Welcome to BQ Prime Brandsmiths, conversations at the intersection of business, brands, marketing and technology. In this episode, we feature Amit Srivastava, founder and chief catalyst, Nutrify Today, in conversation with Ivor Soans, Editor-Special Features, BQ Prime.
Srivastava discusses the unique nutraceutical industry, how Nutrify Today is helping shape the nutraceutical space and positioning India at the centre of the industry, the size and potential of the nutraceutical market, overcoming challenges, how nutraceutical companies can market smarter, and more.
Watch the full video here:
“The global nutraceutical market is about $412 billion,” says Srivastava. The U.S. is about 60% of the total market, and even though India's share is only about 2%, the country has the potential of becoming the backbone of the industry and a source of innovation, he says.
There is an incredible opportunity in the space, especially post-Covid, when the acceptance of nutraceuticals has increased worldwide. “The world is tapping into a deep knowledge bank of Ayurveda,” adds Srivastava, and there is immense scope in commercialisation and mass production of nutraceuticals for India.
Nutrify Today has created the world's first “precision intelligence” platform for the nutraceutical and health space, which drives innovation, allows companies in India and worldwide to leverage opportunities based on merit, brings together potential partner companies, and most importantly, helps speed up the entire product life cycle—from ideation to commercialisation, Srivastava says.
The standard procedure to launch a nutraceutical product includes everything from identification of bioactives of plants, isolation, standardisation and clinical studies to prove a particular health outcome, but this can take years.
Nutrify Today's AI platform Nutrify Genie is allowing companies to work smarter by doing all this at a fraction of time, formulating a portfolio of possible product options, providing information on patent opportunities, delivering the desired and differentiated product outcome, and helping businesses reach the market faster.
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