The nutraceuticals industry is booming in the United States, but how is it fairing around the world? In India the nutraceutical market is growing at a rate faster than in the U.S. It is projected to leap 20 percent by 2019, and reach $6.1 billion. Health experts attribute the nutraceutical boom to a rising health and fitness awareness in the region. Currently the epicenter of the nutraceutical market is in the southern region which grosses about $2.2 billion a year. Trailing the southern region are the three major states of Andhra Pradesh, Tamil Nadu and West Bengal, in the eastern region, and there is every indication that the nutraceutical industry is in India to stay.
The nutraceutical market is not only growing in India, its spreading throughout the entire Asia-Pacific region. It seems that the same emphasis on fitness, lifestyle, aging populations, and health infusing life into the nutraceutical industry in the West is affecting the East.
The nutraceutical business is segmented into three categories – functional beverages (sports drinks), dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules), and functional foods (probiotics, nuts, tomato products, yogurt). In urban India, the nutraceutical market commands about 22.5%, but is only about 6.3% in rural India. Many speculate that this discrepancy is due to urban access to more information about the importance of health and nutrition.
The influx of nutraceuticals is not only coming from Indian pharmaceutical companies, but from various international players as well. Currently, nutraceuticals fall under the regulation of Food Safety and Standards Act of India (FSSAI), but is not guaranteed to protect consumers. The FSSAI regulates the distribution, manufacturing, sales, and importation of nutraceuticals in India. But much like the FDA in America, the entity that many believe should be keeping a closer watch on how nutraceutical companies operate, may not provide the level of oversight needed to adequately protect consumers from fraudulent products.
The nutraceutical market is now a global phenomenon, and is ready for smart and independent nutraceutical merchants to establish a nutraceutical merchant accounts.