The Indian Nutraceutical Industry Can Elevate If Given The Same Status As Pharmaceuticals

This article draws a roadmap to strengthen the Indian nutraceutical industry on the global stage. This includes steps like reducing GST on its products to 10 percent like in the case of pharmaceuticals. Factors like inculcating awareness in the Indian education system can improve health and reduce health costs.

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The world is shifting gears, veering towards a health-conscious revolution. People are waking up to the importance of wellness and nutrition. They’re not just sipping green tea; they’re chasing vitality like it’s the golden fleece.

Mirroring this shift, the nutraceuticals market has experienced significant growth, escalating from 372.27 billion dollars in 2022 to 409.12 billion dollars in 2023, according to Research and Markets. Projections indicate a continued growth trajectory with a 9.9 percent CAGR from 2022 to 2027, with the United States and China dominating this market. Conversely, India, with its rich herbal traditions valued at 5.4 billion dollars, has yet to establish dominance in the sector.

In response, India’s industry stakeholders and regulators, including the government, are undertaking transformative efforts. A task force was established in 2021 to foster a conducive environment for the nutraceutical industry, marking a significant step towards progress. However, progress remains gradual, and changes are perpetual. India has the potential to

significantly expand its exports of nutraceuticals as its first goal. Subsequently, with the growth of its economy and disposable income, India is poised to become a high-growth domestic market for nutritional products. India requires a well-defined and determined strategy for entry to capitalise on these two growth opportunities.

GOVERNMENT ENDEAVOURS AND VITAL POLICY MEASURES TO PROPEL NUTRACEUTICAL INDUSTRY GROWTH