Market Overview
Nutraceuticals are products deriving from food sources that exhibit extra health benefits besides the usual nutrition found in food. They also promote general wellbeing and provides several health benefits.
According to the MarkNtel Advisors' research report, "GCC Nutraceuticals Market Analysis, 2021," the market is likely to grow at a CAGR of around 9% during 2021-26. The market growth attributes to rising health concerns regarding lifestyle-related illnesses like obesity and diabetes. Due to increasing consumer awareness, there is a surge in demand for safe and clean label products, thereby fueling the growth of the nutraceuticals market.
Moreover, the increasing awareness regarding their benefits and the growing popularity of customized nutrients are a few more factors propelling the demand for nutraceutical products.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 9% |
| Regions Covered | UAE, Saudi Arabia, Bahrain, Oman, Qatar, Kuwait |
| Key Companies Profiled | Pfizer Inc, Bayer AG, Vitabiotics Ltd, Perrigo Company PLC, Nestlé SA, Danone, BASF S.A., PepsiCo Inc, General Mills, Almarai Co Ltd |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The spread of the coronavirus pandemic is boosting the prospects of the GCC Nutraceutical Market due to an increase in consumers' preference toward taking preventive healthcare conditions through immunity-booster supplements.
Further, the lockdown imposition adversely affected the imports & exports of these products and hindered the market growth. However, the e-commerce channel will aid the revenue from the nutraceutical market as it will eliminate the potential losses that occurred from travel restrictions during lockdowns.
