Global Nutraceuticals market is expected to cross USD 262.9 billion by 2020 from the current level of USD 182.6 billion growing at compound annual growth rate (CAGR) of about 8 per cent, according to a study.
"Due to rising awareness about health and fitness and changing lifestyle, India's Nutraceuticals market is likely to cross USD 6.1 billion by 2020 from the current level of USD 2.8 billion growing at compound annual growth rate (CAGR) of about 17 per cent," a joint study brought out by ASSOCHAM and RNCOS said.
United States (US) has the largest market for nutraceuticals, followed by Asia-Pacific and European Union. Functional food is the fastest growing segment in the US nutraceuticals market. Germany, France, UK and Italy are the major markets in the European Union for nutraceuticals.
Japan with 14 per cent is the major consumer of nutraceuticals in Asia-Pacific, followed by China (10%).
The Indian nutraceuticals market is at a nascent stage but fast emerging. India accounts for around 1.5 per cent of the global market, which is anticipated to increase owing to country's large population base, increasing urban belt and awareness, noted the ASSOCHAM-RNCOS study.
Releasing the joint study, D S Rawat, Secretary General ASSOCHAM said, Nutraceuticals, Herbals and Functional Foods in India are covered under the definition of food as per Section 22 of Food Safety & Standards Act, 2006. These food products have been categorized as Non-Standardized/special food products.
At present, India does not have any kind of regulatory guidelines for the approval or monitoring of the products under this segment. These products are regulated under the guidelines of FSSA, 2006 amended in 2011 for registration, licensing, approval, labeling & packaging, import, marketing & distribution, laboratory testing like conventional food products.
FSSAI should come up with properly framed guidelines related to manufacturing, storage, packaging & labeling, distribution, sales, claims and imports. This will bring clarity to the industry stakeholders and they can invest into the industry with no fear of counterfeiting, Rawat added.