“India is a ‘Sleeping Giant for Food Processing Industry’,” said Dr B R Lokesh, Chief Scientist, Nutraceuticals, Central Food Technological Research Institute, Mysore, at a day-long seminar on the theme ‘The Future of Health and Wellness – Nutraceuticals and Functional Foods’ organised by the Bangalore Chamber of Industry and Commerce (BCIC) in Bangalore recently.
He further said, “Nutraceuticals and Functional Food areas are still nascent. There is a huge market potential for nutraceutical in India. Biodiversity and traditional knowledge, dating back centuries, can make India a world leader in nutraceutical market.”
“Nutraceuticals can complement drugs and can reduce over dependence on drugs for treatment. The country’s current economic potential as producer and consumer of basic foods is around $45 billion and the retail food market size is estimated to be $330 billion,” he added.
Dr Vilas Ramrao Shirhatti, Chief Advisor – Nutritional Solutions Business, Tata Chemicals, spoke on “Technological Advances in Functional Foods and Nutraceutical”. He mentioned how breakthrough technologies and innovation have provided a platform for advancement in various fields. He also discussed the role of naturally available fruits which contain various types of phytonutrients. He said, “India has a high potential for developing nutritional solution business”.
Other speakers at the conference were K C Raghu, Managing Director, Pristine Organics, Dr Bikash Chandra Ghosh, Principal Scientist, Dairy Technology, National Dairy Research Institute, Bangalore, Dr Joseph Lewis, Food Regulatory Consultant. Chitranjan Dar, Chief Executive Officer, ITC Foods, spoke on future trends in the market.
The conference concluded with a panel discussion chaired by G K Vasanth Kumar, Additional Secretary, Agricultural Department, Government of Karnataka.