Minimize Import Duty For Nutraceutical Ingredients To 5%
The Nutraceutical industry in India is a rapidly growing market, with a current worth of $4 billion and an estimated growth at a significant 21% CAGR, reaching $ 10 billion by the year 2022. Few industries in India today offer such spectacular growth potential.
With the increasing awareness of the Indian consumers with respect to their fundamental nutritional needs and prevention of chronic ailments, and with the growth in the Nutraceutical market, this industry is all set to add significantly to the Indian economy.
Globally, around $12-15 billion are added to the Nutraceutical market every year. Although, Indian Nutraceutical industry may still be in its nascent stage accounting for just 2% of the global market share, reports predict a doubling potential of this industry in the next 3 years.
The Rs 24,000 crore nutraceutical market is 75% OverThe-Counter (OTC) and the remaining being purchased on guidance from health-care providers and wellwishers. Even the OTC component is 90% dominated by the food industry leaving behind Rs 7,800 crore market for guided consumers.
In India, unlike in regulated overseas markets, the OTC purchase is primarily restricted to drugs. Nutraceutical purchases OTC with independently taken buying decision is virtually non-existent amongst consumers. Hence, nutraceuticals are a Doctor driven segment in India and the medical professional is a facilitator for transferring health benefits to the patient consulted via advocating supplements.
This story is from the January 2018 edition of Nuffoods Spectrum.
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This story is from the January 2018 edition of Nuffoods Spectrum.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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'FICCI Foodworld India 2019'
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