New Delhi, India—Attendees of the World Food India Expo, held at the Bharat Mandapam in New Delhi from September 19-22, walked away understanding one thing: the country's nutraceutical industry is on the path of becoming a $100 billion nutraceutical ecosystem by 2047.
The Event
Organized by the Ministry of Food Processing Industries (MoFPI), the 2024 edition of the exhibition was a gathering of top food processing and nutraceutical sector leaders and regulators from all over the world. Show patrons were able to partake in insightful sessions, high-stakes meetings between global regulators and industry experts, and witness the signing of landmark MoUs between the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) and well-known industry companies Nestlé R&D, Fermenta, Unilever, Tetra Pak, Hexagon Nutrition, and NutrifyToday. During the signing ceremony, MoFPI’s Honorable Minister of State, Ranveet Singh Bittu, stressed the importance of the agreements during a time when India looks to solidify its position as the world’s fifth-largest nutraceutical market—third-largest in production—and set its sights on becoming a $100 billion nutraceutical ecosystem by 2047.
A key signing that took place at the event was the signing of MoU between NutriftyToday and NIFTEM, resulting in the establishing of a Center of Excellence for Nutraceuticals. Key initiatives under the new partnership include:
- Deploying NutrifyGenie AI to accelerate research for Ph.D. students, with a focus on commercializing their work through NutrifyToday’s 11 country global network.
- Advanced training for postgraduate and Ph.D. students to operate NutrifyGenie AI, preparing them for leadership roles in the future nutraceutical workforce.
- Extending specialized courses for NIFTEM students through the NutrifyToday Academy, providing hands-on training under the guidance of institute leadership.
- Establishing a Think Tank to drive responsible nutrition policies and support the $100 billion nutraceutical goal.
Fuel for Growth
The signing of MoU by Amit Srivastava, founder of NutrifyToday, and Dr. Harinder Oberoi, Vice Chancellor of NIFTEM, suggests India's nutraceutical industry is entering a pivotal moment; the MoU lays the foundation for sustained growth and global influence in the years ahead. With support from the country's government, nutraceutical innovation as well as the entire industry, could be put on the fast track to a billion. Industry insiders believe that despite the country's lack of direct support from a dedicated ministry, they will need more backing from MoFPI in order to tap into the sector's full potential.
With aid of the right government policies, insiders believe India could very well become a global hub for for nutraceutical research and development, world-class manufacturing, and international sourcing.
