Latin America Nutritional Supplements Industry Overview
The Latin America nutritional supplements market size is projected to reach USD 97.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 8.1% from 2022 to 2030. Latin America has been a developing region, with a high burden of chronic diseases and obesity. The current prevalence of which is more than 60% across the region. According to ALANUR, the national consumption of nutritional supplements in Brazil is more than 59%, of which 42% market is for vitamins alone. This shift in the focus towards higher consumption, aiming at overall health has been driving the growth of the market.
Latin America Nutritional Supplements Market Segmentation
Grand View Research has segmented the Latin America nutritional supplements market based on product, formulation, consumer, and country:
Based on the Product Insights, the market is segmented into Sports Nutrition, Dietary Supplements and Functional Foods.
- The functional foods segment held the biggest market share of 79.4% in 2021. This segment containing prebiotics, omega-3, and other supplements has been the top-grossing segment due to a steep rise in the number of consumers for these products throughout the region.
- This category has also been recorded as the fastest-growing product type, due to the widespread awareness about the benefits of functional foods in daily diet schedule and multifarious benefits for both gut and overall health, their use is seen as a holistic approach towards attaining health.
Based on the Consumer Group Insights, the market is segmented into Infants, Children, Adults, Pregnant and Geriatric.
- The adult consumer group was the largest category, with a market share of 31.3% in 2021. The growing number of consumers from this category has been responsible for the growth of the market.
- The children segment is among the steadily growing consumer group category. Since preventative medicine has been on the rise, many diseases are developed in the future, due to deficiencies during childhood. Vitamin D deficiency has been one of the most commonly occurring deficiencies around the globe.
Based on the Formulation Insights, the market is segmented into Tablets, Capsules, Powder, Softgels, Liquid, and Others.
- Powder formulations held the largest market share of 39.1% as of 2021. Powder formulation products have been in demand and are the most easily available due to their benefits of use, like easy absorption and easy suspension in all liquids.
- The capsules segment is the fastest-growing formulation segment. It has been steadily witnessing substantial growth in the past few years. Functional foods like omega-3 and some prebiotics come in the form of capsules and have in turn been a major reason for the high revenue share.
Based on the Sales Channel Insights, the market is segmented into E-commerce and Brick & Mortar.
- The upward trend of consumption and demand for nutritional supplements has been driving the sales of these OTC products for brick and mortar retail shops. They have been the preferred mode of purchasing these products by the consumers in the region. Even though the e-commerceplatforms have been gaining momentum due to COVID-19 as well as the ease of use of this mode of purchase has been fueling the growth of the market.
- The Latin American market for nutritional supplements is more concentrated with the presence of direct sellers, multi-level marketing companies are the most preferred way of distributing these products. In Peru, Chile, Mexico, and Ecuador, these multilevel marketing companies have a vast network for the sale of nutritional supplements.
Latin America Nutritional Supplements Country Outlook
Key Companies Profile & Market Share Insights
Latin America’s market for nutritional supplements has many multilevel marketing companies as well as some key players. Products from these companies have been aimed at providing complete nutritional value for consumers.
Some prominent players in the Latin America nutritional supplements market include:
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