MENA Nutraceuticals Market to Grow at a CAGR of 7.1% by 2020
Assessing the various factors driving market growth, FMI analyst said, “Advancements in product offering is fuelling the demand for nutraceuticals for application in a wide range of products such as medicines and food & beverages.” The analyst added that increasing awareness among consumers in MENA about the benefits of nutraceutical products over conventional medicines is expected to further fuel market growth, which in turn will prompt manufacturers to diversify their product offerings and introduce nutraceutical products to keep up with the demand.
The MENA nutraceuticals market is segmented on the basis of product type into dietary supplements, functional food and functional beverages. Among these, demand for dietary supplements was most robust, accounting for 37.0% share of the MENA nutraceuticals market in 2014. As per FMI estimates, this segment will register a CAGR of 7.0% during the forecast period.
The dietary supplement segment is further sub-segmented into vitamin & mineral supplements, herbal supplements and protein supplements, among which, vitamin & mineral supplements and protein supplements collectively accounted for over 75% market share in 2014. FMI estimates that protein supplements will register a CAGR of 6.9% between 2015 and 2020, accounting for US$ 1.15 Bn in terms of revenue in 2014. Functional beverages was the second most lucrative segment after dietary supplements, accounting for over 27.9% share in 2014, which is forecast to increase at a 7.3% CAGR through 2020.
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Increasing demand for natural products coupled with technological advancements is expected to fuel demand for nutraceuticals products in the region. In addition, increasing trade liberalization, which has changed the food consumption pattern globally, has enabled numerous nutraceuticals manufacturer and distributors to supply products to various countries in the region. This is one of the major factors driving growth of the nutraceuticals market in MENA region.
Results of the end-user survey conducted by FMI among leading nutraceuticals distributors/retailers operating in the Middle East & North Africa, with a special focus on GCC, reveals that preference for natural products is a major trend in this region. Hypermarkets/supermarkets emerged the most preferred buying channel for these products, with highest score of 1.8 on the scale of 1 to 4; with 1 being highest and 4 being lowest. This was closely followed by pharmacy/food stores with a rating of 1.9.
GCC on the other hand emerged the most lucrative market for nutraceuticals in MENA, accounting for US$ 3.53 Bn in 2014, which FMI estimates will increase at a CAGR of 7.3% to account for US$ 5.32 Bn by 2020. The nutraceuticals market in Rest of Middle East meanwhile was valued at US$ 2.06 Bn in 2014. Market growth in North Africa, the other key region in the MENA nutraceuticals market, is anticipated to expand at a healthy single-digit CAGR over the forecast period.
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Key players across the value chain in the MENA nutraceuticals market include BASF SE, Danone, Nestlé SE, Amway, General Mills, Arla Foods and Kellogg’s. Major players operating in the MENA are adopting various strategies such as merger and acquisition and partnership with other companies in order to expand share in the growing nutraceuticals market.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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