Development of Regulatory Framework for the Nutraceutical Industry
Amidst a global shift in consumption patterns and lifestyle, the nutraceutical industry is poised to emerge as a new pole of development in the healthcare sector yielding considerable opportunities for pharmaceutical and food companies to diversify their product offerings.
Accordingly, an increasing awareness to maintain a healthy lifestyle and a notable shift in healthcare practice will stimulate economies to drive investment into the nutraceutical industry and tap into this lucrative sector. On the global front, preventive medicine and supplements is growing in momentum and the nutraceutical industry is expected to reach a global net worth of USD 340 billion by 2024.
In this perspective, to foster the development of this new growth pole, the EDB has contracted the services of a team of consultants to draft a clear roadmap to accelerate inception of this promising sector in Mauritius. The island is blessed with the one of the world’s richest biodiversity hotspot which is characterized by a high level of unique and diverse unique land and marine species.
As such, the Economic Development Board (EDB) organised a briefing session on the development of a nutraceutical framework and industry in Mauritius with relevant private and public stakeholders on 23rd September 2019.
Information gathered during this meeting will supplement the EDB’s action plan for the development and promotion of the Nutraceutical Industry. Furthermore this initiative will support Government and the private sector with a clear roadmap for large-scale development of a nutraceutical and functional food industry in Mauritius.