By Amit Srivastava
Indian Nutraceutical Industry has undergone an ocean of evolution since 2016 and the sector has consistently grown since then. Thanks to regulatory evolution, India has seen the evolution of good quality contract manufacturers, growth of the pharmaceutical industry adopting nutraceuticals in their portfolio, a rise of the start-up world with strong innovations. India surely is progressing to evolve as a strong responsible nutrition hub.
The year 2020 turned out to be a catalyst of change. An industry that was growing steadily in predictable trends took a quantum jump in the entire ecosystem right from strong demand of clinical trials, to the government’s insistence of clinical backing, an impetus to clinically studied Ayurveda, to market expansion due to demanding health situation induced by pandemic resulting in consumer awareness.
India has 150 million people who are actively engaging in nutraceutical consumption and the stage of experimentation and compliance remains 40-60%. This section of the population has taken growth from 12% average to a high of 25%.
Ten million people in India are the super health-conscious community with a compliance rate of 75% and the growth contribution from this community has been 18%. It’s mostly stable before and after the pandemic. The rest of the population has shown a marginal growth from 6% to 10%. The “new normal” of growth trend would remain 30%-50% higher than the old normal before the pandemic through 2020.
The year 2021 saw the beginning of a paradigm shift in India. The numbers took a substantial change when the “nutraceutical dormant” community of 640 million in India took to basic nutraceuticals with the onset of a deadly pandemic second wave in 2021. The year saw the emergence of great success stories in scientifically advanced nutraceuticals and convergence technologies in nutraceuticals. 2021 saw a need in the industry to join hands and work jointly in leveraging the power of untapped nutraceutical opportunities in India. 2021 will always be remembered as the inflection point year for nutraceuticals as for the first time the central government body (PSA) took cognizance of the need to support Nutraceuticals as an “Industry” and catalyze the industry vision to be USD 100 billion markets by 2030.
The PSA of India formed India’s first multi ministry Nutraceutical Taskforce along with key industry members to design policies that will enable the industry to achieve USD 100 billion opportunities by 2030.
The year 2021 also saw an initiative to explore regulatory harmonization between key markets to enable ease of nutraceutical business access in partnering countries. FSSAI and NPRA of Malaysia took the bold initiative in a workshop to sensitize herbal nutraceuticals and how they are classified in Indian regulations. India has mostly remained 2% of the global nutraceutical industry of USD 400 billion and has all resources to be a USD 50 billion by 2025 and USD100 billion by 2030, thus infusing a major delta to global growth and opening doors to a new market in making which is at its nascent stage of USD 9 billion today.
(The author is Chief Catalyst, Nutrify Today. The article is for informational purposes only. Please consult health experts and medical professionals before starting any therapy or medication. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)