India’s nutraceutical industry with current market size of $4 billion is growing rapidly beyond everyone’s expectations, Food Safety and Standards Authority of India (FSSAI) chief executive officer Kamala Vardhana Rao said on Thursday.
Addressing an event organised by industry body Assocham, Rao said, “the nutraceutical industry is not just growing but flourishing at a rapid rate, surpassing all expectations.”
The focus on nutritional and food security has intensified due to rise in demand and supply, he said, adding that the regulatory role becomes paramount to ensure safety and efficacy of products amid tinkering in the genetics of food grains like wheat and rice.
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Speaking on the occasion, advisor in the Ayush Ministry Manoj Nesari said both neutraceuticals and ayurveda sectors are growing rapidly amid heightened regulatory focus, innovative breakthroughs and a symbiotic relationship between the two sectors.
He said the Harmonized System (HS) Codes for export of these products, though smaller in digit, are being implemented.
The Harmonized System is a standardised numerical method of classifying traded products.
Assocham National Wellness Council co-chair and Aroma Magic chairperson Blossom Kochhar, Zeon Lifesciences Ltd chairman and managing director Suresh Garg, Shefexil chairman Lal Hingorani and Tech Sci Research vice president Alwin Samuel were also present at the event.
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