Market Size of Africa Nutraceutical Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 11.10 Billion |
| Market Size (2029) | USD 17.31 Billion |
| CAGR (2024 - 2029) | 9.28 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Neutraceutical Market Analysis
The Africa Nutraceutical Market size is estimated at USD 11.10 billion in 2024, and is expected to reach USD 17.31 billion by 2029, growing at a CAGR of 9.28% during the forecast period (2024-2029).
International health organizations, such as WHO, are encouraging consumers to strengthen their immune systems to prevent COVID-19. Various nutraceuticals are more popular for their immunity-boosting properties. Since vitamin C, zinc, and vitamin E are popular ingredients known for enhancing immunity, leading manufacturers are increasingly incorporating them into food, beverages, and supplements to tap into the market. The health trend has recently gained more momentum, giving rise to the entry of global players into the market. For instance, in 2020, Royal DSM, a leading science company in nutrition, the United Nations children's rights agency, United Nations Children's Fund (UNICEF), and Swiss-based nutrition think tank, Sight and Life, announced the extension of their cross-sector partnership, focusing on delivering better nutrition to at-risk children and mothers in South Africa until the end of 2021. The COVID-19 crisis is likely to accelerate trends that were already shaping the market, such as the rise of the middle class and the use of e-commerce.
The infant nutrition industry's growth and the demand for healthy and nutritious food and beverages are driving the nutraceutical market in Africa. Market accessibility and low economic conditions in the region restrain this market. Moreover, Egypt and South Africa are trying to adopt more plant-based nutraceuticals, which is a great opportunity in the African market.
The increasing incidence of non-communicable diseases and rising medical expenses, and an obligation to fortify foods by government agencies in the region, have been pushing the demand for nutraceuticals. Lifestyle changes and increased consumption of packaged foods are the major reasons for the increased prevalence of lifestyle-related diseases, such as cardiovascular diseases and diabetics, which is further boosting the demand for alternative healthy foods like functional foods in the region.
