Growth of Nutraceutical as an Industry Alone
India has embraced a magnificent upswing in the acceptance and usage of nutraceutical products as a viable option for maintaining health. The market had flourished into a $4 billion industry in 2017 and is expected to grow at a CAGR of 21% to become an $18 billion industry by 2025. Although this has certainly given us `raison de célébrer', some serious limitations require our unbiased attention. Despite the phenomenal growth and the rapid increase in demand for nutraceutical products, the lack or absence of a specific regulatory approval process, which causes delays, is the need of the hour. This vacuum in the system has created a state of doubt in the minds of nutraceutical manufacturers in India; whether to scale or disband.
The new rules under FSSAI have made it easier for the authorities to govern the manufacturing, distribution, and sales of nutraceutical supplements within the country. However, this is inadequate when it comes to providing a permanent solution for the issues associated with the registration process. As of now, the central focus should be to have a structured process of registration for the nutraceutical industry. This will in turn make available preventive health solutions to the consumers at lightning speed, making the industry a lot more competitive.
The Indian Nutraceutical Market is growing exponentially and India is poised to be a global leader in the nutraceutical segment in the near future, therefore it would be unfortunate if this growth story meets a dead end merely because our regulatory framework is playing catchup.
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