MENA Nutraceuticals Market Is Estimated To Witness High Growth Owing To Opportunity For Increasing Demand For Functional Food And Dietary Supplements

The nutraceuticals market involves functional food and dietary supplements which provide enrichment of nutrients to enhance health and reduce risk of diseases. The products consist of probiotics, prebiotics, protein, vitamins, minerals and omega 3 fatty acids which provide multiple health benefits. There is increasing awareness among consumers in MENA region regarding consumption of nutritious food and supplements for weight management, joint health, digestive health and heart health.

The global Mena Nutraceuticals Market is estimated to be valued at Us$ 17.2 Mn in 2023 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 Opportunity:

The increasing demand for functional food and dietary supplements presents a major market opportunity for nutraceuticals in MENA region. Due to hectic lifestyles and changing food habits, there is rising prevalence of lifestyle diseases. Nutraceuticals provide micronutrients which support good health. The products enhance immunity, heart health and digestive functions. With growing health consciousness, consumers are actively seeking nutritious food and supplements. This growing demand for functional nutrients can be leveraged by key players through extensive product innovation and marketing of health benefits. Developing innovative formulations tailored for regional nutrition needs will help businesses boost market share in the high growth MENA nutraceuticals industry.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the MENA nutraceuticals market requires huge capital investment and strict regulations from the government. Established brands have strong distribution networks and customer loyalty.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products. Buyers can choose from a wide range of nutraceuticals offered by different companies.

Bargaining power of suppliers: The bargaining power of raw material suppliers is moderate due to minimal differentiation in raw materials required for manufacturing nutraceuticals. Alternate suppliers are also available.

Threat of new substitutes: The threat of substitutes is high from pharmaceutical companies promoting drugs for prevention and treatment of diseases.

Competitive rivalry: The competitive rivalry is high due to the presence of established players offering generic products.

SWOT Analysis

Strengths: Growing health awareness and premiumization of diet in the MENA region. Increasing focus on preventive healthcare.

Weaknesses: Low consumer knowledge about health benefits of nutraceuticals. High prices compared to generics limit wider acceptance.

Opportunities: Rising incidence of lifestyle diseases creates demand for preventive healthcare solutions. Untapped rural markets offer high growth potential.

Threats: Price wars among competitors. Stringent regulatory framework for new product approvals.

Key Takeaways

The Global MENA Nutraceuticals Market Demand is expected to witness high growth during the forecast period of 2024 to 2031 driven by rapid urbanization, changing lifestyles, and rising health awareness. The market size is estimated to reach US$ 17.2 Mn in 2024 and projected to grow at a CAGR of 5.6% during the forecast period.

Regional analysis indicates that the GCC region dominates the MENA nutraceuticals market currently with Saudi Arabia and United Arab Emirates being the major revenue generators. This is attributed to growing economy, rising healthcare spending and increasing lifestyle disorders in the region. Nutraceuticals especially functional foods & beverages are gaining traction in the affluent population. The North Africa region is expected to be the fastest growing market owing to rising preventive healthcare awareness among consumers.

Key players operating in the MENA nutraceuticals market are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated among others. Major players are focusing on strategic acquisitions and partnerships to expand their regional presence and product portfolio.

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