The consumer interest and safety should be the priority for the industry and should adopt ‘self-regulation’, said Food Safety and Standards Authority of India (FSSAI) chairman Ashish Bahuguna.
He said while inaugurating “4th National Symposium on Nutraceuticals” organised by Assocham in Delhi on Thursday.
He said the consumers only claim on labels to be clear, as they provide the right information to consumers, who are mostly confused about the nutraceuticals products.
As per him, the labels, accompanying leaflets/or other labelling and advertising of all types of foods, should provide sufficient information on the nature and purpose of the food as well as detailed instructions and precautions for their use.
The industry must clarify the difference between nutraceuticals and pharmaceuticals, said FSSAI chief and added the regulations are not meant to disrupt the industry.
Bahuguna further added that food security and standards act gives a lot of flexibility to 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 the everyone, said Mr. Bahuguna. He also added, we need incentives for good players and disincentives for the black sheep.
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 modern 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 $578.23 billion 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 per cent from 2017 to 2025, added the report.
Indian market has key players which consists both Indian as well as multinational 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 like ITC, 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 Sami Labs, Tirupati 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 also spoke during the event were Mr Ashwini Kumar Choubey, Honourable Minister of State for Health & Family Welfare, Dr Chindi Vasudevappa, Vice Chancellor, NEFTEM, MoFPI, Dr Girish Sahni, Director General,CSIR & Secretary – DSIR, Dr Muhammed Majeed, Founder and Chairman, Sami – Sainsa Group, Mr Ajit Singh, President, HADSA and Chairman, ACG Worldwide.