Sector Brief:
Nutraceuticals can be defined as "Food, or parts of food, that provide medical or health benefits, including the prevention and treatment of disease." Nutraceutical, a portmanteauof nutrition and pharmaceutical, refers to extracts of foods claimed to have a medicinal effect on human health.
It encompasses a large group of preventive and curative health care ingredients that have been predominantly derived from long-standing medical traditions such as Ayurveda, Tibetian, Chinese and Japanese medical systems. Traditionally the nutraceutical was contained in a medicinal format such as a capsule, tablet or powder in a prescribed dose. Although more recently, modern Nutraceuticals are available as forms of foods, or included in foods or as a whole food itself.
Functional Foods:
Functional food or medicinal food is any fresh or processed food claimed to have a health-promoting or disease-preventing property beyond the basic function of supplying nutrients. The general category of functional foods includes processed food or foods fortified with health-promoting additives, like "vitamin-enriched" products. Functional foods are an emerging field in food science due to their increasing popularity with health-conscious consumers. Asia-Pacific is set to emerge as the fastest growing functional foods market over the review period.
Dietary Supplements:
A dietary supplement is a product that contains substances like vitamins, minerals, foods, botanicals, amino acids and is intended to supplement the usual intake of these substances. Dietary supplements are found in pill, tablet, capsule, powder or liquid form and are meant to be taken by mouth. They are products that are intended to supplement the normal diet. Dietary supplements segment is fast approaching maturity levels, particularly in developed regions. The maturity is expected to reflect in future performance of dietary supplements segment in the form of relatively low growth, thereby adversely affecting the profit generation capabilities of market participants. The United States is the leading dietary supplements market with sales of US$21 billion for 2007.
The nutraceutical market is defined as aggregate sales of functional food, beverage and supplements fortified with bioactive ingredients including fiber, probiotics, protein and peptides, omega, phytochemicals, and vitamins and minerals.
Increased discretionary spending, changing lifestyles and growing awareness among Indians about health living are accelerating the growth of this industry.
Some of the Broad Objectives of the Nutraceutical Division are:
- To set up a common platform for the industry and other stakeholders
- Creating an interface between the industry and the Government
- To create a congenial business environment in the Nutraceutical industry to acquire larger market share globally
- To discuss various issues relating to Regulatory Framework and Product Labeling
- Expand the existing regulatory mechanism to cover every aspect of Nutraceutical industry
- Sharing of International success stories
- To address various issues like GMP, GLP, IPR, HACCP, etc.
- To discuss the scope of backward integration and its role in developing the Nutraceuticals market
FICCI acts as an effective change agent and has been working diligently towards influencing the Government to bring about necessary policy changes to give impetus to this sector. FICCI provides a platform to the industry to share its concerns, flag issues, and discuss strategies to compete globally in the field of Nutraceuticals, Functional Foods and Dietary Supplements.
FICCI’s vision is to accelerate India’s share of 0.9% of the world’s US $117 billion nutraceuticals, functional foods and dietary supplements market to a sizeable number in the next few years. Considering the huge growth potential of the Indian nutraceutical industry. FICCI envisions India to be ranked among the top players such as USA, Europe and Japan which are the current market leaders.
Nutraceuticals Committee:
Chairman: Mr. Ajit Singh, Chairman, ACG Worldwide &
President, Health Foods and Dietary Supplements Association (HADSA)
Co-Chairman: Mr. Ranjit Anand Puranik, CEO, Shree Dhootapapeshwar Limited
Past Events:
1. International Conference on Nutraceuticals, Functional Foods & Dietary Supplements
28th August, 2008, Sci tech Centre, Jogeshwari, Mumbai
2. Business Delegation to Supply Side West, Las Vegas, USA, 22nd – 24th October, 2008
3. 2nd International Conference on Nutraceuticals, Functional Foods and Dietary Supplements
10th September, 2009, Sci tech Centre, Jogeshwari, Mumbai
Sector Study:
Nutraceuticals – Critical supplement for building a healthy India, September, 2009
For More Information, Contact:
Ms. Bhagirathi Mohan: (bhagirathi[at]ficci.com)
or Visit Website www.ficci-nutraceuticals.com
