According to ‘Emerging Indian Nutraceutical Market’, by the Associated Chambers of Commerce and Industry of India and business consultancy services firm RNCOS, the Indian nutraceuticals market is projected to touch to $6.1 billion by 2020. “Higher purchasing power has prompted Indians to be more health conscious and adopt a healthy diet routine completed with consumption of nutritional supplements,” the report said. Huge customer base, increasing co-prescription with regular drugs, focus on preventive healthcare, rapid retail growth and e-commerce are some of the major drivers for the growth of the sector, the report added.
The Economic Times reports that the Food Safety and Standards Authority of India formed a task force to regulate the segment and has come up with its recommendations. Once these recommendations get approved by the regulatory authority, all manufacturers in the country falling under this category will need to get a “no objection certificate” and approval from the federal government before manufacturing and marketing any products.