💊 Indian Nutraceutical Revolution
Why is India seeing a massive nutraceutical boom? (Reading Time: 3 mins)
If you're an Indian, chances are you are pretty familiar with household natural remedies.Â
Have a cold? Drink hot tea with ginger and honey.
Have pimples? Put chickpea flour and curd.
Want to boost your immunity? Have tulsi and turmeric.
There are hundreds and thousands of such home remedies that have helped Indians heal throughout the ages.
So, it is no surprise that the nutraceuticals market has flourished in the country.Â
The Nutraceutical Boom
Nutraceuticals are any food items that provide you health or medical benefits, which for us in India is half the items in our kitchens.
But sometimes just having ginger honey tea is not enough to boost your immunity. You need something a little stronger.
Here's where over-the-counter nutraceuticals come in. They offer the same benefits as herbs or vitamins but in a more concentrated and targeted way.Â
And it's not a recent trend. Companies like Dabur and Himalaya have been selling products with neem, chandan, amla, and tulsi since the 1880s.
But these products gained much more popularity with the launch of Patanjali in 2006. You see, Ramdev Baba had become synonymous with health for so many that his brand quickly gained traction.Â
However, even Ramdev baba could not put nutraceuticals on the chart the way pandemic could.Â
Preventive medicines and immunity boosters were now the go-to mantra.Â
Plus, our fast-paced life now also means that we don't often get proper nutrition. Most people are so tired by the end of the day that they usually rely on fast food or order in.
Nutraceuticals provided a quick and easy solution for all these problems.Â
Here's a look at how the nutraceutical market has grown, thanks to the pandemic.
The Indian nutraceutical market is set to grow to be worth $25 billion in the next decade. And this growth is not just restricted to India. The world is adopting nutraceuticals. The global nutraceutical industry was worth $382 billion in 2019 and is expected to be worth $755 billion by 2024.Â
Impressed, already? But wait, this industry has a lot more potential for growth, especially in India. Wondering how?
Potential for Future Growth
India is one of the top three suppliers of medicinal plants and herbs across the world. And with the Western world embracing nutraceuticals and adaptogens (herbal supplements that help the body adapt to stress), India can make a fortune in exports.Â
Already Indian companies export nutraceuticals worth Rs. 3,000 crores and this number is set to grow to Rs. 10,000-12,000 crores per year in the next five years.Â
Further developments in this area can help India become a world leader in nutraceuticals.
For instance, we could adopt more scientific methods of farming to increase the yield of our crops.Â
Also, there are a lot of nutraceutical products that are not native to India. Yes, tulsi and haldi are not the be-all and end-all of health. So, instead of constantly relying on imports for these products, we could invest more in research and find ways to grow these plants and herbs in our country. This will not just benefit the nutraceutical industry but also aid many farmers.
That's exactly what OmniActive, an Indian nutraceutical company, did in 2010. It planted a special variety of marigold to extract lutein, a vitamin that helps the eyes. The move has not only helped us reduce imports but increased farmers' income ten times!
Now imagine if you could find out all your deficiencies and understand what supplement to take in what amount to fix your problems? Life sorted, right?Â
With the help of AI, the nutraceutical industry could manage to do exactly that. Customise your nutrient intake to make sure you're always at the top of your game.Â
But when things begin to sound too good to be true, they often aren't.
Problems Facing the Nutraceutical Industry
One of the major problems facing the industry is the lack of regulation. Sure, the Indian government has rules to monitor the industry but still, fake nutraceutical products are running rampant in the market. According to a study, around 60%-70% of dietary supplements in the Indian markets are fake.
Not only is this immensely bad for our health but it also reduces people's trust in the industry.Â
So, the Indian government needs to develop stricter rules to monitor the industry. Plus, if we want our products to be sold overseas we need to make sure they pass international health standards.
Do you think the government will take any actions regarding this matter in the coming years? Or are there any other ways in which the industry can be regulated?
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