, regulations & strategies for market entry, and positioning claims.
Shri Suresh Prabhu, Minister of Commerce & Industry, Govt. of India will grace the event with his presence for the inaugural session. HealthKart, Du Pont Nutrition & Health, Envirocare Lab, KPMG, Health Foods and Dietary Supplements Association (HADSA) will be some of the key participants.
With our rich knowledge in herbals and Ayurveda, and also the innovations in modern health science, there is a lot of scope for export of Nutraceutical products. Like an important domestic industry, it could also be an important element in international trade.