The Saudi Arabia Nutraceutical Market is projected to grow at a CAGR of around 6.71% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. Various factors like the rising consciousness among customers, awareness about the benefits of nutraceutical products, and the availability of a variety of products in different forms have contributed to the growth of nutraceuticals in Saudi Arabia's market.
Furthermore, the increased consumption of sugary & oily food in the diet of the customers has caused diseases like cholesterol, diabetes, blood pressure, etc., among the individuals. Hence, the increasing exposure to these diseases is inclining the customer's preference toward nutraceutical food products to help boost their immunity & prevent these diseases.
Moreover, the Saudi government has taken various initiatives to raise awareness among citizens about the health issues caused by unhealthy lifestyles and food habits, which is increasing the popularity of nutraceutical products. Therefore, these factors would create a demand for Nutraceutical products in the market during the forecast period.
Rising Health Consciousness Among Customers to Accelerate the Growth of Dietary Supplements in the Market
Based on the product type, the market is divided into Functional Beverages, Fruit & Vegetable Juices & Drinks, Dairy & Dairy Alternative Drinks, Non-carbonated Drinks (Bottled Water, Tea, and Coffee), and Other (Herbal Tea, Sports Drinks, and Energy Drinks). Among them, the Dietary Supplements hold a major market share in the Saudi Arabia Nutraceutical market due to the changing lifestyle & rising health awareness among the population. Further, on account of soaring health consciousness due to the prevalence of health-related issues, such as cardiovascular ailments, diabetes, hypertension, etc., consumers are increasingly adopting dietary supplements as nutraceutical products. These dietary supplements are considered to be a healthy addition to food products, leading to providing various macro & micronutrients to prevent diseases by strengthening the immune systems.
Besides, other end-users, including athletes & health professionals have also grown in the country, due to which the health supplement intake has profoundly increased. Additionally, various dietary supplements such as vitamins, minerals, proteins & Peptides, etc., witnessed a surge during the COVID-19 pandemic as people became more conscious about improving their immunity to reduce the effects of coronavirus. Moreover, to reduce the effects of coronavirus, the population has increased the consumption of nutraceutical products to boost their immunity, thus inclining the market for dietary supplements.
High Nutritional Value of Animal-based Nutraceutical Products to Lead the Market Growth
Based on the source, the market bifurcates into Plant, Animal, and Microbial. Of them, Animal-based nutraceutical products have witnessed significant growth in the Saudi Arabian market due to the higher absorption of animal-based nutrition as compared to plant-based dietary supplements. Plant-based nutrients, such as protein, contain fiber that is not digestible by humans, resulting in a slower digestion process, as opposed to animal-based proteins such as whey, thus inclining consumers toward plant-based nutraceuticals. Whey is a key animal-sourced dietary supplement that is commonly used by sports/gym professionals as well as working-class people for daily protein supplementation.
Furthermore, another animal-sourced dietary supplement collagen peptide derived from animal products has also been widely adopted by Saudi Arabian consumers because it provides a variety of health benefits, including delaying aging, improving skin health, and preventing the formation of osteoporosis, reveals MarkNtel Advisors in their research report, "Saudi Arabia Nutraceutical Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Saudi Arabia Nutraceutical Market are Bayer Saudi Arabia, LLC, Vitabiotics Ltd., Nestlé Middle East & North Africa, Herbalife Nutrition Ltd., BASF Saudi Arabia Co. Ltd., PepsiCo Inc., General Mills Inc., Nature's Way Products, LLC., Abbott Saudi Arabia Trading LLC, Pfizer Saudi Limited Corporate.
Key Questions Answered in the Study