The nutraceuticals market is expanding globally due to growing product innovations and research & development activities. The key players are focusing on the MENA region for global expansion due to lucrative growth opportunities. Factors such as rapid urbanization, rising per capita income, and increasing healthcare expenditure are expected to drive the demand for nutraceuticals in the Middle Eastern and North African markets.
Market drivers
One of the key drivers for the growth of the MENA Nutraceuticals Market Growth is the growing elderly population in the region. According to the UN Population Fund, the share of people aged over 60 years in the MENA region is expected to double from 8% in 2015 to 16% in 2050. The aging population leads to an increase in age-related health issues thereby boosting the demand for dietary supplements and nutraceutical products that offer various health benefits. The rising health consciousness and increasing expenditure on healthcare are also some major factors fueling the growth of the market in MENA countries.
The current geopolitical situation in the Middle East and North Africa (MENA) region is impacting the growth of the MENA nutraceuticals market. Political instability, armed conflicts and civil wars in some countries are negatively affecting consumer confidence and spending. This has reduced the demand for nutraceutical products in nations facing such issues. Sanctions imposed by Western nations against certain MENA countries are also restricting international trade and foreign investments in the nutraceuticals sector of those nations. This has slowed the expansion of new manufacturing facilities and R&D centers by global players in the sanctioned markets.
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