Vitafoods India 2024 puts spotlight on Indian nutraceutical market

Dietary supplements market expected to reach approx. $10 billion by 2026 from $4 billion in 2020

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Vitafoods
Vitafoods is a globally renowned brand with significant footholds in both Europe and Asia. Vitafoods India focuses solely on the burgeoning nutraceutical sector, which has seen remarkable growth in the country, particularly in the wake of the pandemic.

Informa Markets, a B2B exhibition organizer, successfully commenced the second edition of Vitafoods India at the Jio World Convention Center, Mumbai, on 16 February. The three-day event, a dedicated expo showcasing the fast-transforming Indian nutraceutical market, witnessed significant participation with over 100 domestic and international exhibiting companies taking center stage.

Recognizing the sector’s importance, Aatram Dharamraobaba Bhagwantrao, minister of food and drug, Maharashtra, said, ” VitaFoods India 2024 is a significant event for the growing nutraceutical industry in India. This three-day extravaganza, hosted in Mumbai, reflects our government’s commitment to fostering a business-friendly environment, evident in our dedication to ease of doing business. The internationality of Vitafoods India, connecting professionals from over 40 countries, underscores the global appeal of this industry. Strict compliance is vital, with the government implementing strong monitoring frameworks for nutraceutical integrity. Maharashtra offers optimal conditions for business expansion, aligning with our commitment to ease of doing business and fostering growth and innovation. Stakeholders should prioritize modern R&D along with leveraging the knowledge for herbs possessed by our tribal ancestors, for mutual benefit. Innovation drives industry growth and community uplift. This expo and conference fosters dialogue and collaboration for a sustainable nutraceutical industry. Building lasting partnerships shapes the industry’s future.”

Vitafoods is a globally renowned brand with significant footholds in both Europe and Asia. Vitafoods India focuses solely on the burgeoning nutraceutical sector, which has seen remarkable growth in the country, particularly in the wake of the pandemic.

Yogesh Mudras, managing director, Informa Markets in India, said, “Enhancing immune function and preventing illness have become significant priorities in current times. Meanwhile, India possesses a vibrant ingredients market, encompassing a diverse array of vitamins, minerals, botanicals, and various plant- and animal-derived components. Agriculture stands as one of the country’s largest industries, supplying abundant raw materials essential to produce nutraceuticals and functional foods. With a focus on personalized nutrition, functional ingredients, and sustainability, the industry in our country is poised for significant expansion. The projected growth of 11.4% annually through 2030 in India’s Nutraceutical’s sector underscores the immense potential for further development and highlights the importance of initiatives that drive innovation and sustainability within the industry.”

Vaibhav Kulkarni, secretary, HADSA (Health Foods and Dietary Supplements Association), said “The nutraceutical sector has seen significant growth, from 6% to 40%, evolving from a niche market to a mainstream consumer trend. During the COVID-19 pandemic, the focus on improving immunity surged, driving demand for preventive health products. Although there has been a modest dip in post-COVID trends, the industry’s momentum continues unabated. It is imperative for the sector to reaffirm the significance of preventive healthcare among consumers. Despite the temporary slowdown following the pandemic, industry leaders are united in their acknowledgment of the necessity for collective action to champion and elevate this sector. The ambition to reach the $100 billion milestone demands accelerated efforts and unified advocacy.

The Prime Minister’s vision for the next 25 years emphasizes prosperity, offering immense opportunities for sectors like nutraceuticals.  Collaboration between industry stakeholders and regulators is essential to ensure smooth growth and remove obstacles hindering progress. Vitafoods India, as an industry enabler serves as catalysts for innovation and collaboration within the nutraceutical sector, propelling us towards a prosperous future. It is imperative for the industry to come together and pave the way for sustained growth of the industry” he further added. 

Emphasizing on the growth of the nutraceutical Industry, Sanjaya Mariwala, president, AHNMI (Association of herbal and nutraceuticals manufacturers of India) said “In our pursuit of sustained growth, the government’s initial actions are pivotal. However, it’s evident that our journey toward establishing a formidable presence in the global nutraceutical arena requires concerted efforts and continuous initiatives. Through incentivizing manufacturing modernization, prioritizing accurate clinical trials, launching nationwide awareness campaigns, resolving regulatory conflicts, unifying industry alliances, and fostering collaborative endeavors, we pave the way for industry advancement. Vitafoods India heralds the anticipation of further discussions and collaborations, fortifying our collective efforts to propel the nutraceutical sector towards success.”

