Indian nutraceuticals market to grow to $6.1 billion by 2020
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New Delhi: Indian nutraceuticals market is set to grow over two-fold to $6.1 billion by 2020 as consumers become more conscious towards health and fitness, according to a study.
The high growth rate of nutraceuticals - products that offer health as well as medicinal benefits - however, has been hindered by lack of proper regulatory framework, said the joint study by industry body Assocham and business consultancy services firm RNCOS.
As per the report titled 'Emerging Indian Nutraceutical' Market', the Indian nutraceuticals market is estimated to be $2.8 billion at present and is projected to touch to $6.1 billion by 2020.
Commenting on the challenges faced by the segment, Assocham Secretary General D S Rawat said: "...In spite of the high growth rates of nutraceuticals in India, the growth... is restrained by lack of a solid regulatory framework which is crucial for medical credibility as it ensures high-quality products that can be relied on to do what they say they do."
The high growth rate of nutraceuticals - products that offer health as well as medicinal benefits - however, has been hindered by lack of proper regulatory framework, said the joint study by industry body Assocham and business consultancy services firm RNCOS.
As per the report titled 'Emerging Indian Nutraceutical' Market', the Indian nutraceuticals market is estimated to be $2.8 billion at present and is projected to touch to $6.1 billion by 2020.
Commenting on the challenges faced by the segment, Assocham Secretary General D S Rawat said: "...In spite of the high growth rates of nutraceuticals in India, the growth... is restrained by lack of a solid regulatory framework which is crucial for medical credibility as it ensures high-quality products that can be relied on to do what they say they do."
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