| |JUNE 202119I ndia is one of those countries from where spices were ex-ported all over the world. Once again spices have come in focus with their utility to create a value in nutrition. Hence, since the beginning usage of spices in Indian culinary art is at centre of providing diet to everybody. However, with the thought-process, practice and the influence of modernisation as well as globalisation, the focus got shifted. How India Entry is Essential? There are many factors leading to the growth of Nutraceutical industry in India. One of those is heritage from Herbals and Ayurveda system. India has a rich heritage of herbal, Ayurvedic medicines and spices that can stand the country's nutraceutical industry in a good way for expansion and progress. The herbal segment is likely to contribute 30 % of the dietary supplements market in India, expected to grow CAGR of 20 % from 2015 to 2023.Another factor is a rich biodiversity, robust agricultural re-search infrastructure and abundant availability of nutraceutical ingredients. India is been a frontier to cater to the world's need of ingredients such as highly bioavailable curcumin, Ashwagan-dha, fibres like Fenugreek, natural Astaxanthin, black garlic, etc. India is a global pharma powerhouse due to its ability to produce high-quality and low-cost generic drugs. Nutraceuti-cal manufacturing uses many of the same technologies as the pharma industry. Low cost-high quality manufacturing can help India emerge as a global leader in the finished Nutraceuti-cal product space as well. Also, data shows India has 108 large contract manufactur-ers in nutraceuticals which has opened up a vast opportunity for new entrants for FDIs. This potential needs to be leveraged properly for the growth of this industry. India is the second most populated country in the world with population of around 1.3 Bn. As of now only urban popu-lation has seen traction of Nutraceutical products, but there is also a considerable opportunities beyond the urban segment, as population in rural parts of the country represents a huge untapped potential for Nutraceutical sales. Market Opportunities: There are as many as 11 opportunities in India for those who want to enter. Those are as follows: Growing disposable income coupled with lifestyle diseases making Indian population becoming aware of how should they protect themselves from environment to remain healthy. In ad-dition to that, lowering food quality has been an accelerating factor for creating real time opportunity in India. Besides being self-conscious, social media is also increasing health awareness of medical consumers. As a result, individuals as well as Healthcare providers are changing their treatment protocols to ensure health. All this is happening very fast due to Government focus on AYUSH (The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) and integrated medicines platform whereby Nutrition, Nutraceuticals, Ayurvada and other alterna-tive medicines have chances to flourish. INDIAN SPICES- MARKET ENTRY OPPORTUNITIES AND CHALLENGESBy Dr. R.B. Smarta, Managing Director, InterlinkTHOUGHT CENTRAL
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