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India's nutraceutical industry is set to double in size to Rs 26,764 crore (approx USD 4 billion) by 2020 as rapid surge in the demand for dietary supplements from the upper and middle class will drive the growth for the industry over the next five years, noted the drug industry leaders.
Nutraceuticals are a rising branch in the pharmaceuticals industry and is estimated to clock a compounded annual growth rate of about 16 per cent in the next five years, the Drug Marketing and Manufacturing Association (DMMA) informed.
The country currently, is witness to a spate of changes in lifestyles and rise in lifestyle diseases like Diabetes, blood pressure, obesity, cardio-vascular problems among others, which has increased the demand for supplements to nutrition among the upper and middle class.
“In such a scenario, nutraceutical intake is growing in popularity as consumers are looking for products to boost energy and enhance physical perseverance, mental sharpness and to become more dynamic and conscious. Dietary supplements in the form of tablets, capsules, powders, liquids, soft caps and soft gels are available”, said Vikram Chandwani, General Secretary, DMMA.
The new policies on labelling and a regulatory framework for “Nutraceutical” manufacturers are slated to be implemented from 2018 onwards.
In spite of on a strong growth path, the industry in India lacks a dedicated law guiding the sector or rules that defines the composition of nutraceuticals.
Moreover, a recent Assocham-RNCOS joint study has revealed that 60 per cent to 70 per cent of dietary supplements sold across India are fake, counterfeit, unregistered and unapproved and are extremely difficult to identify, DMMA stated. “The new regulations will come into play only in 2018, so our efforts are directed towards making use of the time to throw light on new licensing norms, approvals that will be now necessary and mark the future paradigm of marketing among others,” said Amit Thakkar, President, DMMA, at the first of the ‘knowledge series’ seminars held on Saturday, February 11.
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