India's Nutraceutical Industry Set for Explosive Growth Amid Challenges

According to a report by Steadfast Nutrition, India's nutraceutical industry is poised for significant growth, with its valuation expected to rise from USD 30.37 billion in 2024 to USD 60 billion by 2030. The sector is forecasted to grow at a compound annual growth rate of 13.6 per cent between 2025 and 2030.

This optimistic outlook is fueled by a surge in consumer demand, a heightened focus on preventive healthcare, supportive government policies, and innovation in product development. As health awareness increases among the population, there is a growing inclination towards dietary supplements and wellness products, signaling a pivotal expansion phase for the industry.

Nevertheless, the report highlights ongoing challenges. Key issues include the lack of a clear industry classification for nutraceuticals, which restricts targeted government assistance, along with low investment in research and development due to high costs. Additionally, maintaining stringent quality control remains vital to ensuring consumer trust and industry credibility.

Aman Puri, founder of Steadfast Nutrition, identified quality control as a major challenge, emphasizing his company's commitment to safety and effectiveness. Puri also noted competition from international brands and persistent myths about supplements as obstacles for domestic players. He advocated for increased government support, educational initiatives, and more funding for startups to bolster competitiveness.

Nutraceuticals, combining 'nutrition' and 'pharmaceutical', are products offering health benefits derived from food sources. Steadfast Nutrition, established by former athlete Aman Puri, aims to fill the market gap for high-quality nutrition products. The company is linked with over 100 athletes and aspires to elevate health standards across India. (ANI)

(With inputs from agencies.)