New Delhi, Nov 7 (SocialNews.XYZ) India’s nutraceutical industry is looking to expand globally with support from its rich heritage of traditional knowledge, especially in Ayurveda, said the office of the Principal Scientific Adviser (PSA) on Thursday.
“India’s nutraceutical sector is set for unprecedented growth. India aims to position itself as a global leader in nutraceuticals, combining traditional knowledge with modern science to attract global partnerships and investments,” said Ajay Sood, PSA.
While the global nutraceutical market is currently estimated at around $400 billion, India's share remains under 2 per cent. It is primarily due to a lack of defined industry classification within ministries, limiting targeted sector support.
Recognising the sector’s immense potential, the Council of Scientific and Industrial Research (CSIR) in November 2021 constituted a nutraceutical sector task force.
The task force includes representatives from various ministries, including the Department of Commerce, the Department of Pharmaceuticals, the Food Safety and Standards Authority of India (FSSAI), the Ministry of AYUSH, and the Ministry of Food Processing. It also includes significant industry representation, ensuring that industry concerns and challenges are directly addressed.
It aims to propose policy measures to address challenges and drive initiatives toward the “Harmonised System of Nomenclature” and other international standards.
India’s longstanding history in health science, especially Ayurveda, offering unique traditional knowledge is a key advantage in the nutraceutical industry.
With 52 agroclimatic zones, the country is ideal for cultivating medicinal plants. It also has a robust hub of over 1,700 medicinal plants, including globally recognised curcumin, bacopa, and ashwagandha, awaiting modern scientific validation.
Besides expertise in pharmaceutical formulation, influencing high-quality nutraceutical standards, the country also boasts of a thriving startup ecosystem with a growing number of successful nutraceutical companies catalysing sectoral growth.
Further, the task force’s initiatives have led to significant advancements, including the development of the first-ever Harmonised System of Nomenclature (HSN) codes for streamlined trade.
It also led to the creation of the first-ever Production-Linked Incentive (PLI) scheme for nutraceuticals.
A dedicated nutraceutical industry panel under SHEFEXIL (Shellac and Forest Products Export Promotion Council) has been formed to enhance regulatory and export support.
SHEFEXIL has recommended that nutraceuticals remain classified as food products under FSSAI’s jurisdiction. In addition, nutraceutical exporters are now included in the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme, aligned with the Biodiversity Act 2023, to offset export costs and ensure EU compliance.
Meanwhile, India has also prioritised infrastructure support, with nutraceutical incubation hubs and centres of excellence. NIFTEM-Kundli, Centurion University, and AIC-CSIR-CCMB have developed hubs fostering innovation, while the Kerala government inaugurated the first government-backed Nutraceutical Centre of Excellence in 2024.
Through the Department of Commerce, India has showcased its nutraceutical strengths at global trade fairs, enhancing visibility and forging connections with international stakeholders.
The collaboration between the task force and the Central Board of Indirect Taxes and Customs (CBIC) is also working toward a unique HSN code to streamline exports and simplify customs procedures.
Source: IANS
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