KOCHI: Though India holds only 10 per cent market share in the global nutraceutical market that will be a $250 billion industry by 2018, the country has a definite edge over China, which is the first rank holder in the industry, with better research and quality compliance. Industry experts point out that as the world back off from buying food supplements and nutraceuticals from China due to pollution and quality issues, India has a great advantage in the global market. At present, six major companies are operating in the country in this segment, which include Sami Labs, Natural Remedies, Alchem, Synthite and Arjuan Natural Extracts.
The term Nutraceutical is applied to products that range from isolated nutrients, dietary supplements and herbal products, specific diets and processed foods such as cereals, soups, and beverages.
Though the annual growth rate of the industry is 7 per cent, in India it is growing at around 20 per cent annually. The country has a huge potential in this segment as 7,000 medicinal plants were identified in the country, but nutraceutical properties of majority of these plants remain untapped. The products from India are being exported to the US, Europe and Far East Asian countries.
“As the quality standards in the US and Europe have been increasing continuously, China is losing its grip due to pollution and contamination problems. Even though China produces at least 10 times more these products, in terms of quality parameters India is far ahead. The awareness about the side effects of drugs is increasing drastically around the world which throws up good opportunities for Nutraceuticals and India. If we invest more on research, we could be a super power in the sector,” said P J Kunjachan, Chairman and Managing Director, Arjuna Natural Extract Limited.
China is presently the second largest consumer and largest producer of the Nutraceuticals in the world. On the other hand, countries such as South Korea and Australia have also noticed an increasing growth trajectory in the Nutraceuticals market.
“Nutraceuticals are the exaggerated version of Ayurveda in which India has surely an upper hand. Companies from India are making strides in this market and the global presence of Indian products has been increasing recently,” said George Paul. Managing Director, Synthite Industries Limited.
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