February 29, 2024
MENA Nutraceuticals Market

MENA Nutraceuticals Market is Estimated To Witness High Growth Owing To Rising Health Conscious Population

The MENA Nutraceuticals Market is estimated to be valued at US$ 14.93 Bn in 2023 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 products refer to dietary supplements derived from food sources with extra health benefits in addition to the basic nutritional value found in foods. The products include vitamins, minerals, herbs, probiotics, etc. that are used to improve health, delay the aging process, increase life expectancy, or support the structure or function of the body. Increasing awareness regarding health benefits of nutraceuticals along with growing population seeking options other than conventional medicines is driving the growth of the MENA Nutraceuticals market.

Market key trends:
One of the major trends driving growth in the MENA Nutraceuticals Market Share is the growing health-conscious population in the region. There is an increasing inclination towards maintaining good health and well-being through preventive healthcare measures like consumption of dietary supplements and functional foods. This is attributed to rising prevalence of lifestyle diseases such as diabetes, obesity, cardiovascular disorders etc. due to sedentary lifestyle and changes in dietary patterns. According to a survey by Boston Consulting Group, nearly 3 in 4 consumers in GCC countries actively seek products that promote health and wellness. The population is adopting nutraceuticals to enhance immunity, joint health, brain health and other health conditions. The trend has boosted demand for probiotic yogurts, herbal teas, omega fatty acids, protein powders etc. The market players are launching various nutraceutical formulations according to consumer requirements, supporting the market expansion.

Porter’s Analysis:
Threat of new entrants: The MENA nutraceuticals market is moderately competitive due to the presence of established market players and high capital requirements to enter the market. However, presence of niche opportunities opens up space for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. Buyers have several options to choose from based on their requirements.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous suppliers in the market. However, ingredients and raw material suppliers have some control over prices.
Threat of new substitutes: The threat of substitutes is moderate as functional foods and dietary supplements are available as alternatives.
Competitive rivalry: High due to aggressive marketing practices by major players.

SWOT Analysis:
Strength: Wide product portfolio and strong brand recognition of major players. Extensive distribution network across the region.
Weakness: High dependency on imports for raw materials increases production costs. Lack of awareness regarding benefits of nutraceuticals in some countries.
Opportunity: Growing health consciousness and demand for preventive healthcare driving market growth. Increasing incomes support premiumization.
Threats: stringent regulatory framework and certification process increases costs. Economic uncertainties and political instability in some countries.

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 and consumer willingness to spend on healthcare. The market was valued at US$ 14.93 Bn in 2023 and is projected to reach US$ 27.04 Bn by 2030.

Regional analysis: The GCC countries dominate the nutraceuticals market in MENA owing to high disposable incomes and growing expat population. Countries like Saudi Arabia and UAE are major revenue generators in the region. Meanwhile, Egypt and South Africa offer lucrative opportunities for nutraceutical manufacturers with growing middle class and increasing health expenditures.

Key players: Key players operating in the MENA nutraceuticals market are NestlĂ©, 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 focused on new product launches and enhancing their distribution network to strengthen market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it