MENA NUTRACEUTICALS MARKET ANALYSIS

Mena Nutraceuticals MarketSize and Trends

MENA nutraceuticals market is estimated to be valued at US$ 14.93 Bn in 2023 and is expected to exhibit a CAGR of 7.2% during the forecast period (2023-2030).

Market Trends:

Growing research and development activities by government, as well as market players in the MENA region to develop novel nutraceuticals is expected to drive the MENA nutraceuticals market growth over the forecast period. According to an article published by the North African Journal of Food and Nutrition Research, in July 2021, a research was conducted in December 2020 in Algeria, in collaboration with the of University of Béjaia, Chadli Bendjedid University of El-Tarf, Bejaia University, and Royal Food Conservatory, Algeria for determining the mineral profile of lentil flour. The results of this study showed that the mineral content of raw and roasted lentil flour was dramatically increased by the addition of yogurt. Such revelations can be used to develop potential dietary supplements made from lentils and to prevent chronic health conditions such as cancer, type 2 diabetes, cardiovascular disease, and others.

Increasing demand for healthcare services in the MENA region due to high prevalence of chronic and non-communicable diseases and introduction of mandatory healthcare coverage and health insurance schemes are expected to drive the market growth. For instance, on May 01, 2023, according to the HSBC Bank Middle East Limited, demand for healthcare services in the Middle East region is increasing leading to several investment opportunities. As a result, the MENA nutraceuticals market is projected to exhibit a compound annual growth rate (CAGR) of 11.7 % to US$ 2, 43, 600 Million in 2023 from US$ 185.5 billion in 2019.

Increasing Consumer Healthcare Spending

Sales of consumer healthcare items have been growing gradually in the Middle East and Africa area over the past several years, and this trend is anticipated to continue over the forecast period. The Middle East and North Africa have witnessed increase in healthcare spending over the past few years. This is due to greater public awareness of the importance of making healthy lifestyle adjustments. A clear indication that people are becoming more concerned with their welfare and providing their bodies with the right nutrients and substances to eat is the increase in consumer health care products. For instance, according to Worldbank, the health care expenditure of Saudi Arabia increased from US$ 48226.4 million in 2017 to  US$ 55410.68 million in 2021. The majority of consumers in the region prefer immunity-boosting products such as probiotics, herbal supplements, vitamins, and minerals to control several diseases. As disease outbreaks are very common in Africa, people are gradually adopting preventive healthcare measures in terms of dietary supplements.

Among all the segmentations, the product type segment has the highest potential due to increasing product launches by the key market players. In July 2021, Kingsley Beverages, an international company established in with regional offices in the Dubai (UAE), launched Dragon Energy Drink  to maximize mental and physical performance. Dragon Energy Drink is affordable with no compromise on quality and provides amazing taste. Dragon Energy comes in a variety of flavors including the original Dragon Red, Sugar-Free, Xtreme Berry, and Xtreme Citrus.