THE ROLE OF NUTRACEUTICALS
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.