Dr Prabodh Halde, Head, Technical Regulatory Affairs, Marico and Chairman, All India Food Processors’ Association (AIFPA), West Zone
The adage and quote prevention is better than cure holds truer than ever. Opting for a healthy diet is often preferable to relying on medicines, unless necessary. In the post-COVID era, there has been a notable shift towards healthier dietary habits, elevating the significance of nutraceuticals. The Food Safety and Standards Act of 2006, born out of the need for integrated food laws prioritising consumer safety, has now incorporated nutraceuticals under the purview of the Food Safety and Standards Authority of India (FSSAI), offering substantial opportunities for consumer acceptance and market expansion. We shall delve into the scientific and business implications of this pivotal regulation, aiming to decipher its impact on business interests.
Coined by Dr Stephen L DeFelice in 1989, the term nutraceutical defines a food product that provides health and medical benefits, including disease prevention and treatment. The Indian nutraceutical market, valued at $6,500 million in 2022, is positioned within the global landscape. A report by Frost & Sullivan indicates that functional foods and dietary supplements are key growth areas until 2022, with dietary supplements, particularly herbal and dietetic supplements, offering significant opportunities for manufacturers.
Nutraceuticals, a fusion of “nutrition” and “pharmaceutical” encompass food products that deliver health benefits. The global nutraceutical market, estimated at $400 billion in 2023, is dominated by the US, Europe, and Japan. With these markets approaching maturity, India and China emerge as promising regions for nutraceutical products. The FSSAI Notification signals a pivotal shift from pharmaceuticals to food in the nutraceutical industry, opening substantial possibilities for growth. Consumer Trends Consumer preferences are evolving, emphasizing the importance of preventive health measures.
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