Mumbai: The government is likely to announce the first-ever nutraceuticals policy by December, a top official of the country’s food quality regulator said.
“The government has set up 8-committees to study issues related to the Indian nutraceuticals market and hopes to announce the first-ever policy framework by December,” Food Safety and Standards Authority of India (FSSAI) chairman P. I. Suvarathan said, at an international conference here on Friday.
FSSAI has also invited suggestions from the industry on the regulatory framework for nutraceuticals which means food, or parts of food, that provide medical or health benefits, including the prevention and treatment of diseases.
While presenting the Ficci-E&Y knowledge paper at the conference, Ernst & Young Partner Muralidharan Nair pointed out that the global nutraceuticals market is $117-billion, of which India has less than 1% share but which is growing at a CAGR of 18% per annum.
The global nutraceutical market is made of aggregate sales of food, beverage and supplements fortified with bioactive ingredients, including fibre, protein and peptides, omega, vitamins and minerals among others.
According to knowledge paper India’s latent market size is 2-4-times the existing market size, estimated at around Rs 8,900-crore. The number of potential customers is estimated at 148-million, Nair said.
Ficci-Western Regional Council’s chairman Sushil Jiwarajka, pointed out the need for laboratories to analyse food and increased number of food inspectors to boost India’s market domestically and globally.
Health Foods and Dietary Supplements Association (Hadsa) had joined hands with Ficci (Federations of Indian Chambers of Commerce and Industries) to co-host the conference.