Last Updated on January 24, 2024 by The Health Master
Nutraceuticals are bringing a new transformation to the Indian health and wellness market.
With a long history of alternative medicine and traditional practices like Ayurveda and Unani, India has been extremely receptive to the new trend of Nutraceuticals which are aimed towards building a healthier and richer lifestyle for people through intake of dietary supplements.
The market for nutraceuticals, as well as the overall popularity of food supplements such as probiotics and prebiotics, was present in western countries such as the United Kingdom and the United States.
It began to make an impact in India in 2011, and since then, Nutraceuticals have been welcomed with open arms by the Indian people. The fact that the sector has grown so quickly in the country demonstrates this.
By the end of 2025, the market is expected to have grown to $722.4 billion from its current level of $382.5 billion. The market is developing at a 35 percent CAGR in India, indicating that the country is on track to become a global leader in the Nutraceuticals sector.
India can further alter the Nutra sector by incorporating other age-old traditional medicinal techniques such as Ayurveda and Unani, and present the globe with a highly advantageous option for improving overall health.
With this rapid growth, it has been proven that India can become a global leader in Nutraceuticals, and the world’s biggest exporter of nutraceuticals if the government and industry come together to form a strong plan for the future.
The market for dietary supplements is expected to grow at a strong pace and the demand for Nutraceuticals around the world is likely to rise.
By leveraging this opportunity, India can use the idea of ‘Atmanirbhar Bharat’ and use its traditional medicine practice along with modern alternatives to provide the world with the premium quality food and health supplements.
Following the inauguration of a new administration in India on November 9, 2014, a new ministry was established to promote traditional healthcare practices in the country. The Ministry of AYUSH was established with the goal of reviving and popularising India’s alternative medicine system.
So, the intent and the vision to move in this direction has been provided by the Government of India. Now, the need is to come together and take some concrete steps to remove any barriers in the development of the industry in India.
Both parties can collaborate to initiate Nutraceutical parks in the country, which promotes manufacturing of the good.
Along with this, the industry experts and government can also come together to bring regulations which allow the industry to grow in an ethical and positive direction.
Apart from this, deliberations can be done to reassess the taxes on Nutraceuticals and other business-related issues.
In the end, with the growing awareness around health and wellness post C-19 pandemic and the demand for alternative medicine can be a major opportunity for India to become a global leader in Nutraceuticals.
By Amit Srivastava
Author is Chief Catalyst, Nutrify Today
(DISCLAIMER: The views expressed are solely those of the author and The Health Master does not necessarily subscribe to it. The Health Master shall not be responsible for any damage caused to any person / organisation directly or indirectly.)
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