Brazil, Russia, India, China, and South Africa (BRICS) have for long been known as the ‘emerging markets’ of the world. However, the sustained growth these economies have witnessed over the last two decades or so, and their larger impact on the global economy, has prompted analysts to rethink whether it’s time to replace the moniker ‘emerging economies’ with ‘next generation economies’.
As the BRICS nations continue to tread on their path to become developed economies, newer markets have shown the potential to become the next emerging markets. Eastern Europe, Latin America, and Middle East & North Africa (MENA) are being touted as the emerging markets that will offer businesses around the globe new growth opportunities.
Of significant importance has been the market in Middle East and North Africa (MENA). Whether it is the incorporation of digital transformation solutions or enhanced focus on health and wellness, the burgeoning middle class in MENA has shown an appetite for products and services comparable to that of their western counterparts.
As an emerging market research and consulting firm, Future Market Insights (FMI) has been tracking the growth of MENA as a potential market. Our analysts have kept a close eye on the developments in the MENA region in a bid to measure their impact on businesses. In this article, we aim to provide a gist of our analysis on three lucrative markets in MENA. These markets include,
Digital Transformation
Point of Use Water Purifiers
Nutraceuticals
Digital Transformation
It would be an understatement that digital transformation has had a massive impact on our daily lives. Whether it’s the manner in which we consume information to how we buy our groceries, incorporation of digital technology has had far-reaching impact on our daily lives.
The governments in MENA, especially in the affluent GCC, have been quick to join the bandwagon of incorporating digital solutions in bid to provide seamless services to their citizens. For example, in Jordan, the government plans to provide high-speed internet connectivity between hospitals, government offices, and schools. Also, Saudi Arabia has digitised its immigration authority to reduce waiting times and serve more applications each day. UAE, Saudi Arabia, and Lebanon are at the forefront of building new smart cities, and adoption of digital technology is expected to play a key role in this.
Digitisation offers businesses a crucial opportunity to improve efficiency and run their affairs in a much more transparent manner. Keeping records of customer credentials, and gauging future buying behaviour through predictive analysis has helped businesses leverage the power of digital services.
Among the various sectors that have incorporated digital services and solutions, banking, financial services, and insurance (BFSI) account for nearly 40% value share of the MENA digital transformation market. Our research further revealed a growing preference among MENA consumers for digital media. As is the case in the west as well, print media is fighting a battle for survival in MENA as well. As more consumers choose to consume content in digital format, demand for digital software and services is expected to increase in MENA in the near future. In fact, our analysis revealed that digital transformation in the media sector will witness a compound annual growth rate (CAGR) of over 17% between 2014 and 2020.
Health & Well-being
In addition to the rapid strides in information technology, consumers in MENA are also prioritising their health, as was revealed through our market research on the growing demand for point of use (POU) water purifiers, and nutraceuticals.
Access to clean water has been a persistent issue in the MENA region, and although governments have stepped up efforts, it will take some time before this goal is fulfilled.
Lack of clean drinking water has prompted consumers to invest in water purifiers, especially which purify water at point of use (POU). Our research found that the MENA POU water purifiers market will expand at a CAGR of over 7% through 2020, reaching a valuation of US$ 471 Mn.
Consumer focus on health and well-being in the MENA region can be gauged from the booming nutraceuticals market in the region. Awareness about lifestyle diseases and role of nutraceuticals in preventive healthcare has fuelled the demand for nutraceuticals in MENA.
Among the various categories of nutraceuticals available in MENA, the demand is especially robust for dietary supplements. As is the case in the west, a majority of population in MENA doesn’t get the required daily intake of nutrients from their meals. Owing to this, the dependency on nutraceuticals has increased, especially among the geriatric and young population.
Our market research on the MENA nutraceuticals market revealed its market value to be to the tune of US$ 8.6 Bn. It is expected that this market will amplify at a CAGR of 7.1% during the period 2015-2020.
MENA, along with Latin America and Eastern Europe represents high growth markets, which are expected to high returns to businesses and investors. Ignoring this robustly growing market can mean that businesses will lose out on some very lucrative business opportunities.
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