Mumbai: India’s nutraceuticals market could reach $500 billion by 2047, driven by growing consumer awareness around preventive healthcare, according to Pritee Chaudhary, Regional Director (Western Region), Food Safety and Standards Authority of India (FSSAI).
Speaking to ETHealthworld on the sidelines of a symposium, Chaudhary said the nutraceuticals industry, currently valued at around $10 billion, could outpace India’s nearly $50 billion pharmaceutical market if it maintains its current growth trajectory.
“If the current pace continues, the nutraceuticals market has the potential to become nearly ten times the size of the pharmaceutical market in India by 2047,” she said.
Highlighting the sector’s growing acceptance, Chaudhary said, “Nutraceuticals have already become mainstream across metro cities and are increasingly gaining acceptance in Tier-II and Tier-III cities. I see tremendous potential for preventive healthcare in India, and its importance cannot be overlooked as the country works towards the vision of Viksit Bharat by 2047.”
As the industry expands, ensuring regulatory compliance and product quality will become increasingly critical, she noted.
Chowdhary said that while FSSAI has established stringent regulations and an advertisement monitoring mechanism to scrutinise product safety and claims made by nutraceutical companies, the primary responsibility for ensuring product quality and safety rests with manufacturers.
“The major responsibility to ensure products are safe and of high quality lies with food businesses themselves. As India moves towards greater self-reliance, self-assessment and self-compliance, the responsibility increasingly shifts to manufacturers rather than regulators,” she said.
“The government’s role is not to enforce every aspect through regulation but to adopt a model of minimal enforcement while creating greater awareness and promoting education,” she added.
Speaking about the future growth drivers of the nutrition industry, Chaudhary identified three segments with significant potential.
“The first is nutraceuticals, which include health supplements, foods for special dietary and medical purposes, prebiotics and probiotics,” she said.
“The second is Ayur Ahara, where significant progress is yet to be achieved. India has 52 agro-climatic zones and more than 1,700 medicinal herbs, while the global market is increasingly looking for alternative nutrition solutions and bioactive ingredients that India can offer under the Ayur Ahara brand,” she added.
The third growth area, according to Chaudhary, is food fortification, which involves enriching staple food products with essential nutrients to address nutritional deficiencies.
“Food fortification programmes for staple foods present another significant opportunity. These three segments together offer tremendous scope for growth in India’s nutrition industry,” she said.
