The
Associated Chambers of Commerce and Industry of India (ASSOCHAM) have organized
5th National Symposium on Nutraceuticals: the Future of Nutrition & Health,
here at the premises of Hotel the Royal Plaza today. The main ambition is to
discuss on the ever changing regulatory landscape, consumer trends, innovative
technologies and industry-wide challenges in order to remain competitive in a
growing market.
Currently,
India nutraceuticals market is urban centric. Functional Food enjoys largest
share of the Indian nutraceuticals market followed by dietary supplements. This
trend will drive the market for fortified food, prebiotic and probiotic.
However, the Indian nutraceuticals industry is facing challenges like market
fragmentation, lack of information on benefits, efficacy of the product,
spurious brands/products and lack of awareness of regulatory issues.
The
nutraceutical industry is growing at a rate far exceeding expansion in the food
and pharmaceutical industries. In tomorrow’s market, the most successful
nutraceutical players are likely to be those companies in which functional
product are just a part of a broad line of goods satisfying both conventional
and health value point. Future demand of nutraceutical depends on consumer
perception of the relationship between diet and disease.
Increasing
awareness levels about fitness and health, spurred by media coverage are prompting
the majority of people to lead healthier lifestyles, exercise more, and eat
healthy. The expanding nutraceutical market indicates that end users are
seeking minimally processed food with extra nutritional benefits and
organoleptic value. This development, in turn, is propelling expansion in the
nutraceutical markets globally. The emerging nutraceuticals industry seems
destined to occupy the landscape in the new millennium. Its tremendous growth
has implications for the food, pharmaceutical, healthcare, and agricultural
industries.