In recent decades, the nutraceutical industry has grown rapidly. People have become more aware and concerned about their health, particularly as a result of the sedentary lifestyle we have adopted. The Covid -19 pandemic has weakened the economy’s backbone, claimed the lives of several people, and increased demand for nutraceutical products. People have placed a high value on health supplements and nutrients. Following the outbreak of the Covid-19 pandemic, there has been a tremendous growth opportunity in the nutraceutical industries. Many new players have since entered the industry. Vitamins, multivitamins, health supplements, citric extracts, and green herb and root extracts have all been in great demand. In an exclusive conversation with the Financial Express Online Amit Srivastava, Chief Catalyst, Nutrify Today talked about the state, trends and future of the nutraceutical industry in India. Excerpts:
How do you see the nutraceutical industry growing in India, challenges & opportunities in this space?
With a growth rate of 10%, the nutraceutical industry has always been a rising star in India. However, Covid accelerated growth to 22 percent, which has now slowed to 16 percent per year. The 6-percentage-point difference is welcome. It heralds the start of a new phase in India’s nutraceutical industry. There is potential for India to grow at a rate of 20% per year on a sustainable basis until 2030.
India is well-positioned because it has:
a) 52 agroclimatic bases
b) A large Ayurvedic plant library
c) Strong pharmaceutical capabilities
d) Strong food technology capabilities.
e) Strong ties with the United States, which allow access to the 240 billion dollar market in the United States.
However, India faces the following challenges:
i. The government’s lack of recognition of the nutraceutical industry. This results in a lack of access to industry-specific promotions.
ii. The industry body SHEFEXIL is still almost non-functional.
iii. No HSN codes for nutraceuticals
iv. No dedicated regulatory- Nutraceuticals require focused regulatory support
v. Lack of educational infrastructure
vi. Government support for internationalization is lacking.
With policy changes and the incubation of the nutraceutical industry, Nutraceuticals of India can emerge as global nutraceutical hub outside of the United States. India can easily reach USD 40 billion by 2025 and USD 100 billion by 2030 by making provisions for industry support and policy changes.
Internationally, how do you see the growth prospect for this sector?
The global nutraceutical market is worth USD 400 billion, with the United States accounting for USD 240 billion. China accounts for 10% of the total. India has a 2% share. India can overtake China by 2025 if policies are changed and the government recognises this industry. India has already demonstrated its strength by making curcumin and ashwagandha the most popular ingredients in the world. India is home to over 1700 medicinal plants. What if all of this is scientifically proven? We’re sitting on a gold mine that’s just waiting to be discovered.
How can the nutraceutical industry evolve?
In India following are the steps to catalyse evolution of nutraceuticals:
– Internationalization initiatives: UNPA-India Initiative*
– Empowering Shefexil and its industry promotion program
– Solve Biodiversity confusions
– Policy shaping for HSN codes:
– Policy shaping for Industry specific PLI schemes
– Creation of Industry specific Investment tools
– Incorporating under National Medicinal Plans
– Identify top 10 products to focus on- for global leadership
Regulatory and Human Resource capacity building
– Rewrite/Edit Indian Ayurveda Pharmacopoeia
– Set up FSSAI nutraceutical policies
– Academia collaboration
Impact of Covid-19 on nutraceutical sector, challenges & solutions?
Covid has accelerated the growth of nutraceuticals to a stable growth rate of 16%, up from 10% prior to Covid. Consumers are more aware of the issue. It has ushered in a new era of nutraceuticals: nutraceuticals for post-covid survivors. COVID has caused a slew of problems for people, ranging from metabolic disorders to organ failures to mental health issues. Emerging nutraceuticals are now addressing the growing demand for COVID survivors’ management.
Nutraceutical influence on modern healthcare.
Today’s nutraceuticals are evolving from dietary supplements to evidence-based adjuncts. Nutraceuticals will be divided into three strata in the future. The first category is dietary supplements. It will be a modest supplement to good eating and will be a consumer domain, as the word supplement implies. Second, this will be a dietetics domain that will necessitate professional assistance. 3rd: This will be an add-on and will necessitate medical intervention.
Post-pandemic opportunities for the nutraceutical industry.
The phenomenal expansion of nutraceuticals, fuelled by Pandemic, reaching over 15% per year (up from 20% last year), has sparked yet another rush of claim cacophony. There is a deluge of claims, both soft and smart, putting enormous pressure on consumer decision-making.
How conducive and clear regulations are when there are two bodies FSSAI and DCGI governing nutraceuticals?
The nutraceutical industry is currently undefined by the government; it exists in a grey area between pharma and food. The Indian nutraceutical business is inert due to the confusion.
As a result of the information provided above, our country has the potential to become a global leader. There are several regulations that need to be changed. Nutrify has already provided the following ideas to the government, together with industry leaders, and they are currently being considered.