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Consumer trust key for nutraceuticals industry: Maharashtra FDA minister
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Friday, 24 June, 2011, 08 : 00 AM [IST]
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Anurag More, Mumbai
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"Consumer trust is the biggest thing for the nutraceuticals industry, which should be acquired by players in this sector, by providing safe and sustainable products to consumers,"said Satej alias Bunty Patil, minister of state, home (urban & rural), rural development, food and drugs administration (FDA), Government of Maharashtra, while inaugurating the 3rd International Conference on Nutraceuticals, Functional Foods and Dietary Supplements, organised by FICCI and HADSA here on Thursday.
The theme of this year's event was based on Customising Nutraceuticals. The conference was divided in to three sessions - global trends suited for India, presenting Indian ingredients on a global canvas and understanding consumer psyche.
Different speakers highlighted various aspects of the nutraceuticals market such as those pertaining to the US, Japan and Europe and informed that India was developing in the same stream, for the past three years.
In 2010, the Indian nutraceuticals market was estimated to be worth $2 billion, roughly 1.5 per cent of the global nutraceuticals industry and functional food and beverages were expected to witness much higher growth rates compared to dietary supplements, in the next five years.
According to Patil, nutraceuticals is a sunshine industry and it is playing an important role in dietary aspects, as per changing lifestyles of the people, who have become more health-conscious.
However, he assured the industry that the government would support the industry
in ways that would help tackle all issues that it was facing today.
Ajith Singh, chairman, ACG Worldwide, and HADSA, pointed out that two-third of the human race was consuming only alternative treatment products adding that the nutraceuticals market had good potential in coming days as the people were becoming more health-conscious and that pharmaceutical companies should focus on the nutraceuticals industry as prime industry instead of allied industry.
Further he appealed to the minister that it was necessary for the Maharashtra government to encourage the industry for the investment in the state as it was agricuture-based and emphasised on personalisation and customisation as the need of the hour for nutraceuticals products.
Meanwhile, the Frost & Sullivan-FICCI knowledge paper - Global Nutraceutical Industry: Investing in Healthy Living - was released by Patil. According to the paper, the Indian nutraceuticals market is expected to grow at the rate of 16 per cent year-on-year for the next five years to reach roughly $5 billion.
Frost and Sullivan was the knowledge partner for the event. "The knowledge paper analyses the global market for nutraceuticals, with a focus on Europe, USA, and India as key regions," said Hema Thakur, senior consultant, Frost and Sullivan, South Asia Middle-East.
"Nutraceutical industry is still at early development and many governments are working on the regulation in this industry" Simon Pettman, director, International Alliance of Dietary / Food Supplement Associations (IADSA), said in his special address. Tim Adetona, director, Voisin Consulting Life Sciences, the details about the regulatory trends important for exports.
C B Pawar, joint commissioner, FDA, Government of Maharashtra, gave a briefing on the regulatory framework for food and drug industry within Maharashtra in his keynote address.
Dr Vaijayanti Pandit, director, FICCI-WRC, welcomed over 200 experts from India and abroad to the event. The participants included experts from the fields of medicine, pharmacy, nutrition science and healthcare professions.
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