Demand for Nutraceuticals in Middle East and North Africa (MENA) Expected to Cross USD 9 Billion by 2015 End: Report

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Health and wellness trend is gaining traction in Middle East and North America (MENA) as well, as consumer demand for nutraceuticals witnesses a surge. According to Future Market Insights’ (FMI) latest report, demand for nutraceuticals in MENA is expected to reach USD 9.1 billion in 2015, up from USD 8.6 billion in 2014.

Increase in the prevalence of diabetes is a key factor contributing to the uptake of nutraceuticals in MENA. Spending on diabetes treatment accounted for USD 5.5 billion in 2014 in the region. The number of diabetes patients in MENA is forecasted to reach 51.7 million by 2030, representing nearly 9% of the total diabetes patients globally.

Dietary Supplements Account for the Highest Demand

Demand for dietary supplements is higher than that of functional food and functional beverages, the other key categories in the MENA nutraceuticals market. Total demand for dietary supplements in MENA is expected to reach USD 3.36 billion, up from USD 3.18 billion in 2014. FMI expects the demand for dietary supplements to expand at a compound annual growth rate (CAGR) of 7% during the forecast period 2015-2020.

Supplements that compensate the lack of nutrients in daily meals are gaining popularity among consumers in MENA. FMI expects demand for vitamins and mineral supplements to reach USD 1.4 billion, an increase of USD 100 million from 2014.

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Functional foods are also riding on the coattails of health and wellness trend. Demand is expected to be worth USD 3.4 billion, growing at an annual rate of nearly 6%. Among the various functional foods available in the market, demand for omega fatty acid fortified food is the highest. Probiotic fortified food and branded iodised salt are other functional food products that are gaining traction in the MENA nutraceuticals market.

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GCC to Remain Lucrative for Nutraceuticals Manufacturers

Consumers in Gulf Cooperation Council (GCC) have higher per capita income and access to nutraceuticals as compared to their counterparts in MENA. GCC held a share of 41.1% revenue share of the overall MENA market in 2014; FMI expects it to increase to 41.4% by 2016.

Dietary supplements and functional foods account for nearly 80% share of the GCC nutraceuticals market. Demand for dietary supplements in GCC is expected to reach USD 1.68 billion, up from 1.59 billion in 2014. Functional beverages, the smallest category in terms of value, is expected to be worth USD 0.74 billion by the end of this year.

Demand for nutraceuticals in North Africa is expected to reach USD 3.2 billion by the end of 2015, up from USD 3.2 billion in 2014. Like GCC, demand for dietary supplements is expected to be higher than that of functional- food and beverages.

North Africa is witnessing an increase in the population of baby boomers. By 2030, the number of people above 65 years of age is expected to reach 50 million. Demand for nutraceuticals is higher among the geriatric population, and nutraceutical manufacturers are targeting this consumer segment to consolidate their position.

Leading players in the MENA nutraceuticals market include BASF, Nestle, Danone, Kellogg’s, and Arla. These leading players are consolidating their position by promoting their products in hypermarkets/supermarkets — the most lucrative distribution channel for nutraceuticals in the region.

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FMI

Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.