Global nutraceuticals market is currently estimated at about US$ 12 billion and it is growing at the rate of six per cent annually. The US has been the major market for nutraceuticals with India and China becoming fastest growing markets. Nutraceuticals are gaining acceptance for their ability to address several diseases.

Vitamins, Minerals and Nutrients constitute about 85 per cent of the market while antioxidants and anti-agents account for 10 per cent. Other segments such as herbal extracts occupy five per cent of the market, globally.

Dr Sudhir S Deshpande, president and cofounder, Phytos Therapeutics, said, 'Dietary Fibers' are increasingly drawing attention worldwide. They are believed to improve glucose metabolism and help type II diabetic patients to reduce their insulin requirements and prevent colon cancer and other diseases. They also bind and excrete bile salts thereby reducing the risk of cardiovascular diseases.

Soy Isoflavones for instance are found to be effective in preventing osteoporosis and post menopausal symptoms. South East Asian women are found to be less prone to breast cancer and osteoporosis due to reasonable amount of soy isoflavone consumption, he informed.

India is seen as a key nation that has enormous potential in nutraceuticals and has been recognised as the eighth largest biodiversity centre worldwide. The country has well established traditional history of using plants to treat several diseases.

India has some shortcomings which have been responsible for lagging behind in the sector such as lack of proper documentation of active ingredients, holistic approach, traditional knowledge not shared for common benefit, weak logistic systems. Globally, availability and selection of raw materials had been critical to nutraceuticals industry, Dr Deshpande pointed.

Functional foods industry is dominating over the nutraceuticals industry globally with an estimated US$ 500 billion including the US and EU markets and is several times larger than the combined pharmaceuticals and OTC market according to Foundation for Innovation in Medicine, US.

Regulations on the contrary are more stringent in the case of nutraceuticals in comparison with functional foods as the former requires to support its health benefit claims with clinical research data and the latter does not requires the same, he added.