Middle East and Africa Nutraceuticals Market is currently valued at 8.83 Billion USD in 2022. The market is expected to grow at a CAGR of 7.98% over the forecast period to reach a valuation of 13 Billion USD in 2028.
Nutraceuticals help to modify and maintain physiological functions in order to obtain maximum medical and personal benefits. They contain antioxidants, probiotics, and polyunsaturated fatty acids that help manage health problems such as obesity, CVD, cancer, cholesterol, arthritis, and diabetes. Young people and affluent customers are becoming aware of these numerous benefits of nutraceuticals through the media, medical resources and the Internet. The word nutraceutical is derived from "nutrient" (nutritional food component) and "pharmaceutical" (medicinal drug), a broad term that describes the product obtained from food sources with added health benefits along with fundamental food values. Dietary supplements not only meet the daily nutrient requirements but also prevent disease and boost physical performance.
The increasing demand for milk and meat has led animal feed manufacturers to add functional foods to their animal feed. This is strengthening the Middle East and Africa Nutraceuticals market. The increasing incidence of non-communicable diseases and rising medical costs are expected to increase the demand for the Middle East and Africa Nutraceuticals. Key drivers of the Middle East and Africa Nutraceuticals market growth include a higher incidence of chronic diseases worldwide and the obligation to fortify food by government agencies. In emerging economies, lifestyle changes and increased consumption of packaged foods have been the reason for increased lifestyle disorders such as cardiovascular disease and diabetes. This has led to increased demand for the Middle East and Africa Nutraceuticals in emerging countries along with rising medical costs. The high level of consumer awareness in developed countries about the benefits of a nutritious diet and the increasing demand for natural beauty products is helping the growth of the Middle East and Africa Nutraceuticals market. Consumers in developed countries have a high level of awareness of the side effects of pharmaceutical products, which is why they are increasingly choosing natural foods and health supplements derived from products derived from natural ingredients. In addition to this, unlike pharmaceuticals, nutraceuticals can be purchased without a prescription. This is another reason for increased adoption as a natural supplement for wellness. Nonetheless, rising healthcare spending in the Middle East and Africa is likely to provide a profitable growth opportunity for the Middle East and Africa Nutraceuticals market. Increased disposable income, increased consumer awareness of health issues, and rapid urbanization are likely to spurh of the Middle East and Africa Nutraceuticals market during the forecast period. Increased weight management programs and a positive outlook for medical nutrition due to cardiovascular disease are expected to drive demand for the Middle East and Africa Nutraceuticals. Nutrients like vitamins and minerals are added to functional foods and beverages to increase nutritional value. A growing elderly population, rising health care costs, lifestyle changes, food innovation, and high price expectations have all aided the overall growth of the Middle East and Africa Nutraceuticals industry. The increasing demand for dietary additives in tablet and capsule form may increase the market share of nutraceuticals in the future. With the increasing incidence of various diseases, consumers have switched to healthy diet patterns to strengthen their immune systems. Key drivers responsible for the growth of the Middle East and Africa Nutraceuticals market during the forecast period include rising healthcare costs and an increase in the global elderly population and the increasing application of nutraceuticals for treating malnutrition disease. As awareness of a balanced diet increases, the importance and need for nutritional products are projected to increase, with the potential to advance the deal during the review period. The growing demand for cardiovascular treatment is expected to further expand the size of the Middle East and Africa Nutraceuticals market during the review period. In addition, the increase in disposable income and the increase in the elderly population may lead to an increase in demand, which will lead to the Middle East and Africa Nutraceuticals market development during the forecast period. Factors such as increased consumer awareness related to the health benefits associated with consuming nutraceuticals, an increased focus on fitness, and high personal income are considered important factors that are driving the Middle East and Africa Nutraceuticals demand during the forecast period. The growing propensity of the population to adopt a healthy diet is expected to provide a variety of lucrative opportunities for the Middle East and Africa Nutraceuticals market growth during the review period. The Middle East and Africa Nutraceuticals industry is expected to strengthen during the evaluation period as demand for functional foods increases.
Despite many positive factors, rising nutraceutical prices are limiting their intake, especially in underdeveloped economies. Nutraceutical prices are generally higher than pharmaceuticals. The significant difference in the price of functional foods and pharmaceuticals forces consumers to choose low-cost drugs. Low awareness of nutraceuticals is another factor challenging the growth of the Middle East and Africa Nutraceuticals market. Many people around the world are still unaware of the benefits of nutraceuticals. The increasing cost of producing raw materials for nutraceutical products and the limited manufacture of quality nutraceuticals are certain factors hampering the growth of the Middle East and Africa Nutraceuticals market
The group of probiotics dominated the market for nutraceutical ingredients in 2019. Health benefits associated with probiotic-based functional foods and the involvement of international bodies in R&D approvals were expected to drive demand for probiotics in the market for nutraceutical ingredients. Furthermore, the increased use of probiotics in feed to promote intestinal function and the overall immunity of livestock is projected to drive demand for probiotics in the coming years.
The personal care segment is expected to be the fastest-growing segment in the nutraceutical ingredients market during the forecast period. This is due to rising consumer habits, a growing inclination towards personal care, and an increase in per capita income, especially in developing countries. Protein, probiotics, prebiotics, vitamins and carbohydrates are the most commonly used nutraceutical ingredients in personal care products, such as hair conditioners, skin lotions, facial powders and lip care.
Impact of COVID 19 on the Middle East and Africa Nutraceuticals Market:
The COVID-19 outbreak is likely to have a positive impact on the Middle East and Africa Nutraceuticals market. The demand for the market is expected to increase during the COVID 19 as the need to strengthen immunity increases. The increase in COVID-19 cases around the world is expected to expand the market that could strengthen the Middle East and Africa Nutraceuticals industry.
The Middle East and Africa are expected to witness slow growth during the forecast period due to the presence of an underdeveloped economy. Middle Eastern countries like; Qatar and Saudi Arabia are expected to make significant contributions to strengthening trade during the period under review. The high demand for nutrition in developing countries in the Middle Eastern countries of Iran and Saudi Arabia is an important growth factor for the Middle East and Africa Nutraceuticals market.
Key Market Players:
Major Key Players in the MEA Nutraceuticals Market are
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