Indian nutraceuticals market to grow to US$6.1 billion by 2020: Study

New Delhi: Indian nutraceuticals market is expected to reach US$ 6.1 billion by 2020 as compared to US$ 2.8 billion at present, driven by consumers becoming more conscious towards health and fitness, according to report titled 'Emerging Indian Nutraceutical' Market. The report was published through the joint study by industry body Assocham and business consultancy services firm RNCOS. Nutraceuticals are products that offer health as well as medicinal benefits, consisting of prevention and treatment of disease. Indians are becoming more health conscious and are following a healthy diet routine which also includes consumption of nutritional supplements as a result of higher purchasing power. A large customer base, increasing co-prescription with regular drugs, focus on preventive healthcare, rapid retail growth and e-commerce are some of the major drivers for the growth of the sector. A taskforce was formed by The Food Safety and Standards Authority of India ( FSSAI) with an aim to regulate the segment and it has given its recommendation based on a market study and after consultation with all the stakeholders. Once these recommendations are accepted by the authority, all manufacturers in India falling under this category will have to get a no objection certificate and approval from the central government before manufacturing and marketing the products, thereby bringing the necessary regulatory checks to provide credibility to the fast growing nutraceuticals market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.