MUMBAI: Leading international nutraceutical companies are making a beeline for India, with India showing the potential for becoming both a large market and a source for innovation and ingredients. According to a report by International Trade Administration, Department of Commerce, USA, the nutraceuticals market in India is expected to grow from an estimated US$ 4 billion to US$ 18 billion by the end of 2025. Currently, the Indian market imports US$ 2.7 billion worth of nutraceuticals.
Therefore, to accelerate the nutraceuticals industry growth in India, Nutrify Today, a Hyderabad-based nutraceuticals B2B platform, which creates India entry strategies, marketing strategies, innovation strategies, and efficient sourcing strategies, recently signed up with MyHealth (Belgium), Kamedis (Israel), Kreivo Health (Singapore) and Baker Dillon Group (California, USA), to become a trusted partner for global collaborations in India.
Confirming the global focus on India, Nutraceuticals evangelist Amit Srivastava, Chief Catalyst, Nutrify Today said, “There has been a spate of interest in international companies in India and they want to access the Indian market swiftly, while others want to source from India efficiently." He added, "Responsible nutrition and evidence-based nutrition is at the center of all these conversations. Moreover, the nutraceutical sector has also opened significantly to attract foreign investments.” Srivastava further elaborated, “Government of India has recently opened 100% Foreign Direct Investment (FDI) in this manufacturing sector under the automatic route, and entities can sell their products through wholesale, retail, or e-commerce platform. A report shows that FDI into the country increased from US$ 131.4 million in 2012 to US$ 584.7 million in 2019 and is only likely to increase in the post-COVID scenario. It is extremely encouraging to see that global companies are looking at India for innovations and technology expansion strategies also, like our recently signed deal with Baker Dillon Group for US expansion of their technology platform.”
MyHealth and Kamedis are attempting to find a base in India to drive innovation from botanical ingredients. Commenting on the partnership with Nutrify Today, Roni Kramer, Founder & CEO, Kamedis said, “Kamedis has excelled in patented formulations of botanical extracts for dermatological conditions. The formulations have been subjected to stringent Clinical Trials (CTs) and have been a success story in Israel, and now entering US markets. Engaging Nutrify Today will enable Kamedis to find a strong foothold in the Indian dermatology market.” Commenting on the company's India strategy, Raf Dybajlo, CEO, MyHealth said, “The portfolio at MyHealth undergoes CTs in the standards of pharma to ensure desired health outcome. MyHealth has witnessed success in Europe and now it is well-primed to enter key markets like India. The products comply with standards of responsible nutrition set by Nutrify Today and eligible for clearance from the Indian regulatory system.”
Jurgen Broeck, Founder & CEO, Kreivo Health, a market access leader focused on Association of South-East Asian Nations (ASEAN), European & African markets, said, “Engaging Nutrify Today will enable Kreivo Health to tap into an innovative pool in India fortifying its portfolio into its core areas of specialization. We have charted an aggressive growth strategy and intend to double up our portfolio in Europe and Africa. We also plan to tap into about US$ 5 million worth of Nutra innovation portfolio from India. With Nutrify Today at our side, we are confident in tapping innovations that support responsible nutrition standards.”
