April 22, 2024
MENA Nutraceuticals Market

The Mena Nutraceuticals Market IS Estimated TO Witness High Growth Owing TO Rising Adoption OF Nutritional Supplements

The MENA nutraceuticals market deals with various nutritional and dietary supplements that provides health and medicinal benefits. Nutraceuticals such as vitamins, proteins, minerals, prebiotics, and probiotics are consumed to improve health, delayed aging process, and reduce the risk of chronic diseases. The increasing awareness about preventive healthcare and focus on immunity boosting is propelling the demand for nutraceuticals in the region.

The Global 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 2030.

Key Takeaways

Key players operating in the MENA nutraceuticals are Abbvie Inc. (Allergan Plc), Alcon, Inc., Novartis AG, Pfizer Inc., Bausch & Lomb Incorporated, F. Hoffmann-LA Roche Ltd. (Genentech, Inc.), among others. Major players are investing in R&D activities to develop innovative products and focusing on strategic partnerships to expand their market presence.

The key opportunities in the market include rise in health consciousness, increasing spending on preventive healthcare, growth of e-commerce platforms, and favorable regulations regarding nutraceuticals. Innovation in delivery forms such as gummies, soft gels, and ready-to-drink format is attracting more customers.

Technological advancements such as microencapsulation help in improving the bioavailability of nutraceuticals. Nanoemulsions and nanotechnology are being used to deliver nutraceuticals effectively. Nutraceuticals combined with AI and IoT can monitor health parameters and provide personalized nutrition.

Market drivers: Rising population with chronic diseases such as diabetes, obesity, cardiovascular issues has increased the demand for nutraceuticals. The market is primarily driven by rising awareness about preventive healthcare and focus on overall wellness. Availability of a wide range of products, strategic marketing initiatives by large players are further boosting the market growth.

Current challenges in MENA Nutraceuticals Market
The MENA Nutraceuticals Market Growth is witnessing significant growth. However, there are a few challenges currently impeding faster growth. Lack of awareness about nutraceuticals and their health benefits is one of the major challenges. Many people in the region are still unaware of concepts like functional foods, herbal medicines, dietary supplements, etc. Secondly, lack of regulatory frameworks is causing issues related to product quality and safety. Several low-quality or counterfeit products are available in the market due to loose regulations. Other challenges include preference for conventional medicines, affordability issues in some countries, and limited distribution network in rural areas. Overcoming these challenges will be key to realizing the full growth potential of this market.

SWOT Analysis
Strength: Growing health consciousness and demand for preventive healthcare solutions.

Weakness: Limited awareness and regulatory issues.

Opportunity: Rising lifestyle diseases and aging population.

Threats: Competition from pharmaceutical companies and conventional medicines.

In terms of value, Saudi Arabia and UAE account for a major share in the MENA nutraceuticals market currently due to higher spending capacities and growing health awareness. The nutraceuticals market is also concentrated in Egypt, Israel, and Turkey due to developing healthcare infrastructure and focus on functional foods.

Iran is projected to witness the fastest growth during the forecast period in the MENA nutraceuticals market. This can be attributed to factors like rising chronic disease prevalence, increasing discretionary spending on healthcare and focus of government on preventive care. Large untapped market opportunities also exist in countries like Iraq, Lebanon, Yemen due to growing health consciousness in urban regions.

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