Regulations are Biggest Hurdle For Nutraceuticals in BRIC Nations
The main factor standing in the way of the BRIC nations and their growth within the nutraceuticals market is regulations, according to two-thirds (65%) of the industry. The poll, conducted by the organisers of Vitafoods Europe, reconfirms views that professionals within the nutraceuticals, dietary supplements, functional foods and drinks sector see the regulatory bodies in Brazil, Russia, India and China as trade barriers to expansion.
The industry, however, was optimistic about Asia’s future, with more than a third (40%) of professionals forecasting that Asia will have the greatest share of the market within the next 10 years.Eastern Europe was seen as the continent with the furthest to go in terms of establishing a stronger presence in the nutraceuticals industry.
Vitafoods Europe, which returns to Geneva’s Palexpo from the 22–24 May 2012, will address regulatory issues and trends in the market as part of its conference programme. Chris Lee, portfolio director, explains: “From this research we can see there is real concern about how regulations are affecting the growth of the global nutraceuticals industry and based on the current trajectory, there will only be more, tougher legislation in the future. At Vitafoods Europe there are several conference sessions specifically dedicated to health claims and regulation, plus the Discussion Forum will focus on opportunities for innovation beyond claims to provide companies with new insights into current thinking on the key regulatory aspects that will impact on the sector’s innovative capacity within the next five years.”
