Turkey is ripe for supplements, BI Nutraceuticals says
for supplements in a high-potential emerging market by signing a
deal which will see its ingredients available in Turkey.
By working with the distribution firm Safir Group, BI Nutraceuticals' range of herbal extracts, vitamins, minerals and specialty ingredients will be available to finished goods manufacturers in the country.
Turkey offers a host of potential, both within the country and in its position - it has been cited as a gateway to the Middle East with a supplements market estimated by Business Insights to be worth $200m (€139m).
Dietary supplements were given a shot in arm after the passing of the new Food Law.
This helped boost an interest in nutritional based healthcare and was followed by the setting up of the Food Supplement Association known as BesDesDer.
According to a report by Business Insights, BesDesDer is a significant point of entry for many companies as " they are highly active in a lobbying and advising members on regulatory challenges and barriers to entry."
It said that some 97 per cent of supplement companies trading in Turkey are members of BesDesDer.
BI Nutraceuticals has also identified regulatory changes in the company as an attraction.
President George Pontiakos said: "The harmonization of Turkish laws and regulations with those of the EU has resulted in changes affecting the health sector in Turkey.
In particular, it has laid the ground for the creation of natural products. "
As the bureaucracy surrounding natural products continues to diminish in Turkey, it is creating tremendous demand for high- quality, efficacious ingredients, specifically with local companies who are looking to create products to compete with imported finished goods."
The firm says Turkey is also attractive because it has an increasing population which in turn has a larger household income.
The population is accustomed to using natural products to manage health related problems, adding to the opportunity for growth, the firm added.
