The annual conference of the Health Foods and Dietary Supplements Association (HADSA), having the theme ‘Nutraceuticals Unleashed: Innovating Holistic Health Through Science and Market Insights’
Health and Dietary Supplements Association (HADSA)’s annual conference in Mumbai deliberated on the growth potential of the nutraceutical industry in India. HADSA could bring along its members on a common platform to discuss the complexities of the rapidly growing industry where the who’s who of the industry fraternity discussed ways to collaborate, shared knowledge for the sector’s growth. The conference had detailed deliberations on advancements in the nutraceutical sector by exploring various opportunities through innovation and the outlook for the nutraceutical sector.
The annual conference of the Health Foods and Dietary Supplements Association (HADSA), having the theme ‘Nutraceuticals Unleashed: Innovating Holistic Health Through Science and Market Insights’, aimed to look in depth into strengthening health food, dietary supplements, nutraceuticals and the healthcare industry. The conference recently held in Mumbai had government officials, members from HADSA, and nutraceutical players coming on a common platform to discuss the potential for the sector in days to come.
The chief guest for the event, Dr Subrata Gupta, Secretary, Ministry of Food Processing Industry (MoFPI), said, “The nutraceutical sector is set for significant growth. Self-regulation is the need of the hour where, unlike pharmaceuticals, nutraceuticals are consumed voluntarily. Competitive pricing and diverse climatic zones impact the nutraceutical sector. Countering misinformation and prioritising accurate science-backed information is the need of the hour.”
Pritee Chaudhary, Regional Director, West FSSAI, mentioned, “For wider adoption, nutraceuticals must be affordable and competitive and cheaper than pharmaceuticals. The government is actively exploring ways to integrate modern science into nutrition to enhance public health.”
Unveiling of HADSA Mintel report
The ‘Uncovering Growth Potential in India’s Nutraceutical Market’ report, jointly prepared by Mintel and HADSA, was released during the meeting by Dr Gupta and Pritee Chaudhary. The report’s in-depth analysis will provide actionable intelligence on evolving consumer preferences, market trends, and innovations in the nutraceutical markets. The report gives insight into the Vitamins, Minerals and Supplements (VMS) market in India, which is witnessing a dynamic shift driven by consumers’ increasing awareness of gender and life-stage-specific needs.
The report further uncovers opportunities, challenges and gaps in the Indian VMS industry, specifically in Men and Women’s Health.
The report delves into working women as a key target in the VMS sector. Urban women are increasingly seeking supplements addressing hormonal balance, pregnancy, and menopause.
Like women, men possess unique nutritional and health needs that can be effectively addressed with supplements specifically designed for them. These supplements can be customised for particular age groups, lifestyles or health conditions. In the past 12 months, less than 3 per cent of supplement launches in India were specifically targeted towards men. This highlights a significant market gap, especially considering that 21 per cent of men and notably 33 per cent of North Indian men express a need for such supplements.
“As we look to the future, we are happy to see how the nutraceutical industry will continue to evolve and adapt to changing consumer needs and preferences. With collaboration, innovation, and a commitment to quality and safety, we can unlock the full potential of this industry and improve the lives of millions of people around the world,” said Ajit Singh President – Health Foods and Dietary Supplements Association and Chairman – ACG. The 2025 calendar on the Future of Nutrition: India’s Diverse Landscapes was also unveiled.
To read more, click on the link:https://nuffoodsspectrum.in/e-magazine