According to the MarkNtel Advisors’ research report, “GCC Nutraceuticals Market Analysis, 2021”, the market is expected to grow at a CAGR of 9% during 2021-26. The market growth is attributed to surging preference for personalized food to cater to specific health benefits and increasing demand for customized nutrition.
With towering healthcare costs, nutraceutical products provide a more cost-effective alternative to pharmaceuticals. The use of nutraceuticals brings a sense of self-care of health with less risk of adverse side-effects among the customers. Further, growing trend of gyms & fitness centers and rising health concern among the millennial population contributes to the growth of the nutraceutical market across the GCC nation.
Key questions answered in the study
Functional Foods Segment Held the Maximum Share
Within Product Type, the market classifies into Dietary Supplements, Functional Food, and Functional Beverages. The Functional Food segment accounted for the largest share in the GCC Nutraceutical Market in 2019. Due to growing health concerns among the population, people are ready to spend any significant amount on products that offer health benefits.
Functional foods are high in nutrients and are needed to protect against nutritional deficiency and other related diseases. Certain nutrients obtained by taking functional foods are crucial for the proper growth of infants and children. Thus, these factors aid the growth of the segment which further contributes to the overall growth of the market.
“GCC Nutraceuticals Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for Nutraceuticals providers across the countries.
Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Exhibits Fastest Growth
UAE is expected to register the fastest growth in the GCC Nutraceuticals market over the forecast period during 2021-26. Growing awareness of people towards fitness has driven the demand for nutritional supplements in the UAE. With the adoption of a fast-paced lifestyle, increasing stress, and change in lifestyle, the prevalence of chronic diseases in the UAE has increased substantially.
Additionally, there is a huge population suffering from a nutritional deficiency in the country. Therefore, the demand for nutraceuticals is high in UAE as revealed by MarkNtel Advisors’ in their research report “GCC Nutraceuticals Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the GCC Nutraceuticals market are Bayer AG, Vitabiotics Ltd, Pfizer Inc, Nestlé SA, BASF S.A., Danone, Perrigo Company PLC, General Mills, Almarai Co Ltd, PepsiCo Inc.