Covid-19 triggered growth rate of nutraceutical industry in India to 22% from 10% which has now settled down to 16% per annum. The delta of 6% is welcome. There is a scope for India to further grow at 20% per annum on a sustainable basis till 2030, according to Amit Srivastava, Chief Catalyst, Nutrify Today.
Nutrify Today is one of the largest commercialization technology platform for the nutraceutical industry worldwide.
Global nutraceutical market is USD 400 billion and of this USD 240 Billion is the USA. China represents 10% share and India has 2% share. India can overtake China by 2025 by introduction of industry friendly policies and the government giving due recognition to this industry, experts inform.
“India has shown its strength by making curcumin and ashwagandha the most preferred nutraceutical ingredients in the world. India has over 1700 medicinal plants. If all these are scientifically validated, we are sitting on a gold mine waiting to be tapped,” Amit adds.
India is well placed with 52 agroclimatic bases, rich Ayurveda plant library, excellent strengths in pharmaceuticals, rich food technology capabilities and strong relation with USA that opens scope for tapping US markets of 240 billion. However, the challenges that India faces are in the recognition of the nutraceutical industry in the government. This leads to non-availability to industry specific promotions, industry body SHEFEXIL remains almost dysfunctional, there are no HSN codes for nutraceuticals and there is no dedicated regulatory authority for nutraceuticals as of today.
With policy modifications and incubating the nutraceutical industry, nutraceuticals of India can emerge as the global nutraceutical hub of India outside of the USA. By making provisions for industry support and policy modifications, India can easily touch USD 40 billion by 2025 and USD 100 billion by 2030.
“In order to strengthen Ayurveda in India, there is a need for empowering Shefexil and its industry promotion program, solve biodiversity confusions, shaping policy for HSN codes, shaping policy for Industry specific PLI schemes, creation of industry specific investment tools, its incorporation under national medicinal plans and identify top 10 products to focus on- for global leadership, Amit explains adding that there is also a need for regulatory and human resource capacity building. There is a need to rewrite or edit Indian Ayurveda Pharmacopoeia, set up FSSAI nutraceutical policies and academia collaboration.
“Covid has triggered growth of nutraceuticals to a stable growth rate of 16% up from 10% pre-covid. There is a better awareness amongst consumers. Covid has opened up a new territory of nutraceuticals – nutraceuticals for managing post covid survivors. Covid has played havoc on people ranging from metabolic disorders to organ failures to mental health. Emerging nutraceuticals are now addressing the growing demand of managing COVID survivors, Amit reveals.
Nutraceuticals of today are moving from being a dietary supplement to evidence-based adjuncts. The future will have three layers of nutraceuticals. First is dietary supplements. As the word supplement means, it will be a nominal top up over healthy eating and will be a consumer domain. Second will be a dietetics domain and will require professional intervention and third will be adjunct and will require medical professional intervention.
“Currently, the nutraceutical industry is not defined by the government and hence it lies in the grey zone between pharma and food. The confusion is keeping the Indian nutraceutical industry dormant. Regulations need to be rectified. Nutrify today along with industry leaders have already represented above points to the government and its under consideration,” Amit concludes.