The MENA nutraceuticals market a fusion of nutrition and pharmaceuticals, stood at an impressive US$ 8.6 billion in 2014, with a promising Compound Annual Growth Rate (CAGR) of 7.1% projected through 2020. This surge is fueled by factors such as retail and pharmacy development, coupled with advancements in product offerings, driving robust demand in the region.
Demand of the Market
Demand for nutraceuticals in the Middle East and North Africa (MENA) is multi-faceted. While the age group of 0-10 years seeks nutraceuticals for proper growth, a surprising revelation comes from the aging population, indicating a substantial demand. The attraction lies in the incorporation of healthy ingredients in nutraceutical products, positioning them as a vital component of maintaining well-being across diverse demographics.
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“The demand for dietary supplements is still nascent in the Middle East and North Africa region, which is rapidly growing owing to rise in self-medication, health awareness, the emergence of new brands, and investments in distribution networks, which will sustain sales growth long after the contagion comes under control,” Nandini Roy Choudhury, Client Partner at Future Market Insights
Growing Factor
The MENA nutraceuticals market thrives on a proactive lifestyle, witnessing increasing acceptance across the region. Factors such as the burgeoning aging population and a rise in per capita income in the GCC region contribute to its dominance. Additionally, the growing consumer demand for healthy food acts as a significant catalyst, propelling the nutraceuticals market forward.
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MENA Nutraceuticals Market – Leading Constraints
- Poor regulatory standards governing the MENA nutraceuticals market is a major constraint to market growth.
- Lack of awareness about nutraceutical products, particularly in rural regions holds back sales and revenue.
Key Takeaway
In a landscape marked by dynamic growth, key players like BASF SE, Danone, Nestle SE, Arla Foods, Amway, General Mills, and Kellogg’s strategically engage in acquisitions and partnerships. This dynamic approach aims to penetrate new markets and enhance existing portfolios, showcasing the industry’s adaptability and potential.
Market Segmentation
The MENA nutraceuticals market, segmented by product type and region, sees dietary supplements leading in market share and revenue in 2014. However, functional beverages, with a projected CAGR of 7.3%, are poised for the highest growth rate. Dive deeper into sub-segments, unveiling the intricate dynamics of vitamins & minerals supplements, herbal supplements, Omega fatty acid fortified foods, and more.
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As the MENA nutraceuticals market continues its upward trajectory, investors in the B2B industry are presented with a lucrative opportunity. The market’s potential for growth, coupled with evolving consumer preferences and strategic initiatives by key players, positions nutraceuticals as a compelling investment for those seeking sustained business expansion.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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