The MENA Nutraceuticals Market is estimated to be valued at US$ 14.93 Bn or Mn in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutraceuticals are defined as food or parts of food that provide health and medical benefits, including the prevention and treatment of disease. The Middle East and North Africa region has seen growing demand for nutraceuticals in recent years due to rising health awareness among consumers and desire to adopt preventive healthcare approaches. Key product categories in the MENA nutraceuticals market include vitamins, minerals, herbal supplements, sports nutrition, weight management products, and other functional foods and beverages.
Market Dynamics:
The MENA Nutraceuticals Market Share is primarily driven by rising health consciousness among consumers and growing preference for proactive healthcare management. The growing burden of non-communicable diseases and increasing disposable income levels have further boosted demand for high quality nutraceuticals in the region. Over the forecast period, ease of availability through various online and offline distribution channels and aggressive marketing activities by manufacturers are expected to fuel market growth. Additionally, factors such as growing urbanization, changing lifestyles, and rising millennial population are also expected to augment the demand for nutraceuticals in the Middle East and North Africa over the next few years.
SWOT Analysis
Strength:
– Growing health consciousness among consumers has increased the demand for nutraceutical products in the region.
– Developing economies and improving healthcare infrastructure offer lucrative growth opportunities.
– Availability of raw materials and favorable geographic conditions allow sustainable production of nutraceuticals.
Weakness:
– Lack of proper regulations and standards hampers the growth of the nutraceutical industry.
– Low consumer awareness regarding the health benefits of nutraceuticals in some countries.
Opportunity:
– Rising cases of lifestyle diseases like diabetes and obesity opens up opportunities for preventive nutraceutical products.
– Growing penetration of e-commerce channels facilitate easy access to nutraceutical supplements.
Threats:
– Stringent regulatory norms for new product launches may increase the cost of operations.
– Intense competition from traditional medicines and functional foods restricts market expansion.
Key Takeaways
The MENA nutraceuticals market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing health awareness among consumers.
Market size: The MENA nutraceuticals market size was valued at US$ 14.93 Bn in 2023 and is projected to reach US$ 25.89 Bn by 2030.
Regional analysis: The GCC region dominates the MENA nutraceuticals market with the largest market share due to high per capita income and growing health consciousness. Countries like Saudi Arabia and UAE offer lucrative opportunities for nutraceutical brands due to developing healthcare infrastructure and rising lifestyle diseases.
Key players: Key players operating in the MENA nutraceuticals market are Nestlé, Nutricia, Unilever, Bionova, BASF SE, Abbott, Arkopharma Laboratories, GSK plc., ADM (Archer Daniels Midland Company), DuPont, Kellogg’s Company, Arla Foods amba, DSM, Quantum Naturals Ltd., Adcock Ingram, Ascendis Health Limited, iNova Pharmaceuticals, Vital Health Foods, Jamjoom Pharma, Creso Pharma, and ConnOils LLC. These players are focusing on new product launches and expansion strategies to gain market share in the high potential MENA region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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