Nutraceutical products are non-specific biological therapies that are used to promote general well-being, control symptoms, and to prevent malignant processes. Nutraceuticals, also called bioceuticals, are substances that are derived from food sources that exhibit physiological benefits such as in prevention and treatment of illness. Nutraceuticals can be used to prevent and treat chronic diseases such as cardiovascular disease (CVD), diabetes, cancer, obesity, and hypertension. A substance that has physiological benefit or provides protection against chronic disease, and is referred to as a nutraceutical product. Nutraceuticals can be used to promote health, slow down the ageing process, prevent chronic diseases, extend life, and maintain body's structure and function. The high prevalence of chronic diseases like diabetes, cancer, CVD, others is expected to drive the MENA nutraceuticals market growth over the forecast period.
Market Dynamics
The key market players are focusing on adoption of growth strategies such as partnership as well as acquisitions, and this is expected to drive the MENA nutraceuticals market growth. For instance, on January 11, 2023, Celularity Inc., a biotechnology company that develops placental-derived allogenic cell therapies and biomaterial products, and CH Trading Group LLC, an international import, export and trading company, announced that both companies had entered into an exclusive territory distribution agreement. CH Trading Group will act as the exclusive territories distributor of Celularity’s previously announced Halal-Certified products within more than 100 countries. The Product Distribution Agreement for Celularity’s Halal-Certified products provides for a five-year minimum aggregate purchase commitment of US US$ 225 million.
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