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| MENA Nutraceuticals Market Share |
The MENA Nutraceuticals Market is estimated to be valued at US$ 14.93 Bn or Mn 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:
The MENA nutraceuticals market consists of food or part of food that provide
medical or health benefits, including the prevention and treatment of disease.
Nutraceuticals products are available in capsule, powder, liquid, and soft gel
forms. Key nutraceutical ingredients in the MENA region include vitamins,
minerals, prebiotics, probiotics, proteins and amino acids, omega-3 fatty
acids, and phytonutrients. The growing awareness regarding the health benefits
of nutraceuticals is driving the market growth. Consumers in the MENA region
are increasingly adopting nutraceutical products to maintain well-being and
reduce the risk of lifestyle diseases.
Market key trends:
The MENA nutraceuticals market is witnessing rising demand for customized
nutrition due to increasing health-consciousness among consumers. Manufacturers
are focusing on development of nutraceuticals with specific health attributes
targeted for various end-users. For instance, ketogenic nutraceuticals for
weight management, nootropic nutraceuticals for brain health, sport nutrition
for physical performance, etc. The adoption of convenient packaging formats
such as sachets, stock keeping units (SKUs), and single-dose packs is also
surging in the region. This is attributed to fast-paced lifestyle and need for
on-the-go consumption. Furthermore, growth of online retailing of
nutraceuticals through e-commerce channels is expected to open new revenue
opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the MENA
Nutraceuticals Market Share is moderate as it requires large investments
and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high due to the
availability of substitutes and price-sensitivity of consumers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
there are many suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is high as alternative
products are continuously being introduced in the market.
Competitive rivalry: Fierce competition exists between the established players.
Key Takeaways
The MENA Nutraceuticals market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period
2023-2030, due to increasing health awareness and growing obese population.
The GCC region dominates the MENA Nutraceuticals market owing to rising
disposable incomes and growing obese population. The region accounts for over
40% of total market share in the region. The United Arab Emirates holds a
substantial market share in nutraceuticals market owing to high consumer health
awareness and prevalence of lifestyle diseases.
Key players operating in the MENA Nutraceuticals market are Nestlé, 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. Key players are focusing on new product launches to strengthen their
market position. For instance, Nestlé launched Movit dairy-based probiotic
drink in Saudi Arabia to support digestive health.
Read More: https://www.ukwebwire.com/mena-nutraceuticals-market-is-estimated-to-witness-high-growth/