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South Africa Nutraceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

·4-min read

The South African nutraceuticals market was valued at USD 3,454. 10 million in 2020, and is projected to grow at a CAGR of 4. 60% during the forecast period (2021-2026). The global pandemic pressed several countries worldwide, including South Africa, to impose severe restrictions on the movement of goods to mitigate the spread of the virus.

New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South Africa Nutraceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06129765/?utm_source=GNW
Nevertheless, the health trend has recently gained even more momentum and gaining global players entering 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 that they are extending their cross-sector partnership focusing on delivering better nutrition to at-risk children and mothers in South Africa until the end of 2021.

The South African nutraceuticals market is expected to be primarily driven by changing consumer lifestyles and preferences. Due to the rise in non-communicable chronic diseases and increase in health awareness associated with the consumption of functional foods, consumers’ interest in the inclusion of nutraceuticals in regular diet has increased, thereby, prompting the sales of nutraceuticals.

The rising demand for preventive healthcare is one of the major factors driving the nutraceuticals market growth. Nutraceuticals contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues, like obesity, CVD, cancer, cholesterol, arthritis, and diabetes.?

Key Market Trends

Rising Healthcare Cost and Focus on Preventive Health Management

South Africa is a large, diverse, and complex nation that presents health policymakers with a set of contradictions and challenges. It is therefore able to allocate a fairly respectable 8.7% of the country’s GDP toward health and in absolute terms spends more on health than any other African country. South Africa’s health burden is commonly broken down into three components, namely an alarmingly high rate of infectious disease; a slew of health challenges affecting women and girls, young children, and babies; a growing problem of noncommunicable disease. There is a two-tier healthcare system in South Africa with a large subsidized public sector and a small, but very high quality, private sector. With significant funding and the best specialists going to the private sector, there is a major gap between public and private healthcare facilities in much of the country.

Supermarket/Hypermarket holds Largest share

Owing to a huge retail spaces and catering to a wide variety of preferences, supermarkets/hypermarkets are dominant channels for the sales of nutraceuticals especially functional foods in South Africa. Additionally, these stores are focusing on making the products available at every corner of the country, with an aim to expand the businesses and gain competitive advantage. Factors, such as business expansion and rising number of hypermarkets and supermarkets, add to the sales of these retail formats and significantly contribute to the nutraceuticals market. The availability of a variety of brands has been a key factor for increasing consumer preferences. The sales through supermarkets/ hypermarkets were hampered due to Covid-19 but soon they were on track and are expected to grow further in coming years. As a result of the growing market share of the hypermarket segment is resulting in practice of consumers purchasing products in bulk. Consumers want to make fewer trips to the store to receive more value for their money, which, in turn, has also increased the sales of nutraceuticals in the country.

Competitive Landscape

South Africa is considered to be one of the unhealthiest nations on the planet, with half of all South African adults classified as overweight or obese. Childhood obesity is also on the rise due to inappropriate feeding practices for infants and young children. Hence, there are immense opportunities for nutraceuticals manufacturers to cater to the health-deprived population by launching various products in the market studied. Players in the market capitalize on their existing product portfolio or new products to establish market dominance, where new launches and partnerships remain one of the foremost moves among players. Major players in the market studied included, GlaoSmithKline PLC (GSK), Nestlé SA, Herbalife Nutrition among others. Nutraceuticals major players, such as Herbalife Nutrition South Africa, in April 2019, launched two new flavors within their flagship Formula 1 Shake Mix range. The new flavors, Formula 1 Café Latte Flavoured and Formula 1 Spiced Apple Flavoured, are part of the brand’s new generation of Formula 1 flavors.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06129765/?utm_source=GNW

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