by The MENA region has witnessed a rise in demand for various nutraceutical products such as dietary supplements, functional foods, and functional beverages in recent years. This can be attributed to the health benefits offered by these products. Nutraceuticals contain nutrients that help in enhancing overall well-being and provide protection against diseases. The products are available in various forms including pills, capsules, powders, liquids, and can be consumed on a daily basis to achieve nutritional support.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the MENA nutraceuticals market is the launch of innovative product formulations by the major players. Companies are focused on providing customized and science-based nutraceutical solutions to cater to changing consumer preferences. For instance, in 2021, Abbott introduced Ensure Max Protein, a high-protein drink mix with 30g of protein per serving to support weight management and muscle recovery. Several manufacturers are also integrating botanical and herbal extracts in dietary supplement formulations owing to rising demand for natural and plant-based ingredients. This helps gain consumer confidence for better health outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the MENA nutraceuticals market is medium as it requires large capital investments and regulatory approvals to enter the market. However, fragmentation provides opportunities for new specialized brands.
Bargaining power of buyers: The bargaining power of buyers is medium due to the availability of substitutes and price-sensitivity of consumers.
Bargaining power of suppliers: The bargaining power of suppliers is low given fragmented nature of raw material supply across various countries and availability of substitutes.
Threat of new substitutes: The threat of new substitutes is high considering the availability of regular dietary supplements and functional foods affecting demand for nutraceuticals.
Competitive rivalry: Competition in the market is high owing to the presence of international and regional brands offering similar products.
Key Takeaways
The Global MENA Nutraceuticals Market Demand is expected to witness high growth.
Regional analysis:
The MENA nutraceuticals market is dominated by GCC countries such as Saudi Arabia, UAE, and Qatar. Growing health consciousness and rising disposable incomes are driving demand for nutraceuticals in GCC. Turkey is also expected to be a high growth market owing to rising chronic disease prevalence and health supplement adoption.
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. Abbvie Inc. (Allergan Plc) and Novartis AG dominate sales through dermatology and women’s health products. Smaller regional players also offer specialized herbal supplements.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
