07.20.11
More than 200 experts from the fields of nutrition science, pharmacy and healthcare attended a conference in India in June to discuss the future of the country’s food supplement and nutraceuticals market as it continues to display fast growth, with new regulation on the horizon.
The conference, co-organized by India’s Health Foods and Dietary Supplements Association (HADSA) and the Federation of Indian Chambers of Commerce and Industry (FICCI), was the third International Conference on Nutraceuticals, Dietary Supplements and Functional Foods.
Participants at the conference highlighted consumer trust through the provision of safe and sustainable products as a key factor for the nutraceuticals market, and addressed the challenges at play, such as the rapidly growing market and customization issues.
“The market in India has good potential both locally and internationally as consumer demand for products grows across the world,” said Ajit Singh, chairman of HADSA. “Last year it was estimated to be worth $2 billion. Therefore it is important that we address the emerging opportunities in regulation and in customizing nutraceuticals.”
According to a Frost & Sullivan-FICCI knowledge paper launched at the event, the Indian nutraceuticals market is expected to grow 16% year-on-year for the next five years, reaching roughly $5 billion.
Speaking at the event, Simon Pettman, executive director of the International Alliance of Dietary/Food Supplement Associations (IADSA), said: “The market in India is growing fast and with as much potential as many of the fastest growing technology sectors. Increasingly, product concepts that once would have been only local are now starting to have a regional and global distribution.” Mr. Pettman said that India’s food supplement sector was still in the early stages of achieving its potential and stressed the importance of investing in product quality.
The conference, co-organized by India’s Health Foods and Dietary Supplements Association (HADSA) and the Federation of Indian Chambers of Commerce and Industry (FICCI), was the third International Conference on Nutraceuticals, Dietary Supplements and Functional Foods.
Participants at the conference highlighted consumer trust through the provision of safe and sustainable products as a key factor for the nutraceuticals market, and addressed the challenges at play, such as the rapidly growing market and customization issues.
“The market in India has good potential both locally and internationally as consumer demand for products grows across the world,” said Ajit Singh, chairman of HADSA. “Last year it was estimated to be worth $2 billion. Therefore it is important that we address the emerging opportunities in regulation and in customizing nutraceuticals.”
According to a Frost & Sullivan-FICCI knowledge paper launched at the event, the Indian nutraceuticals market is expected to grow 16% year-on-year for the next five years, reaching roughly $5 billion.
Speaking at the event, Simon Pettman, executive director of the International Alliance of Dietary/Food Supplement Associations (IADSA), said: “The market in India is growing fast and with as much potential as many of the fastest growing technology sectors. Increasingly, product concepts that once would have been only local are now starting to have a regional and global distribution.” Mr. Pettman said that India’s food supplement sector was still in the early stages of achieving its potential and stressed the importance of investing in product quality.