Mumbai: The Indian Dietary Supplements market is expected to reach $ 10 billion by 2026 from $ 4 billion in 2020 with a notable 22% y-o-y growth rate, while the vitamins & minerals market is expected to surge, reaching revenue of $ 2.63 billion by 2024 with annual growth rate of 7.71% from 2024 to 2028.
This was highlighted here recently by Informa Markets India, organisers of the three day 2nd edition of ‘Vitafoods India’ – a dedicated Expo showcasing the fast-transforming Indian nutraceuticals market.
Aatram Dharamraobaba Bhagwantrao, Maharashtra Minister of Food and Drugs, who was the Chief Guest at the event, said any hurdles faced by this Expo would be removed by the Maharashtra Government.
Women’s health and malnutrition levels needed to be focused on in Maharashtra, he said while describing Mumbai as a big hub for foods and nutrition in the goal of providing people good food and hygiene.
“Eat Right” is my department’s campaign and we are joining hands with the pharmaceutical industry in this regard,” he added.
India is often called the “Diabetic Capital of the World” and a study by ICMR revealed that India has over 101 million people with diabetes. However, some Indian companies are projecting effective nature solutions through their products.
Nitta Gelatin India Limited is highlighting its ’First in the world’ patented +Collagen D-Peptide for Diabetes care+, which has been clinically studied as an add-on therapy for management of Type-II diabetes, according to Saaj U. S., Marketing Manager.
“The anti-diabetic herb ‘Hintonia latiflora’ has been well-researched with European clinical trials on Type-II diabetes people,” according to Gunjan Singhal, Vice-President, Medico Marketing, Ishaanav Nutraceuticals Pvt. Ltd.
The herbal product was in-licensed from Gerhlicher, Germany by Ishaanav Nutraceuticals, which then exclusively introduced it in India and conducted clinical trials on Indian subjects for management of blood glucose level in Pre-Diabetes and Type-II diabetes.
“The combination of proven anti-diabetic herb and a natural analgesic PEA (Palmitoylethanolamide) – a natural cannamimetic compound that has been well-researched in almost 15 kinds of pain – highlights the product Hintodol P, which is claimed to be highly effective in controlling “painful diabetic neuropathy,” Singhal added.
Yogesh Mudras, Managing Director, Informa Markets India, said 100 exhibitors from 20 countries were in this Expo which was expecting 5,000-plus visitors and 40 speakers.
He said India possessed a vibrant ingredients market that encompassed a diverse array of vitamins, minerals, botanicals and plant/animal-derived components.
“Agriculture stands as one of the country’s largest industries supplying abundant raw materials essential for production of nutraceuticals and functional foods,” he added.
“India’s industry is poised for significant expansion with the projected growth of this sector by 11.4% annually through 2030,” Mudras said in underscoring the immense potential for further development, and also highlighting importance of initiatives driving innovation and sustainability within the industry.
