MENA NUTRACEUTICALS MARKET ANALYSIS

1. MENA NUTRACEUTICALS MARKET ANALYSIS Nutraceuticals are pharmaceutical products that are derived from food sources to deliver additional health benefits. They can be classified into dietary supplements, medicinal food, functional food, and farmaceuticals. Nutraceuticals are also known as medical foods which are consumed to provide an additional health benefit and also assist in treating various health-related disease hence provide various medical benefits. The MENA nutraceuticals market is projected to surpass US$ 20.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 7.1% during the forecast period (2020 to 2027). Drivers Growth in the retail industry and pharmacy in the MENA region is projected to accelerate market growth over the forecast period. According to Trade Arabia, the Middle East and North Africa (MENA) region’s pharmaceutical market is projected to reach a value of around USD 60 billion by 2025. Thus growth in the pharmaceutical industry in the region is anticipated to accelerate the market growth over the forecast timeframe. Increasing demand for a dietary supplement in the MENA region due to the increasing number of health-conscious people is expected to augment the market growth. Moreover, the growing disposable income of the consumer has increased the purchasing power of the consumer that encourage them to spend on healthy food is further expected to accelerate the growth of the MENA nutraceuticals over the forecast period.  Market Restraints Weak standards in the MENA nutraceuticals market is a major factor hampering the growth over the forecast period. Moreover, regulations differ from country to country in terms of the definition of nutraceuticals and its inclusion under the food category. Thus, the lack of strict regulations may lead to misuse of claims pointing out health benefits. This expected to hinder the market growth. Lack of awareness regarding the benefits of nutraceutical products across the rural region of MENA is expected to hinder the market growth of the nutraceutical. Also, some benefits of nutraceuticals generally not known to consumers such as its ability to reduce stress, relieves arthritis, regulate high cholesterol levels and osteoporosis.  Market Opportunities

2. Shifting preference towards on-the-go healthy snacks among consumers of the MENA region is expected to fuel the market growth over the forecast period. For example, Protein bars and functional cookies are gaining traction in the market as a preferred snack option. Frozen yogurt, oats, pasta, and cereal bars are some of the breakfast category food that is expected to lead the market. Market Trends The introduction of advanced nutraceutical products with improved health benefits is expected to augment the market growth over the forecast period. In the early days, nutraceuticals were used in tablets and capsules, but now they are also used by various flavor and fragrance companies in order to improve the flavor of edible products, and foods and beverages. This ongoing trend is expected to fuel market growth. Growing advancement in fortified energy drinks and foods is expected to be a major trend in the MENA market. For example, fruit yogurts, salad dressings, cheeses, colored pasta/macaroni, and desserts are some of the new fortified food gaining traction in the market. Regulations MENA food labeling laws for nutritional products •MEFOSA helps companies to verify procedures and practices to ensure good quality, wholesome and safe products •In the GCC food laws, point B of Section II (Labeling Requirements) highlights requirements specific to nutritional labeling. Some requirements are: •Nutritive value of pre-packaged foods needs to include essential elements such as carbohydrates, fats, proteins, and dietary fiber •All nutritional information and/or net content should be set forth as a percentage by weight if it is less than 100 grams or 100 ml or by food serving specified by the manufacturer