Umesh Kamble, Secretary General, CASMB (Chamber for Advancement of Small Medium Businesses said “The rapid growth of the healthcare industry, particularly in small and medium businesses, indicates an exciting opportunity for startups and MSMEs to make a significant impact. With India boasting numerous unidentified hubs ripe for exploration, these enterprises can play a crucial role in supplying health supplements to meet growing demand. Startups are the backbone of innovation and investment, essential for propelling the industry towards the ambitious $100 billion milestone. Vitafoods India serves as a vital platform for fostering collaboration and innovation, empowering businesses to capitalize on emerging opportunities and drive sectoral growth.”

Key players and associations

The event featured a wide array of domestic and international participants, including names such as KSM-66 Ashwagandha, Bio-gen Extracts, Brenntag, Omniactive Health Technologies, Roquette India, Sami Sabinsa Group, Krishna Enzytech/Collagen Lifesciences, and more. Furthermore, Vitafoods India 2024 garnered significant support from the essential nutraceutical associations, including Shellac and Forest Products Export Promotion Council (SHEFEXIL), Association of Herbal and Nutraceutical Manufacturers of India (AHNMI), Health Foods and Dietary Supplements Association (HADSA), Women in Nutraceuticals (WIN), and Plant Based Foods Industry Association (PBFIA). 

Insights and Discussions

Vitafoods India 2024 showcased an Innovation Zone and a Global Trends Zone by Mintel, providing participants with valuable perspectives on the latest international industry trends. Day 1 witnessed discussions on the new guidelines introduced by FSSAI, shedding light on their impact on the manufacturing, labeling, and distribution of nutraceuticals in the Indian market. Safety assessments were also a key topic, with a focus on the requirements for conducting pre-market safety studies and the challenges that nutraceutical companies might encounter in adhering to the updated regulations. Panel discussions tackled essential themes, including “Gut Health for Overall Well-being,” “Women Nutrition across all Life Stages and the Need for Personalised Nutrition,” and “Navigating the U.S. Market,” providing attendees with comprehensive insights into consumer preferences and regulatory requirements.  

Sports Nutrition, Women’s Leadership, and Plant-Based Trends

Day 2 is showcasing further engaging sessions, including a Fireside Chat featuring celebrity speaker Luke Coutinho, Holistic Nutrition & Integrative Lifestyle Practitioner, and Avartan Bokil, Founder and Director of Food Strong. The discussion will delve into the latest innovations and emerging trends in Sports Nutrition, with a focus on new formulations and delivery systems reshaping athlete nutrition and personalized supplements’ impact on performance. 

Additionally, Day 2 is featuring a Power Breakfast in collaboration with Women In Nutraceuticals (WIN), championing change and empowering women in nutraceutical leadership. A Plant-Based Panel Discussion, in association with the Plant-Based Foods Industry Association (PBFIA), will also take place, exploring the growing trend of plant-based nutrition and its implications for the industry.

The Indian nutraceuticals market

The Indian nutraceutical market is experiencing rapid growth driven by factors such as increasing health consciousness, rising disposable incomes, and a shift towards natural and preventive healthcare solutions. Accelerated by the COVID-19 pandemic, demand for immune-boosting products and dietary supplements has surged. India’s rich biodiversity and traditional medicinal knowledge offer a unique advantage, fostering research and development opportunities. With cost-effective manufacturing capabilities and growing expertise in export-oriented businesses, India is poised to emerge as a significant player in the global nutraceutical market. Projected to maintain a robust annual growth rate, the Indian nutraceutical industry presents promising opportunities for domestic and international stakeholders, contributing to improved healthcare outcomes and sustainable economic growth. With the Indian dietary supplements market valued at $4 billion in 2020 and projected to reach USD 10 billion by 2026, reflecting a remarkable 22% year-on-year growth rate, Vitafoods India highlights the immense potential and opportunities within the industry.

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