Friday, December 13th, 2019

Saudi Arabia Nutritional Supplements Market Future Outlook and Projections

INVC NEWS

New Delhi,

Saudi Arabia Nutraceuticals Market:- The report titled “Saudi Arabia Nutraceuticals Market Outlook to 2023 – By Vitamins and  Dietary Supplements, Functional Foods (Dairy, Baby Food, Breakfast Cereals, Edible Oil, and Confectionary) and Functional Beverages (Energy Drinks, Concentrates, Fruit/Vegetable Juices, and Sports Drinks)” provides a comprehensive analysis of the nutraceuticals the market  in the Kingdom of Saudi Arabia. The report also covers the overview and the genesis of the industry, overall market size in terms of revenue, segmentation on the basis of product category and channels of distribution for functional foods, functional beverages and vitamins & dietary supplements; trends and developments, issues & challenges, regulatory environment, entry barriers, comparative landscape including competitive scenario, market share, brand share and company profiles. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions.

Saudi Arabia Nutraceuticals Market Overview and Size

Saudi Arabia's nutraceuticals market grew at a slower single-digit growth rate over the review period 2013-2018. The KSA market was evaluated at a growing varying from one product to another. Also, the market has attained maturity for prescription based vitamins and dietary supplements but the potential exists for many functional food and beverage players which can easily make their entry into the FMCG sector. Nutraceutical ingredients have positioned as natural and healthy alternatives to traditional medicine. Baby food remains the most dominant segment of the market and demand for energy drinks was negatively impacted by the imposition of sin tax (100%) and ban of sales in schools and government institutions and a complete ban on advertising.

Saudi Arabia Nutraceuticals Market Segmentation

Demand for food supplements was slow mainly due to the fact that strict guidelines have been passed to control the misguiding claims regarding health benefits. Popular products are from leading pharma companies who have been operating in Saudi for a very long time. Functional beverages registered a constant increase in revenue from 2013-2015, before registering a minor decline in 2016 due to a ban on advertising on energy drinks and a drastic decline in 2018 due to the imposition of sin tax in 2017. Functional foods are majorly popular among the city population and ex-pats. Fortified products are being promoted as a healthy alternative to traditional food.

Comparative Landscape in Saudi Arabia Nutraceuticals Market

Functional Foods Market:

 Major players operating within the country’s functional foods market include Nestle, Almarai, Alsafi Danone, Pepsi, and others who sell functional foods belonging to various segments such as baby food, dairy, confectionery items, breakfast cereal, sweet biscuits, snack bars, and fruit snacks and other segments.  Nestle was leading amongst global players and has been an active player in baby food and fortified food market thus, attaining the position of a market leader during 2018.

Functional Beverages Market:

The functional beverages market in Saudi Arabia is dominated by domestic companies such as Abuljadayel Beverages Limited, ALJSR, and others. Abuljadayel Beverages Limited is the manufacturer of one of the bestselling energy drinks Bison. ALJSR has emerged as leader in the market with Code Red as a major brand. International players also have a major presence in the form of liquid and powder beverages. Tang is very popular in Saudi Arabia and the majority of the sales are registered during the period of Ramadan (a holy month for fasting). International beverage brand such as Pepsi and Coca Cola have a small presence in fortified beverages segment.

Vitamins & Dietary Supplements Market:

Competition stage within the Saudi Arabia V&D supplements market was witnessed as moderately fragmented with the top 6 players capturing majority more than half of the market revenues during 2018. Pfizer is the biggest company in terms of sales revenue accounting for nearly a fifth of the sales in 2018. It was followed by Bayer Jamjoon and P&G. Jamjoon pharma was the only major domestic players active in vitamins and dietary supplements market of KSA.

Saudi Arabia Nutritional Supplements Market Future Outlook and Projections

The market revenues are expected to register a positive CAGR during the forecasted period 2019-2023; however, drag will be faced due to a decline in the demand for energy drinks. Expected growth and popularity of this industry can be directly linked along with consumers’ rising inclination towards health and wellness. Rising the shift towards preventive therapies along with rising disposable income have given a boost to the demand for nutraceutical products in the KSA region. As a result of which, several pharmaceutical and nutraceutical companies including FMCG companies are expected to enter this segment/space, realizing that nutraceutical products can be adopted as a perfect substitute for their therapeutic products. Many traditional players are entering the herbal and nutraceutical products market as well which have been gaining popularity in the country.

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