Rooting for Wellness All the Way

Ever since the COVID-19 pandemic, it’s quite evident that people have more interest in their own wellness. It’s an irony that it took humanity one of its worst healthcare catastrophes to bring focus to its own wellness. The global nutraceutical market, valued at approximately $400 billion, integrates the domains of food, pharmaceuticals, and biotechnology. India emerges as a significant contributor, leveraging its extensive traditional knowledge, particularly in Ayurveda, and a distinctive ecosystem conducive to sectoral growth. Despite these advantages, India's global market share remains below 2 percent, largely due to the absence of a defined industry classification within Indian ministries, which hampers targeted support for the sector.

Recognizing the sector's huge potential, the Council of Scientific and Industrial Research (CSIR) established a Nutraceutical Sector Task Force (TF) in November 2021, chaired by the Principal Scientific Adviser to the Government of India. This 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. Additionally, it includes significant industry representation to ensure that industry concerns and challenges are directly addressed. The Task Force's mandate encompasses proposing policy measures to tackle challenges and drive initiatives towards the "Harmonized System of Nomenclature" and other international standards. The country also focuses on developing a supportive infrastructure with nutraceutical incubation hubs and centers 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. This special issue of CEO Insights sheds more light on some of the insightful leaders in this futuristic industry. We welcome your feedback.