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.