India’s nutraceutical industry is booming, surpassing expectations with a current market size of USD 4 billion, according to Kamala Vardhana Rao, CEO of the Food Safety and Standards Authority of India (FSSAI).
Speaking at the 9th Nutraceutical Summit and Awards ceremony in New Delhi, Rao highlighted the industry’s impressive 14.2% Compound Annual Growth Rate (CAGR) and emphasized the focus on nutritional and food security amid increasing demand and supply.
“With a staggering 14.2 per cent CAGR and a market standing at $4 billion, the nutraceutical industry is not just growing—it’s flourishing at a rapid rate, surpassing all expectations. As demand and supply surge, our focus on nutritional security and food security intensifies. Moreover, we’ve tinkered with the genetic aspect of rice and wheat to meet the needs of a growing population.
Amidst this exponential growth, regulatory compliance remains paramount, ensuring the safety and efficacy of our products” said G. Kamala Vardhana Rao, Secretary to the Government of India and Chief Executive Officer of Food Safety and Standards Authority of India, Ministry of Health and Family Welfare.
During his special address, Dr. Manoj Nesari, Advisor to the Ministry of Ayush, Government of India, shared insights into the transformative surge in the nutraceuticals and Ayurveda sectors. He highlighted the rapid growth, heightened regulatory attention, innovative breakthroughs in Ayurveda, and the symbiotic relationship between the two fields. Nesari emphasized the significance of utilizing medicinal plants available in India, and efforts to implement a smaller digit HS code for exports.
In addition to discussing the need to boost exports, Dr Meenakshi Singh, Chief Scientist, Member Secretary, Task Force on Nutraceutical Sector, and Chief Scientist, of Technology Management Directorate Council of Scientific and Industrial Research, Ministry of Science and Technology, Government of India, spoke about the policy challenges facing the nutraceutical industry.
Applications for DTIT methods have been developed. The R&D strategy, which she discussed, is crucial for compliance and innovative developments. The primary concern to be mindful of is product standardization, and devising an approach to address it is imperative.
Dr Blossom Kochhar, Co-Chairperson, ASSOCHAM National Wellness Council and Chairperson, Aroma Magic Pvt Ltd gave her welcome address by adding the growing trend of nutraceuticals among people and how they are health conscious these days. She added that the right intake of nutrients and vitamins is crucial for bodily functions and boosting immunity.
Sandeep Verma Country Head of India Consumer Health Division, Bayer said “As we aim to become the 3rd largest economy in the world by 2030 addressing nutritional challenges will be crucial not only for the country’s future growth and prosperity but also to improve the general quality of life for all of us. In this context, we need to note that while a good balanced diet has to be the foundation for good nutrition, just on its own it may not give us 100 per cent nutrition. The role of micronutrient supplements is essential to acknowledge as being critical to take us to that milestone. We seek to be one nation with 100 per cent nutrition for all.”
