GCC Nutraceuticals Market Analysis, 2021

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 publisher's 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.

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.

Market Segmentation

Vitamins & Minerals Accounted for the Largest Market Share

The Product Type-based segments of the GCC Nutraceutical Market are Dietary Supplements, Functional Foods, and Functional Beverages. The Dietary Supplement further bifurcates into Proteins & Peptides, Vitamins & Minerals, Herbals, and Others. Among these, Vitamins & Minerals segment acquired the largest share in the market in 2019 due to the shift of consumers' preference toward adopting cheaper alternatives instead of traditional medical care, like visiting clinics and taking prescription-based drugs.

However, the absence of legible regulatory and fragmented buyer & supplier base are the most significant threats that could limit the growth of the nutraceutical market in GCC nations, says the author' in their research report GCC Nutraceuticals Market Analysis, 2021.

Plant-Based Nutraceuticals Grabbed the Largest Market Share

Based on the Source, the market is into the plant, animal, and microbial segments. In 2019, the plant-based nutraceutical segment held the largest share in the GCC Nutraceutical Market.

Further, the surge in the vegan population is the primary factor that is likely to fuel the demand for plant-based nutraceuticals. Additionally, it boosts the immune system as plant-based products contain the most crucial nutrition that is not there in other foods.

Regional Landscape

Saudi Arabia Dominated the Market

Region-wise, Saudi Arabia accounted for the largest share in the GCC Nutraceutical Market in 2019. There is an enormous lifestyle transformation and a shift in diet & physical activity patterns in the country due to the increasing prevalence of obesity & hypertension, thereby soaring the demand for nutraceutical products in Saudi Arabia.

However, there is still a lack of specific nutrients that nutraceutical products can supplement. Hence, there is a tremendous scope of increasing the product portfolio under the nutraceutical market.

Market Driver

Increasing Use of Nutraceuticals as Immunity Boosters Favors the Market Growth

The rising awareness regarding the balanced diet astronomically fuels the need for nutraceutical products. The growing demand for the treatment of lifestyle-based diseases like obesity and cardiovascular diseases shall certainly augment the growth of the nutraceutical market over the forecast period. Further, the snowballing inclination of people toward a healthy diet and burgeoning need for functional foods offers various lucrative opportunities for market growth.

Competitive Landscape

According to the publishers, the major leading players in the GCC Nutraceuticals market are Pfizer Inc, Bayer AG, Vitabiotics Ltd, Perrigo Company PLC, Nestlé SA, Danone, BASF S.A., PepsiCo Inc, General Mills, Almarai Co Ltd.

Key Questions Answered in the Market Research Report:

1. What are the primary overall market statistics or estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of GCC Nutraceuticals Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current, and future trends, and regulations in the GCC Nutraceuticals Market?
4. Who are the key competitors, their key strengths and weaknesses, and how they perform in GCC Nutraceuticals Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the GCC Nutraceuticals Market study?