Consumers’ modern day lifestyles have significantly changed in the last three decades. Faster pace of life, stress of work-life balance, has been taking its toll on health and wellness. However, Indian consumers are getting more aware of their fundamental needs for nutrition and proactive steps they can take to prevent chronic ailments like cardio-vascular diseases, diabetes, obesity, allergy, even cancer and attain higher well-being.
The evolution of the health-focused ecosystem has given rise to the emergence of Nutraceuticals market in India, which is now on the verge of breaking out and becoming a strong pillar of health, fitness, and wellness revolution. The Indian nutraceuticals market is estimated at around $ 4 billion and is expected to grow at a significant 21 per cent CAGR to $10 billion by 2022. This will likely be fueled by a significant 25 per cent per annum growth in functional food & beverages market accompanied by similar potential growth from the other segments. These numbers do speak of a market that holds a high preference and demand among consumers, something which is still showing signs of cumulative increment.
The growing market led to increased consumer demands for clean label products, responsibly sourced ingredients, sustainable packaging and pressures to extend shelf life in addition to the regulatory issues that piled on the challenges of nutraceutical manufacturers. However, there has been a considerable progress in recent times with implementation of FSSAI Food Safety Standards (Health Supplements, Nutraceuticals, Food for Special Dietary use and Novel Food) Regulations.
With this background, ASSOCHAM is organizing 4th National Symposium on Nutraceuticals : Functional Foods, Dietary Supplements and Natural Medicines on July 25, 2018 at New Delhi aimed to provide a common platform for the Nutraceutical, Pharmaceutical and Food industry, other stakeholders to come together to discuss innovative technologies, consumer trends, regulatory matters and industry-wide challenges in order to remain competitive in a growing market.