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Home Economy

Nutraceutical Industry

November 23, 2020
in Economy, Science & Tech
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Union government to provide industrial park facilities to grow Nutraceutical industry

What are nutraceutical products?

  • Nutraceuticals refer to products that are derived from herbal products, minerals, vitamins and dietary substances which are consumed for their physiological benefits or to boost immunity against diseases. 
  • The etymology of the term can be traced back to 1989, when Dr. Stephen De Felice, a medical practitioner introduced this segment to mainstream medicine and hence, invented ‘nutraceuticals’, a term derived from the confluence of ‘nutrients’ and ‘pharmaceutical’.  
  • Nutraceuticals are defined as any food (or part thereof) which provides health benefits – including prevention and treatment of disease – in addition to the basic nutritional value found in foodstuff. 
  • Nutraceuticals are of particular interest as a way to reduce the expensive, high-tech disease treatment approaches currently employed in developed countries.

Nutraceuticals industry 

  • This industry represents a dynamic, evolving entity that offers novel opportunities to merge scientific discovery with growing consumer interest in health-enhancing foods
  • Nutraceuticals as an industry emerged in the early 1990s
  • The US nutraceutical market represents the largest nutraceutical market in the world
  • The nutraceutical industry encompasses three main segments which include
    1. Functional foods
    2. Dietary supplements
    3. Herbal/natural products

Nutraceuticals industry in India

  • Despite the foreign origins to the word ‘Nutraceuticals’, what it entails is indigenous to India. India has had a rich heritage of herbal medicines and supplements, which have found resonance in our mythology and folklore
  • Examples are: Patanjali, HealthKart
  • In the year 2017, the Indian market held only 2% market share of the global nutraceutical market and its estimated valuation stands at around $5 billion as of 2019.
Source: Financial Express & News Medical
Tags: Prelims

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