|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
“It is heartening to see that Govt acknowledged sector as industry”
|
|
Monday, 02 January, 2023, 08 : 00 AM [IST]
|
|
|
 Established in 2005, OmniActive Health Technologies Ltd specialises in branded Natural APIs and PFIs for nutrition, health, and wellness products. The company’s leading brands include Lutemax 2020, Lutemax Brain, Lutemax Free Lutein and Lutein Esters.
In an email interaction with Manjushree Naik, Sanjaya Mariwala, executive chairman and managing director, OmniActive Health Technologies Ltd India and founder president, Association of Herbal and Nutraceutical Manufacturers of India, delves deeper into the business of nutraceuticals and the way ahead. Excerpts:
Indian nutraceutical ecosystem is growing at a vibrant pace. Comment.
Indian nutraceutical ecosystem has seen a paradigm shift due to changing lifestyles and increased focus on preventive healthcare.Nutraceuticals include isolated nutrients, herbal products, dietary supplements, specific diets and processed foods such as cereals, soups, and beverages.
India, with a traditional base in agriculture and Ayurveda, is well-placed to explore opportunities in the global nutraceutical space. Growing demand for nutraceuticals is expected to augment our existing farm value chain. Recognising the huge potential that nutraceuticals present on the export as well as domestic consumption front, the Indian
Government has created a task force for the nutraceutical industry with a vision of making it a US$100 bn industry.
Tell us about the shifting preference of consumers towards nutritious or wellness-specific foods.
Factors like the Covid-19 pandemic,climate change,changing lifestyles,and rising income levels have played a crucial role in altering consumer behaviour.Now, people are much more concerned about their overall wellness. They consume more organic and nutritious products that can help improve immunity, metabolism, and fitness level. This changing consumer behaviour has a tremendous influence on the nutraceutical industry. The industry has noted this transformation and has responded actively through product mixes that promote preventive healthcare.
Can you elaborate on the post-pandemic trend wherein there has been increased awareness and adoption of nutraceuticals by consumers?
The pandemic has completely changed the way people look at health. First and foremost, preventive healthcare has become everyone’s top priority. People are focusing on a healthy diet, active lifestyle, and supplementary nutrition to stay physically and mentally fit. This has brought nutraceuticals to the forefront instead of being an alternative.
Secondly, healthcare infrastructure has assumed significant importance, resulting in authorities and regulators both prioritising it. Here, medical professionals are also insisting on building immunity amongst the masses despite heavy investment in medical infrastructure.
Lastly, the use of technology has multiplied in the industry. Be it in raw material production, where agritech has taken centre stage, or transportation through tech-driven solutions or sales through E-commerce platforms, technology adoption and advancement have multiplied in the nutraceutical industry.
What are your thoughts about the upward trend in the popularity of plant-based nutraceuticals?
Plant-based nutraceuticals’ role in preventing and treating cardiovascular diseases, obesity and other lifestyle diseases is well established. Its antiaging and immune-boosting properties are gaining significance with increasing awareness and the growing adoption of a healthy lifestyle with a focus on “looking good”, too.
With the increasing adoption of technology and improving soil health, all parts of plants - roots, stems, flowers, fruits, pollens, and more are nurtured to extract nutrients. We are seeing very interesting outputs of the same. For instance, at OmniActive, we are cultivating marigold flowers on acres of land in Karnataka, India, as the marigold flowers are the richest sources of Lutein and Zeaxanthin, nutrients that protect our eyes against UV Rays, blue light or age-related weakening.
What are your future predictions for the nutraceuticals industry?
The Indian nutraceutical industry is expected to witness an impressive CAGR of 15% for six years,as per Expert Market Research's forecast. The robust growth of the nutraceutical industry can largely be attributed to the growing attention to preventive healthcare and its proven effectiveness in lifestyle-related diseases.
Further, a rich base of Ayurveda and agriculture coupled with technology integration will help Indian companies to develop innovative nutraceutical products that meet changing consumer demand.
The increasing use of e-commerce coupled with direct-to-consumer marketing models is helping in higher product penetration within the country.
Globally too, the demand for nutraceuticals in the US and European countries is multiplying, thereby creating a huge export potential for nutraceutical raw material manufacturers.
Elaborate on how start-ups are leading to a technological revolution across the entire nutraceutical industry?
There are over 7,000 nutraceutical start-ups in India which have been supported by high-end incubation hubs such as CCMB, IITs, and other reputed institutions.These new-age start-ups are embracing innovative technologies that have revolutionised the entire ecosystem of nutraceuticals. For instance,with the help of technology,start-ups have been providing a comprehensive solution involving everything from product development to commercial manufacturing to packaging and dispatching of the product.
Adopting technologies like AI, ML, IoT, RFID tagging, blockchain-based tools,and distributed ledger techniques have enabled product tracing, affirming the product quality and enhancing the acceptability of the product in the international market.Companies also leverage technology to shift to sustainable practices and move towards carbon-neutral operations.
Give us your thoughts on the current nutraceutical regulations in the country.What more needs to be done to bring them at par with other countries?
Despite being resource-rich, the Indian nutraceutical sector hasn’t achieved its true potential and is lagging far behind in its contribution to the global nutraceutical industry. Recognising this, the government formed a special task force team last year to address some of the sector woes. Here, I want to highlight critical interventions that may quickly boost the sector.
Integrated approach for PLI scheme: Being the third-largest supplier of most of the nutraceutical raw materials, India has a vast scope to expand its base in more value-added product manufacturing rather than just exporting herbs and medicinal plants. In this regard, the PLI scheme,which is already getting formulated and conceived by the government,can work wonders. If carefully crafted with an integrated approach for the nutraceutical sector,the PLI scheme can also significantly boost agriculture.
Need taxation benefit in line with peers: Currently,dietary supplements and other nutraceutical products are taxed at 18% as against a GST of 0-12% for pharmaceuticals because nutraceutical products have no separate category of their own and sometimes are even treated as luxury products. It is high time that nutraceuticals be given taxation benefits in line with pharma products.
Require HSN code: All nutraceutical products are clubbed under “others,” which makes tracking and monitoring difficult. Thus, it is essential to streamline the product categories,standardise HSN codes for nutraceutical products, and align them to ease international trade.
Integrated ecosystem: An integrated and forward-looking ecosystem will play a crucial role in the growth and development of the industry.This can be achieved by establishing a centrally powerful authority which can intervene on intra-ministry issues and resolutions and formulate necessary policies for the sector.
Give us your thoughts on the nutraceuticals industry in India –Vision 2030.
It is heartening to see that the Indian Government has finally acknowledged the sector as an‘industry.’ It has also taken cognisance of the support required by the nutraceutical industry and has led a vision to make it a US$100 bn market by 2030.
Gifted with the rich heritage of agriculture and Ayurveda, India has the ability to become a global leader in nutraceuticals. India has 52 agroclimatic zones in which almost 7,000 medicinal plants can be grown. The abundance of resources provides a massive growth opportunity for the industry. Nonetheless, clinical validation of these plants as per the modern science protocol is crucial for leveraging this opportunity.
The conducive policy measures coupled with a favourable business ecosystem will evolve India into a global nutraceutical manufacturing hub. As an industry, we now need to work towards developing an end-to-end digital supply chain platform to bridge the gaps that the sector faces today.
|
|
|
|
|
|
|
|
|
|