The Latin America, Middle East and Africa Nutraceuticals Market would witness market growth of 11.7% CAGR during the forecast period (2021-2027).
Nutraceuticals are supplements that offer the human body with additional nourishment and health benefits. It contains fortified nutrients like taurine, CoQ10, omega-3, calcium, zinc, and antioxidants that promote consumers' overall health. These nutrients also help to prevent medical problems like hypertension, diabetes, heart disease, and allergies. Nutraceuticals are becoming increasingly popular as customers' digestive and immunological systems improve, and their cognitive behaviour improves.
The growing trend among people to change their eating habits is expected to drive up demand for nutraceuticals. The notion among consumers that a poor diet leads to higher pharmaceutical prices is expected to enhance demand for nutraceuticals. This would also benefit the government because it would result in lower healthcare costs and lower social security costs.
The South American nutraceuticals business is still in its early stage. The region, on the other hand, has a lot of potential and can grow at a faster rate in the coming years. This industry is rapidly developing, with conditions ripe for explosive expansion in the next years. The growing market for these nutraceutical products in the Middle East and Africa is mostly due to a trend toward preventative therapies, a favourable price environment, increasing family income, development in the pharma retail chain, and an increase in healthcare spending.
Furthermore, prominent international market players are expected to increase their investment in the regional industry, which is expected to fuel growth. To enhance their presence in this market, regional major players are developing new products. For example, NattoPharma, a Brazilian pharmaceutical company, released its new dietary supplement MenaQ7 Vitamin K2 in July 2019. Owing to these advancements, the demand for nutraceuticals would increase in this region in the coming years.
The Brazil market dominated the LAMEA Nutraceuticals Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $15.2 billion by 2027. The Argentina market is exhibiting a CAGR of 12.3% during (2021 - 2027). Additionally, The UAE market would display a CAGR of 11.4% during (2021 - 2027).
Based on Type, the market is segmented into Functional Food, Dietary Supplements, and Functional Beverages. Further, on the basis of Functional food, the market is segmented into Vitamins, Minerals, Carotenoids, Dietary Fibers, Prebiotics & Probiotics, Fatty Acids, and Others. Based on Dietary Supplements, the market is segmented into Vitamins & Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Botanicals, Omega Fatty Acids & Others. Based on Functional Beverages, the market is segmented into Energy & Sports Drinks, Functional Juices, and Others. Based on Sales Channel, the market is segmented into Pharmacy, Specialty Stores, Hypermarket/Supermarket, and Online Channels. Based on Form, the market is segmented into Capsule & Tablets, Liquid, Powder, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Nutraceuticals Market is Predict to reach $743.6 Billion by 2027, at a CAGR of 8.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nestle S.A., General Mills, Inc., Archer Daniels Midland Company, Danone, S.A., Koninklijke DSM N.V., International Flavors & Fragrances, Inc., Herbalife International, Inc., The Hain Celestial Group, Inc., Amway Corporation, and Cargill Corporation.
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