Interest and investment on the rise, says Amit Srivastava, Nutraceuticals evangelist
Leading international nutraceutical companies are making a beeline for India, with India showing the potential for becoming both a large market, as also a source innovation and ingredients. According to a report by International Trade Administration, Department of Commerce, United States, the nutraceuticals market in India is expected to grow from an estimated $4 billion to $18 billion by the end of 2025. Currently, the Indian market imports US$ 2.7 billion worth of nutraceuticals.
Nutrify , a 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 (USA), confirmed the global focus on India and Amit Srivastava, Chief Catalyst, said, “There has been a spate of interest in international companies on India and they want to access the Indian market swiftly while others want to source from India efficiently. Responsible Nutrition and evidence-based nutrition is at the center of all these conversations. This sector also has opened significantly to attract foreign investments.”
“Government of India has recently opened 100 percent FDI in this manufacturing sector under 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 California-based Baker Dillon Group for U.S. expansion of their technology platform”, Srivastava added.
MyHealth of Belgium, and Kamedis, Israel, are attempting to find a base in India to drive innovation from botanical ingredients. Commenting on this partnership with Nutrify, 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 and have been a success story in Israel, and now entering US markets. Engaging Nutrify will enable Kamedis to find a strong foothold in the Indian dermatology market”.
Jurgen Broeck, Founder, and CEO, Kreivo Health, Singapore, a market access leader focused on ASEAN, European and African markets, said, “Engaging Nutrify Today will enable Kreivo Health to tap into an innovation 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 USD 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.”