The Mena Nutraceuticals Market is growing recognition of importance of preventive healthcare and health supplements to maintain good health and wellbeing. Nutraceuticals refer to products derived from food sources that provide health benefits in addition to the basic nutritional value found in foods. They include dietary supplements, herbal food and beverages, specialty dietary fibers among others.
The Global Mena Nutraceuticals Market is estimated to be valued at US$ 17.16 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Nutraceuticals have gained widespread popularity due to health-conscious consumer trends and growing understanding that diet and lifestyle modifications play an important role in disease prevention and maintaining overall wellbeing. Consumers are increasingly adopting nutraceuticals as an essential part of their daily diet to boost immunity, heart health, joint care among other health issues. The wide availability of these products through e-commerce and retail pharmacy stores has further augmented their demand especially among the young population in the MENA region.
Key Takeaways
Key players operating in the Mena Nutraceuticals are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, copyright Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others.
The demand for nutraceuticals is growing significantly due to increasing awareness about preventive healthcare and focus on holistic wellness among consumers in the MENA region. Rising urbanization coupled with busy lifestyles has pushed demand for dietary supplements.
The Mena Nutraceuticals Market Size is witnessing strong growth in international markets as major players are focusing on expansion opportunities in high potential countries to strengthen their global presence. Strategic partnerships and joint ventures with regional players help gain understanding of local consumer preferences.
Market Key Trends
One of the key trends gaining traction in the Mena Nutraceuticals market is an increasing shift towards herbal and plant-based products. Consumers are opting for natural products made from ingredients like berries, turmeric, ginger etc.believing them to have lesser side effects. Plant-based nutraceuticals are widely accepted due to their culture tradition of herbal medicines in the MENA region. Companies are diversifying their portfolio with innovative herbal formulations focused on customized health needs. This is expected to drive the demand for herbal nutraceuticals significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The nutraceuticals market requires high R&D investments and regulations acts as a barrier for new companies. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brands. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials are commodity and requirement is large. Threat of new substitutes: Substitutes like functional foods and dietary supplements pose moderate threat. Competitive rivalry: The market is consolidated and rivalry is strong due to established brands.
Geographical Regions
The MENA nutraceuticals market is concentrated in Gulf countries like Saudi Arabia, UAE and Kuwait which accounted for over 60% share in 2021 due to higher disposable incomes, growing health awareness and increasing lifestyle diseases.
The nutraceuticals market in Iran is the fastest growing region currently due to rising obesity among population, growing unhealthy diets and initiatives by government to promote preventive healthcare. The awareness and demand for nutraceutical products are increasing rapidly driven by nutritional deficiency and preventive healthcare trends in the country.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)