ANVESHAK-International Journal of Management

Abstract

Chronic diseases such as hypertension, diabetes with their complications are now striking at a younger age. Rapid urbanization and lifestyle changes are the main reasons for this emergence. The costs of healthcare are high. The regulators, professionals and consumers, alike, have realized a need for a strategic focus on disease prevention and health promotion. It is believed that major health gains can be achieved by incorporating behavioral and lifestyle changes, involving healthy food consumption practices with increased physical activity, mental & spiritual relaxation and cleaner environments. The food industry is expected to provide solutions and alternatives for health promotion and well-being.

This paper attempts to study the emergence of the functional foods market in India.

Literature review was done using secondary sources including published journals, industry reports, internet articles, conference proceedings, etc.

The past few years have witnessed the emergence of the Fast Moving Healthcare Goods (FMHG) in India which is known as Functional Foods and Nutraceuticals worldwide. Functional foods are closing the distance whilst increasing the involvement and cooperation between the food and pharmaceutical manufacturers. The Indian Nutraceuticals market has accounted for only about 1% of the global Nutraceuticals market and has high potential for growth. India is anticipated to grow from its 12^th position to emerge as the 5th largest consumer market in the world by 2025, with beverages and dairy as driving segments of this growth of functional foods. Given this opportunity, it is pertinent to promote Natural Indian foods with added health benefits along with the fortified and other Modified Functional foods with potential health benefits.

The research findings revealed a nutrition status contrast in India, with a double burden of malnutrition, in the form of overweight and under-nutrition. Socio-economic dynamics, chronic diseases and behavioural changes have provided nutraceuticals market to emerge as a high potential market in India. Youngsters are willing to spend on health foods for health promotion and disease prevention, but beyond the lifestyleinduced nutrition deficiencies, there is also a need to target the avoidable burden of under-nutrition through affordable nutrition supplements, which calls for strategic innovative approach with collaborative partnerships to make available 'affordable, safe and nutritious functional foods' to the consumers.

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