India’s nutraceutical industry poised for global growth with supportive initiatives

The global nutraceutical market, valued at approximately US$ 400 billion, merges the fields of food, pharmaceuticals, and biotechnology. India plays a significant role, drawing from its rich heritage in traditional knowledge, particularly Ayurveda, and a unique ecosystem that promotes growth in the sector. However, India’s global share remains under 2%, primarily due to the lack of a defined industry classification within Indian ministries, which hampers targeted sector support.

In response to the sector’s potential, the Council of Scientific and Industrial Research (CSIR) established a Nutraceutical Sector Task Force (TF) in November 2021. Chaired by the Principal Scientific Adviser to the Government of India, the TF includes representatives from the Department of Commerce, Pharmaceuticals, Food Safety and Standards Authority of India (FSSAI), AYUSH, and Food Processing. Industry representatives are also part of the Task Force, addressing sector challenges. Key initiatives led by the TF include the introduction of Harmonized System of Nomenclature (HSN) codes for trade, the creation of the first-ever Production-Linked Incentive (PLI) scheme for nutraceuticals, and the formation of a nutraceutical industry panel under the Shellac & Forest Products Export Promotion Council (SHEFEXIL) to enhance regulatory and export support. India has developed incubation hubs to further bolster the sector, with NIFTEM-Kundli and Centurion University fostering innovation. At the same time, the Kerala government inaugurated the Nutraceutical Centre of Excellence in 2024. These strategic initiatives and the government’s efforts to enhance visibility at global trade fairs position India for unprecedented growth, aiming to become a global leader in the nutraceuticals market by combining traditional knowledge with modern science.

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