THE ROLE OF NUTRACEUTICALS

Assocham Bulletin - - INDUSTRY -

Nutraceuticals are prod­ucts de­rived from food sources that are pur­ported to pro­vide ex­tra health ben­e­fits, in ad­di­tion to the ba­sic nu­tri­tional value found in foods. De­pend­ing on laws of each coun­try, prod­ucts may claim to pre­vent chronic dis­eases, im­prove health, de­lay the ag­ing process, in­crease life ex­pectancy, or sup­port the struc­ture or func­tion of the body. Nowa­days, these have re­ceived con­sid­er­able in­ter­est due to po­ten­tial nu­tri­tional, safety and ther­a­peu­tic ef­fects, yet the lack of reg­u­la­tion may com­pro­mise its safety and ef­fec­tive­ness.

Thus to an­a­lyse proper reg­u­la­tions sur­round­ing Nutraceuticals, ASSOCHAM or­gan­ised its 4th Na­tional Sym­po­sium on Nutraceuticals.

Ad­dress­ing the au­di­ence, Mr. AshishBahuguna, Chair­man, Food Safety and Stan­dards Au­thor­ity of In­dia (FSSAI),said that the con­sumer in­ter­est and safety should be the pri­or­ity for the in­dus­try and it should adopt self-reg­u­la­tion. The in­dus­try must clar­ify the dif­fer­ence be­tween nutraceuticals and phar­ma­ceu­ti­cals.

He fur­ther said that in­for­ma­tion on la­bels should be clear and pro­vide the right in­for­ma­tion as con­sumers have con­fu­sion about the nutraceuticals prod­ucts. The la­bels, ac­com­pa­ny­ing leaflets/ or other la­belling and ad­ver­tis­ing of all types of foods, re­ferred to in these reg­u­la­tions, should pro­vide suf­fi­cient in­for­ma­tion on the na­ture and pur­pose of the food as well as de­tailed in­struc­tions and pre­cau­tions for their use. How­ever, reg­u­la­tions are not meant to dis­rupt the in­dus­try.

Mr. Bahuguna fur­ther added that FoodSe­cu­rityand Stan­dards Act gives a lot of flex­i­bil­i­tyto the man­u­fac­ture. The rel­e­vance of nutraceuticals is only go­ing to in­crease given preva­lent work pat­terns and life style.

Everyone needs to be vig­i­lant of those who do not ad­here to stan­dards as its im­pact af­fects everyone. There should be in­cen­tives for good play­ers and dis­in­cen­tives­for the black­sheep.

Ac­cord­ing to the joint re­port by ASSOCHAM-MRSS re­leased dur­ing the event re­veals In­dian nutraceuticals mar­ket is ex­pected to grow at a com­pounded an­nual growth rate of 21 per cent and reach $18 bil­lion by 2025 from $4 bil­lion now.

The growth in nutraceuticals - food and drinks which have po­ten­tial health ben­e­fits - is seen largely driven by the mo­dem day's con­sumer life­style that is im­pacted by faster pace of life, tak­ing a toll on health and well­ness.

Given the con­text, glob­ally, too, the nu­traceu­ti­cal mar­ket is ex­pected to reach $578.23bil­lion by 2025 from $294.49 bil­lion in 2017. De­mand for prod­ucts in Brazil, China, In­dia, South Korea, Poland and Mex­ico is in­creas­ing, and the com­pound an­nual growth rate of the di­etary sup­ple­ment sec­tor is ex­pected to ex­ceed 9.7% from 2017to 2025,adds the pa­per.

In­dian mar­ket has key play­ers which con­sists both In­dian as well as multi-na­tional com­pa­nies. MNCs like GSK, HUL, Amway, Nes­tle, Danone, Kel­logg's are try­ing their best to cap­ture mar­ket share and pen­e­trate deep in the mar­ket.

On the other hand, In­dian play­ers likel TC, Dabur, Hi­malaya, Patan­jali and Baidyanath are try­ing to reach out to cus­tomers by in­tro­duc­ing new prod­ucts in the mar­ket. With the emer­gence of com­pa­nies like Sam i Labs, Ti ru pa ti Group, Dec­can Health­care, Van­tage Nutri­tion etc., the mar­ket for nutraceuticals look promis­ing, noted joint study.

Nutraceuticals in­dus­try is show­ing great signs for near as well as long-term fu­ture and play­ers def­i­nitely need to look at var­i­ous op­tions at their dis­pos­als in or­der to make out the most of it.

Oth­ers who spoke dur­ing the event in­cluded Mr. Ash­wini Ku­mar Choubey, Hon'ble MoS for Health & Fam­ily Wel­fare, Dr. Chindi Va­sude­vappa, Vice Chan­cel­lor, NEFTEM, MoFPI, Dr. Girish Sahni, Di­rec­tor Gen­eral, CSIR, Dr. Muhammed Ma­jeed, Founder and Chair­man, Sami - Sainsa Group, Mr. Ajit Singh, Pres­i­dent, HADSA and Chair­man, ACG World­wide.

Mr. Ash­wini Ku­mar Choubey, Hon'ble Min­is­ter of State for Health & Fam­ily Wel­fare ad­dress­ing the au­di­ence. Mr. Ash­wini Ku­mar Choubey, Hon'bie Min­is­ter of State for Health & Fam­ily Wel­fare light­ing the in­au­gu­ral lamp.

Or. Muhamed Ma­jeed Founder and Chair­man Sami Labs, Or. Chindi Va­sude­vappa, Vice-Chan­cel/or, NIFTEM, MOFPPI pre­sent­ing a mo­menta to Mr. Ash­wini Ku­mar Choubey, Hori'ble Min­is­ter of State for Health & Fam­ily Wel­fare. Mr. Ashish Bahuguna, Chair­man, FSSAIad­dress­ing the au­di­ence.

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