by The nutraceuticals market involves functional foods and beverages, dietary supplements, and health ingredients. Nutraceuticals come in the form of pills, capsules, tablets, and liquids. They include probiotics, prebiotics, proteins, amino acids, and omega-3 fatty acids. These products are used to promote general well-being, enhance immune function, increase life expectancy, and reduce the risk of chronic diseases. Rising awareness about the link between nutrition and health has been a major driver for the growth of the MENA nutraceuticals market.
The global Mena Nutraceuticals Market is estimated to be valued at Us$ 17.2 Mn in 2024 and is expected to exhibit a CAGR Of 5.6% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the MENA nutraceuticals market is the rising health awareness among consumers in the region. There has been a significant shift in lifestyle towards healthier food choices and wellness programs. Growing incidence of chronic and lifestyle diseases such as obesity, diabetes, cardiovascular issues, and cancer is generating demand for preventive healthcare solutions. Nutraceuticals are increasingly being used to manage the risk of such diseases as well as enhance general wellness and quality of life. The other driver for the market is the flexible regulations around the production, marketing, and sale of nutraceutical products. This provides an encouraging environment for manufacturers to innovate and launch new products. However, companies need to ensure product quality, safety, and claims are substantiated by clinical evidence. Overall, the flexible regulatory environment coupled with rising health awareness is expected to drive significant growth of the MENA nutraceuticals industry over the forecast period.
Segment Analysis
The MENA Nutraceuticals market is dominated by the functional foods and beverages segment which accounts for more than 35% share of the overall market. The increasing health consciousness among the consumers and growing awareness about the health benefits of functional foods is driving the growth of this segment. Factors such as changing consumer preferences towards healthier diet and increasing adaptability of western food consumption patterns are augmenting the demand for functional foods and beverages in the MENA region.
PEST Analysis
Political: The governments in the MENA countries are supporting the nutraceuticals industry by implementing supportive regulations for product registration and approval process. This is encouraging new investments and facilitating market growth.
Economic: Rising disposable incomes, growing middle class population and increasing healthcare spending are the key macroeconomic factors fueling the demand for high quality and premium nutraceuticals products in the region. The strong economic growth projected in various MENA nations will elevate the consumer spending capabilities.
Social: Rapid urbanization, busy lifestyle and growing health awareness among consumers have boosted the social acceptance of nutraceuticals. People are opting for easy to use nutritional supplements and functional foods to fulfill their daily nutritional requirements.
Technological: Leading manufacturers are focusing on R&D activities to develop innovative delivery systems such as time-release formulations, layered tablets etc. This is helping improve the bioavailability and efficacy of nutraceutical products. Advanced packaging solutions are also gaining adoption.
Key Takeaways
The Global MENA Nutraceuticals Market Demand is expected to witness high growth at a CAGR of 5.6% during the forecast period of 2024 to 2031.
Regional analysis indicates that GCC countries such as UAE and Saudi Arabia dominate the market and are estimated to expand at a rapid pace through 2031 owing to improving healthcare infrastructure, rising lifestyle diseases and focus on preventive healthcare in these nations.
Key players operating in the MENA Nutraceuticals market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. The major players arefocused on new product launches, expanding their manufacturing facilities and enhancing their regional footprint to strengthen market presence. For instance, Abbvie Inc. established a new state-of-the-art nutrition manufacturing and R&D facility in Bin Sina Medical City, Egypt in 2022 to double its production capacity and address the evolving needs in the MENA region.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
