April 21, 2024
MENA Nutraceuticals Market

MENA Nutraceuticals Market Is Driven By Growing Health Awareness Among Consumer

The MENA nutraceuticals market comprises dietary supplements and functional food and beverage products containing functional ingredients that provide health benefits beyond basic nutrition. The demand for nutraceuticals in the region is rising due to growing consumer awareness regarding the importance of supplements and functional products in maintaining good health and preventing lifestyle-related diseases. Key product types include vitamins, minerals, herbal/traditional supplements, sports nutrition, meal replacement, and others. Nutraceuticals provide various health advantages like boosting immunity, improving digestive health, offering joint support, enhancing heart health, and promoting weight management.

The 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.

Key Takeaways
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. Key players are focusing on launching new products fortified with essential nutrients and introducing plant-based offerings to cater to the growing health-conscious demographic. The rising consumer health awareness along with busy lifestyles has been fueling the demand for nutraceuticals across the Middle East and North Africa region. Furthermore, increasing incidents of chronic ailments due to sedentary lifestyles and changing dietary patterns are augmenting the product uptake.

Continuous investments by major players for expanding their geographical footprint across developing countries are anticipated to drive the global expansion of the MENA Nutraceuticals Market Growth over the forecast period. Rising health consciousness coupled with increasing per capita disposable income in emerging economies provides huge potential for nutraceutical products.

Market Key Trends
Consumers in the MENA region are increasingly shifting towards herbal and traditional supplements due to their perceived natural constituents and lesser side effects. Manufacturers are focusing on introducing herbal formulations based on indigenous plant varieties and time-tested traditional medicine practices of the region. The availability of such herbal supplement products offering benefits of traditional therapies is expected to be a major market trend.

Market Key Trends
Consumers in the MENA region are increasingly shifting towards herbal and traditional supplements due to their perceived natural constituents and lesser side effects. Key herbal ingredients like ginger, turmeric etc. are being increasingly used in nutraceutical formulations by manufacturers. This growing demand for herbal supplements is driving product innovation in the MENA nutraceuticals market with companies launching new products containing regional herbal extracts and formulations based on traditional medicine practices. The availability of such herbal supplement products offering benefits of traditional therapies and highlighting regional herbal ingredients is expected to be a major market trend over the forecast period.

Porter’s Analysis

Threat of new entrants: New players find it difficult to enter this market due to the presence of established players and compliance with stringent regulations.

Bargaining power of buyers: Buyers have moderate bargaining power as there are various established brands to choose from.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes.

Threat of new substitutes: Threat from substitutes is low as nutraceuticals have uniqueness in terms of health benefits.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical Regions
The Middle East and Africa region accounts for the major share in terms of value owing to the increasing health consciousness among consumers. Countries like Saudi Arabia, UAE, and Egypt contribute significantly to the region’s large market size.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. This is attributed to rising disposable income, growing aging population, and increasing awareness about nutrition and wellness in emerging countries like India and China.

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