Market Overview:
Nutraceuticals are food or parts of food that provide health benefits including the prevention and treatment of disease. They can be extracted from natural food sources like plant-based compounds, prebiotics, and probiotics or fortified or enriched food products. The nutraceutical industry in MENA region primarily focuses on dietary supplements, functional food, and functional beverages. Dietary supplements are the dominant segment due to increasing prevalence of lifestyle diseases such as cardiovascular diseases, diabetes, and obesity as a result of changing dietary habits and increasing health consciousness among consumers in the region.
Market Dynamics:
The MENA nutraceuticals market is driven by rising health consciousness among population due to increasing burden of chronic diseases and growing geriatric population who are more prone to various ailments. According to the WHO, noncommunicable diseases (NCDs) account for nearly 60% of all deaths in the region. Nutraceuticals are gaining popularity as they enhance health and promote well-being beyond managing diseases. Furthermore, growing preference towards preventive healthcare and demand for natural healthcare solutions is also fueling the market growth. However, lack of regulatory policies and standards and low consumer awareness regarding the benefits of nutraceuticals are some of the challenges in the industry.Strict labeling regulations by countries like Saudi Arabia could also hamper the market growth.
Segment Analysis
The MENA Nutraceuticals Market Share is segmented into functional foods, functional beverages, and dietary supplements. The dietary supplements segment currently dominates the market, with the highest revenue share of over 40%. The growing health awareness among consumers and promotions by brands have increased the adoption of dietary supplements in the region. The supplements provide additional health benefits to consumers in the form of tablets, capsules and powders.
PEST Analysis
Political: The governments in the MENA region are supporting the nutraceuticals industry through various promotional initiatives and policies that encourage R&D activities. Economic: The rising income levels and growing health expenditure have boosted the demand for high-value nutraceuticals products in the region. Social: Social media influence and focus on preventive healthcare are driving consumers towards nutrients-rich food and beverages for their daily health and wellness. Technological: Advancements in encapsulation and nano-technology have allowed manufacturers to enhance the bioavailability of nutraceuticals and launch innovative product formats.
Key Takeaways
The MENA nutraceuticals market is expected to witness high growth at a CAGR of 7.2% over the forecast period to reach US$ 14.93 Bn by 2023. The growth can be attributed to increasing health awareness and rising lifestyle diseases in the region. Saudi Arabia dominates the regional market with the largest revenue share owing to growing focus on preventive healthcare. The dietary supplements segment holds the highest share backed by promotions and availability of diverse products through modern trade channels. Key players operating in the MENA nutraceuticals market are Nestlé, Nutricia, Unilever, Bionova, BASF SE, Abbott, Arkopharma Laboratories, GSK plc., ADM, DuPont, Kellogg's Company, Arla Foods, DSM, Quantum Naturals Ltd., Adcock Ingram, Ascendis Health Limited, iNova Pharmaceuticals, Vital Health Foods, Jamjoom Pharma, Creso Pharma, and ConnOils LLC.
Read More: https://www.rapidwebwire.com/mena-nutraceuticals-market-trends/
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