Nutraceuticals market may grow to $10 billion by 2022
MUMBAI: Indian nutraceuticals market is expected to grow at a compounded annual growth rate of 21 per cent and reach $ 10 billion by 2022 from $ 4 billion now, according to a report.
The growth in nutraceuticals - food and drinks which have potential health benefits - is seen largely driven by the modern day's consumer lifestyle that is impacted by faster pace of life, taking a toll on health and wellness.
It is also driven by the aging population estimated to reach $ 1 billion by 2020 in both developed and developing countries, said the report brought out today by MRSS India for industry body Assocham.
Given the context, globally, too, the nutraceutical market is expected to reach $ 241 billion in 2019 from $ 172 billion in 2014.
"Nutraceuticals are poised to provide holistic solutions to the younger burgeoning Indian middle class to keep chronic ailments at bay and also address the rising incidence of lifestyle diseases, including cardio-vascular ailments, diabetes, obesity and various forms of allergies.
"Hence, the category is expected to witness accelerated growth on the backdrop of a need for a strong sense of well-being and increased life-expectancy," MRSS India chairman Raj Sharma said.
The national food regulator FSSAI has issued strict compliance norms through its guidelines issued in December 2016.
"These standards will come into force from January 1, 2018, so we have little time at hand. Hopefully, we will be able to iron out differences and concerns (raised in some quarters) within the next 5-6 months that we have," FSSAI chief executive officer Pawan Agarwal said. He was speaking after the release of the report.
Calling for making food supplements and nutraceuticals products affordable, J P Meena, Secretary, Ministry of Food Processing Industries, said about 43 per cent children across India remain malnourished while the sector mainly caters to the middle and upper-middle class consumers.