Press Release

FSSAI focusing on new regulations and benchmarks for upscaling Nutraceuticals: Shri G. Kamala Vardhana Rao CEO FSSAI

FSSAI focusing on new regulations and benchmarks for upscaling Nutraceuticals: Shri G. Kamala Vardhana Rao CEO FSSAI

29th Feb, New Delhi: With a staggering 14.2% CAGR and a market standing at USD 4 billion, the nutraceutical industry is not just growing—it's flourishing at a rapid rate, surpassing all expectations. As demand and supply surge, our focus on nutritional security and food security intensifies. Moreover, we've tinkered with the genetic aspect of rice and wheat to meet the needs of a growing population. Amidst this exponential growth, regulatory compliance remains paramount, ensuring the safety and efficacy of our products said Chief Guest Shri G. Kamala Vardhana Rao IAS, Secretary to Government of India and Chief Executive Officer Food Safety and Standards Authority of India, Ministry of Health and Family Welfare gave his address at the 9th Nutraceuticals Summit and Awards organized by ASSOCHAM.  

In his special address Dr. Manoj Nesari, Advisor, Ministry of Ayush, Govt. of India shared his insights on how the nutraceuticals and Ayurveda sectors are experiencing a transformative surge, marked by rapid growth, heightened regulatory focus, innovative breakthroughs in Ayurveda, and a symbiotic relationship between the two fields. Utilizing the medicinal plants that are available in India is crucial. Work on HS code for exports to be smaller in digits is being implemented, he added.  

In addition to discussing the need to boost exports, Dr. Meenakshi Singh, Chief Scientist, Member Secretary, Task Force on Nutraceuticals Sector, and Chief Scientist, Technology Management Directorate Council of Scientific and Industrial Research, Ministry of Science and Technology, Government of India, spoke about the policy challenges facing the nutraceuticals industry. Applications for DTIT methods have been developed. The R&D strategy, which she discussed, is crucial for compliance and innovative developments. The primary concern to be mindful of is product standardization, and devising an approach to address it is imperative. 

Dr. Blossom Kochhar, Co-Chairperson, ASSOCHAM National Wellness Council and Chairperson, Aroma Magic Pvt. Ltd. gave her welcome address by adding the growing trend of nutraceuticals among people and how they are health conscious these days. She added that the right intake of nutrients and vitamins is crucial for bodily functions and boosting immunity. 

Mr Sandeep Verma Country Head India Consumer Health Division, Bayer said As we aim to become the 3rd largest economy in the world by 2030 addressing nutritional challenges will be crucial not only for the country’s future growth and prosperity but also to improve the general quality of life for all of us. In this context It is important for us to note that while a good balanced diet has to be the foundation for good nutrition, just on its own it may not give us 100% nutrition. The role of micronutrient supplements is essential to acknowledge as being critical to take us to that milestone…We seek to be one nation with 100% nutrition for all  

A Knowledge report by TechSci Research and ASSOCHAM Knowledge was unveiled titled- Unlocking the potential of Nutraceuticals ''A case study of India's Market'. Awards were presented to the winners for various categories like best nutraceutical company, best nutraceutical startups etc.