The consumer interest and safety should be the priority for the industry and should adopt self-regulation’, said Food Safety and Standards Authority of India (FSSAI) Chairperson Ashish Bahuguna at the ASSOCHAM 4th National Symposium on Nutraceuticals event held in New Delhi recently.
The Chairperson further said the consumers only claim on labels to be clear and provide the right information as consumers have confusion about the nutraceuticals products. The labels, accompanying leaflets/or other labelling and advertising of all types of foods, referred to in these regulations, should provide sufficient information on the nature and purpose of the food as well as detailed instructions and precautions for their use.
He said, the industry must clarify the difference between nutraceuticals and pharmaceuticals. The regulations are not meant to disrupt the industry. He further added that food security and standards act gives a lot of flexibility to the manufacturers. The relevance of nutraceuticals is only going to increase given prevalent work patterns and life style. Everyone needs to be vigilant of those who do not adhere to standards as its impact affects everyone. He also added, that we need incentives for good players and disincentives for the black sheep.
According to the joint report by ASSOCHAM-MRSS released during the event reveals Indian nutraceuticals market is expected to grow at a compounded annual growth rate of 21 per cent and reach $ 18 billion by 2025 from $ 4 billion now. The growth in nutraceuticals – food and drinks which have potential health benefits – is seen largely driven by the modern day& consumer lifestyle that is impacted by faster pace of life, taking a toll on health and wellness.
Given the context, globally, too, the nutraceutical market is expected to reach $ 578.23 billion by 2025 from $ 294.49 billion in 2017. Demand for products in Brazil, China, India, South Korea, Poland and Mexico is increasing, and the compound annual growth rate of the dietary supplement sector is expected to exceed 9.7% from 2017 to 2025, adds the paper.
Indian market has key players which consists both Indian as well as multi-national companies. MNCs like GSK, HUL, Amway, Nestle, Danone, Kellogg’s are trying their best to capture market share and penetrate deep in the market.
On the other hand, Indian players like ITC, Dabur, Himalaya, Patanjali and Baidyanath are trying to reach out to customers by introducing new products in the market. With the emergence of companies like Sami Labs, Tirupati Group, Deccan Healthcare, Vantage Nutrition etc., the market for nutraceuticals look promising, noted joint study.
Nutraceuticals industry is showing great signs for near as well as long-term future and players definitely need to look at various options at their disposals in order to make out the most of it.
Others who also spoke during the event were Mr Ashwini Kumar Choubey, Hon’ble Minister of State for Health & Family Welfare, Dr Chindi Vasudevappa, Vice Chancellor, NIFTEM, MoFPI, Dr Girish Sahni, Director General, CSIR & Secretary –DSIR, Dr Muhammed Majeed, Founder and Chairman, Sami – Sabinsa Group, Mr. Ajit Singh, President, HADSA and Chairman, ACG Worldwide, Dr. Anil Kumar Tripathi, Director, CSIR-CIMAP and many others.