According to recent reports, the Indian nutraceuticals market will probably make to the tune of $10 billion come 2022. At a compounded rate of 21% per annum, this dream will most likely come true.
The rapid expansion of the nutraceuticals industry –food and drinks with possible health advantages – is driven by current shopper trends. These days, most customers not only prefer fast foods due to the quick pace of life, but health is also a priority. Consumers are now health-savvy especially due to the rising cases of chronic diseases.
MRSS India reported that this growth is also contributed to by the aging population approximated to hit $ 1 billion by 2020. As it stands, the nutraceutical market is expected to make up to $ 241 billion by 2019 up from the $ 172 billion made in 2014.
MRSS India chairman Mr. Raj Sharma said nutraceuticals would provide a solution to the younger Indian middle class and help keep at bay most chronic ailments. It’s a good way to reduce the incidence of lifestyle illnesses like cardiovascular diseases, obesity, diabetes as well as other allergies.
For that reason, the industry will most likely experience rapid growth as the younger generation are developing a profound sense of wellness and increased life-expectancy. In an attempt to streamline the industry, the national food regulator FSSAI has laid down stringent compliance norms through guidelines given in December 2016.
Speaking after the release of the report, Pawan Agarwal announced that the standards would be in effect as from January 1, 2018. This means merchants should meet all the requirements before the deadline. He also mentioned that FSSAI would hopefully iron out all differences and any concerns within the remaining 5 to 6 months.
There’s the need to make nutraceuticals and food supplements affordable for all classes. J P Meena, The Secretary, Ministry of Food Processing Industries reported that about 43% of children across India still suffer malnutrition while the sector is mainly targeting middle and upper-middle class customers.