OmniActive was born from Kancor Ingredients, an ingredient supplier rooted in the food and flavouring industry. Kancor is in the business of extracting pure, quality ingredients from whole foods for many years. Kancor and OmniActive were founded by the Mariwala family, a known entity in spice industry.
OmniActive invests generously in R&D and innovation and focuses on sustainable agriculture and minimal impact on environment through agricultural and manufacturing initiatives. Speaking to NuFFooDS Spectrum, Arun Balakrishnan, Chief Scientific Officer explains how nutraceutical industry in India needs to be expanded and will evolve rapidly.
Contrary to being a threat, the entry of pharma companies in the nutraceutical space will definitely help in increasing awareness and expansion of this category as a whole. Since the industry is in a growth phase, entry of big players will help bring more innovative products to the market and drive consumer awareness. Factors such as a spike in lifestyle diseases, rising healthcare costs and higher disposable incomes are creating demand for nutraceuticals with health and wellness gaining prominence. From a competition standpoint, the industry offers enough space for multiple players to function and bring solutions to the market.
Pharmaceutical companies are focused on multiple products and the gestation cycle tends to be very long. Whereas nutraceutical companies tend to be very specialised, with investments focused on research and technologies geared to develop selected few products. Products in the nutraceutical space have shorter gestation cycles so time to market is also less considerably. Additionally, nutra products are generally plant based and being from natural sources, their safety and efficacy is well known. At OmniActive, we have created revolutionary nutrient delivery technologies like OmniBead and UltraSol that are helping solve some of the greatest challenges that supplement manufacturers face.
Most of the nutraceutical products are directed towards general wellness and preventive care rather than treatment after the onset of a disease. Shifting the focus to preventive care over curative is a major instrument of growth for the nutraceutical industry.
People are looking at improving the overall quality of life and are actively taking charge of their health with rising awareness of lifestyle disorders as well as preventive care options. Also with an increase in purchasing power, people have the willingness and ability to spend on options for their healthier living. The recent burst of adulteration in food-based products has again shifted focus from other sources to natural and plant-based products.
Given this scenario, yes it is the right time for companies to focus on India for the nutraceutical markets as we have seen several advantages and businesses growing in the rest of the world using the above approaches.
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