Vitafoods India 2024 shines spotlight on surging Indian nutraceutical market

Informa Markets, India’s leading B2B exhibition organiser, successfully commenced the 2nd edition of Vitafoods India at the Jio World Convention Center, Mumbai. The three-day event, a dedicated expo showcasing the fast-transforming Indian nutraceutical market, witnessed significant participation with over 100 domestic and international exhibiting companies taking center stage.

The grand opening of the esteemed expo was graced by distinguished dignitaries, including Chief Guest Hon. Shri. Aatram Dharamraobaba Bhagwantrao, Minister of Food and Drug, Government of Maharashtra; Sanjaya Mariwala, president, AHNMI (Association of Herbal and Nutraceutical Manufacturers of India); Dr Nilesh Amritkar, president, AFSTI (Association of Food Scientists & Technologists); Dr. Vaibhav Kulkarni, Hon. secretary, HADSA (Health Foods and Dietary Supplements Association); Umesh Kamble, secretary general, CASMB (Chamber for Advancement of Small Medium Businesses; Yogesh Mudras, managing director of Informa Markets in India; and Rahul Deshpande, senior group director at Informa Markets in India, among other distinguished guests.

Recognizing the sector’s importance, Hon. Aatram Dharamraobaba Bhagwantrao, Minister of Food and Drug, Government of Maharashtra, said, ‘’VitaFoods India 2024 is a significant event for the growing nutraceutical industry in India. This three-day extravaganza, hosted in Mumbai, reflects our government's commitment to fostering a business-friendly environment, evident in our dedication to ease of doing business. The internationality of Vitafoods India, connecting professionals from over 40 countries, underscores the global appeal of this industry. Strict compliance is vital, with the government implementing strong monitoring frameworks for nutraceutical integrity. Maharashtra offers optimal conditions for business expansion, aligning with our commitment to ease of doing business and fostering growth and innovation. Stakeholders should prioritize modern R&D along with leveraging the knowledge for herbs possessed by our tribal ancestors, for mutual benefit. Innovation drives industry growth and community upliftment. This expo and conference fosters dialogue and collaboration for a sustainable nutraceutical industry. Building lasting partnerships shapes the industry's future.”

Vitafoods is a globally renowned brand with significant footholds in both Europe and Asia. Vitafoods India focuses solely on the burgeoning nutraceutical sector, which has seen remarkable growth in the country, particularly in the wake of the pandemic.

Speaking on the significance of the 2nd edition of Vitafoods India, Yogesh Mudras, managing director, Informa Markets in India, said, “Enhancing immune function and preventing illness have become significant priorities in current times. Meanwhile, India possesses a vibrant ingredients market, encompassing a diverse array of vitamins, minerals, botanicals, and various plant- and animal-derived components. Agriculture stands as one of the country's largest industries, supplying abundant raw materials essential to produce nutraceuticals and functional foods. With a focus on personalized nutrition, functional ingredients, and sustainability, the industry in our country is poised for significant expansion. The projected growth of 11.4% annually through 2030 in India’s Nutraceutical’s sector underscores the immense potential for further development and highlights the importance of initiatives that drive innovation and sustainability within the industry. By providing a platform for collaboration, knowledge exchange, and showcasing the latest advancements, Vitafoods India empowers companies to stay at the forefront of this booming and dynamic sector, he further added.”

Speaking on the occasion, Dr. Vaibhav Kulkarni, hon. secretary, HADSA (Health Foods and Dietary Supplements Association), said, “The nutraceutical sector has seen significant growth, from 6% to 40%, evolving from a niche market to a mainstream consumer trend. During the COVID-19 pandemic, the focus on improving immunity surged, driving demand for preventive health products. Although there has been a modest dip in post-COVID trends, the industry's momentum continues unabated. It is imperative for the sector to reaffirm the significance of preventive healthcare among consumers. Despite the temporary slowdown following the pandemic, industry leaders are united in their acknowledgment of the necessity for collective action to champion and elevate this sector. The ambition to reach the $100 billion milestone demands accelerated efforts and unified advocacy.

The Prime Minister's vision for the next 25 years emphasizes prosperity, offering immense opportunities for sectors like nutraceuticals. Collaboration between industry stakeholders and regulators is essential to ensure smooth growth and remove obstacles hindering progress. Vitafoods India, as an industry enabler serves as catalysts for innovation and collaboration within the nutraceutical sector, propelling us towards a prosperous future. It is imperative for the industry to come together and pave the way for sustained growth of the industry," he further added.

Emphasizing on the growth of Nutraceutical Industry, Sanjaya Mariwala, president, AHNMI (Association of herbal and nutraceuticals manufacturers of India) said, "In our pursuit of sustained growth, the government's initial actions are pivotal. However, it's evident that our journey toward establishing a formidable presence in the global nutraceutical arena requires concerted efforts and continuous initiatives. Through incentivizing manufacturing modernization, prioritizing accurate clinical trials, launching nationwide awareness campaigns, resolving regulatory conflicts, unifying industry alliances, and fostering collaborative endeavors, we pave the way for industry advancement. Vitafoods India heralds the anticipation of further discussions and collaborations, fortifying our collective efforts to propel the nutraceutical sector towards success."

Speaking on the occasion, Umesh Kamble, secretary general, CASMB (Chamber for Advancement of Small Medium Businesses said, “The rapid growth of the healthcare industry, particularly in small and medium businesses, indicates an exciting opportunity for startups and MSMEs to make a significant impact. With India boasting numerous unidentified hubs ripe for exploration, these enterprises can play a crucial role in supplying health supplements to meet growing demand. Startups are the backbone of innovation and investment, essential for propelling the industry towards the ambitious $100 billion milestone. Vitafoods India serves as a vital platform for fostering collaboration and innovation, empowering businesses to capitalize on emerging opportunities and drive sectoral growth."