The massive popularity of nutraceuticals is auguring a promising future of nutraceuticals on the global landscape. According to Market Study Report, LLC, the nutraceuticals market in the US is likely to account for $138,047 million by the year 2027 from $73,986 million as of 2018.The nutraceuticals industry in India is also creating ripples and reflecting a tremendous year-on-year growth.
India has been emerging as a potential geography for the nutraceuticals industry to grow. The countrys nutraceutical industry is already making waves in the APAC nutra industry after Japan and China. A study conducted jointly by Assocham and RNCOS reveals that the nutraceuticals market in India is poised to grow to $8.5 billion by 2022 from $8.5 billion in 2015. The same study also states that Indias nutraceutical market, which currently represents approximately two percent of the global market, is expected to account for about three percent of the global market share by 2022.
Nutraceuticals are composed of nutritious ingredients such as vitamins, minerals, proteins, fibres, probiotics, amino acids, etc. that assist in preventing physical ailments, help in combating hereditary nutritional diseases, allergies, etc. The industry has seen innovation in the form of delicious chewables, gummies, and lozenges, as a popular alternative to traditional pills for the immense health benefits they offer, their shelf life, and water retention abilities vis-a-vis herb-based supplements.
Nutraceutical gummies, which were once considered a health supplement for kids, is now making significant inroads into the adult VMS (Vitamin, Minerals, and Supplement) category. Considering the ever-increasing burden of chronic diseases, millennial consumers presently prefer nutraceuticals over prescription drugs for combating different physical and hormonal disorders such as baldness, hair loss, thyroid, nail disorders, diabetes, arthritis, etc.
There are many factors leading to the growth of nutraceutical market in US, Europe, and APAC region ranging from changing consumer choices, the psychological intimidation of eating medicines, to harmful side effects of the same.
Enlisted are some of the key factors driving this trend.
The regulatory framework for nutraceutical products varies widely throughout the globe. To address this issue, Indias top food regulator FSSAI (Food Safety and Standards Authority of India) has already taken the initiative of reinforcing the regulatory framework via cross-border collaboration and by adhering to the best practices and international standards. Additionally, the FSSAI stresses on the formulation of nutraceutical products based on validated scientific data, and under the guidelines set by ICMR (Indian Council of Medical Research).
Nutraceuticals are becoming an essential part of life for Indias urban population. Considering Indian consumers increased inclination towards health, nutrition, and wellness, several reputable and certified players from the USA, Europe, and Japan are entering India to tap the potential of the countrys Nutraceuticals market and make their products easily available to the health-conscious masses. At the same time, Indian players are also exploring avenues for exporting their nutraceutical products to the US and the Middle East.
Considering the current scenario, we can conclude that Indias nutraceuticals industry is all set to grow at a lightning speed, and it wouldn't be surprising if it outstrips the global pharmaceutical industry sooner or later. However, the future of the nutraceuticals industry entirely rests on the stringent execution of standardised rules and regulations, which will help overcome the challenges and enable nutraceuticals to play a mainstream role in promoting a healthy lifestyle.
(Edited by Evelyn Ratnakumar)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
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What are the key drivers of growth in Indias nutraceuticals industry? - YourStory