Published On : 2018-10-11
The Middle East and North Africa nutraceutical market is rising at a healthy clip with new product launches every now and then that are making their way to the region. The food or fortified food products are becoming popular not just as supplements but also for preventing or treating diseases. The Middle East and North Africa nutraceutical market is also receiving a boost from people’s reluctance to ingest allopathic medicines. Besides, food fads which is fast catching up in the region, is stoking demand in the market too. Currently, the market in the region is growing at a steady 7.1% CAGR.
Is the nutraceutical market regulated like the rest of the drug industry?
One of the biggest reasons why the Middle East and North Africa nutraceuticals market is proliferating is because it is not as tightly regulated like the pharmaceutical drugs industry. However, if products are found breaching certain conditions or are adulterated, authorities have every right to pull manufacturing companies up. Factors majorly influencing the market in the region are development of the retail chains and a range of products on display.
What factors are serving to push up sales in the Middle East and North Africa nutraceuticals market?
At the forefront of driving sales in the Middle East and North Africa nutraceuticals market is the rising awareness among people about the health benefits of having dietary supplements. This is also a result of astute advertising and marketing strategies of manufacturers and distributers. The mushrooming ecommerce platforms and growing number of supermarkets, hypermarkets, and retail stores are also lending support to growth. Apart from that, increasing purchasing capacity of people has also worked in favor of the Middle East and North Africa nutraceuticals market.
Which are the key trends in the Middle East and North Africa nutraceuticals market that manufacturers can tap into?
Functional foods, dietary supplements, and functional beverages are the products available in the global nutraceuticals market. The dietary supplements are typically comprised of mineral and vitamin supplements, protein supplements, and herbal supplements. The functional foods again consist of fortified foods, Omega fatty acids, branded iodised salt, probiotic fortified food, and branded wheat flour. Functional beverages, on the other hand, comprise of fruit drink, energy drink, enhanced water, and health drink.
Of those, the dietary supplements account for most of the share in the market. Going forward, however, the sales of functional beverages are expected to gain traction. In fact, the demand for minerals and vitamins is expected to rise further because of stress and unhealthy eating patterns. This, in turn, is stoking demand for multivitamin and mineral supplements.
Why are herbal supplements spelling new opportunity for players?
Herbal supplements, which are dietary supplements formulated from herbs or parts of a plant, is proving to be the next big thing in the nutraceuticals market. The market in Middle East and North Africa is also being molded by the new trend. Their popularity stems from their use of natural ingredients. Manufacturers across the world are using herbal products to add to the USP of their products. The top selling ingredient for herbal supplements at present is turmeric, which has several health benefits. Strong knowledge about Ayurveda in mainstream consumers, alongside the breakout success of wellness tonics such as turmeric-infused beverages and golden milk have mainly served to contribute to growth.
Navigating the Competitive Landscape of Middle East and North Africa Nutraceuticals Market
The Middle East and North Africa nutraceuticals market is characterized by solid competition. Players are seen pulling out all stops to diversify their product portfolio. The deep-pocketed ones are also focusing on mergers and acquisitions in order to gain access to new products and enter new markets. This enables them to boost their market shares. They are particularly keen on smaller players selling niche products that are highly popular with a particular demographic. Leveraging such strategies, companies that have come to hold a prominent position in the global nutraceuticals market are Danone, BASF SE, Nestle SE, Amway, and Kelloggs.
Which geographical regions have proved attractive in the Middle East and North Africa nutraceuticals markets?
Currently, the gulf cooperation countries (GCC) are generating most of the revenue in the Middle East and North Africa nutraceuticals market. The region is also predicted to surpass all others with respect to growth rate. This is mainly because of the comparatively higher population in the region and the increasing incomes of its denizens. This has resulted in higher demand and sales of nutraceuticals in the GCC countries. Other factors stoking the nutraceuticals market in the region is the proactive lifestyles and rising demand for healthier food. Availability of various products has also propped up demand in the market.