Latin America Nutritional Supplements Market Worth $97.3 Billion By 2030
Latin America Nutritional Supplements Industry Overview
The Latin American nutritional supplements market size was valued at USD 48.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The Latin American population has had a history of a high prevalence of chronic diseases like hypertension, diabetes, and metabolic diseases. As per the WHO, more than 60% of the male and female population in the region is overweight or obese. The region has the highest prevalence of nonalcoholic fatty liver disease of nearly 31%. ALANUR, a Latin American Alliance formed in 2011, for information regarding nutrition in the region, states, that in a period of fewer than 20 years, the sales of nutritional supplements in the Latin American region doubled from 3% in 1999 to 7% in 2017. According to Glanbia Nutritionals, more than 50% of consumers plan to become more active after COVID-19. Immunity boosting supplements accounted for the majority of purchasing the nutritional supplements during the pandemic. More than 80% of Brazilians showed interest in purchasing vitamins, minerals, and other nutritional supplements for boosting their immunity levels. The increase in awareness levels and increase in uptake of products is driving the market growth.
Activity levels have taken a nosedive since the pandemic started, making more people predisposed to chronic ailments. This has made weight loss and maintenance a primary concern for the Latin American people. Glanbia states more than 43% of Latin Americans are becoming conscious of their weight. The high risk of obesity has been a primary reason for the growth of fitness centers and gyms, in turn creating a huge market for sports nutrition, thus aiding the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Latin America Nutritional Supplements market
Latin American countries have been keenly increasing their uptake of nutritional supplements and more so since the COVID-19 pandemic. As per ALANUR, in Chile, 50% of households are daily consumers of dietary supplements. Out of all the types, vitamins held the largest share owing to their multifarious benefits. Supplementation compliments the diet. It not only completes the daily nutritional requirement but also boosts immunity. More than 90% of the population has a better perception of both mental and physical health post use of nutritional supplements.
Different Latin American countries have different regulatory norms about nutritional supplements. The countries also have different rules for food supplements, all the norms have been in conformation with the Codex Alimentarius guidelines for international food supplement regulation. Many trade blocs exist in the Latin American region like the Southern Common Market (Argentina, Brazil, Paraguay, and Uruguay with Bolivia pending full integration), Pacific Alliance (Chile, Colombia, Mexico, and Peru), and several others.
Latin America was one of the regions to suffer the worst of the brunt of the COVID-19 pandemic. Due to a high number of already existing comorbidities, the pandemic claimed many lives in the region. A paper published on PubMed, states in June 2020, that Latin America became the largest hotspot for COVID. Preventative health has been gaining momentum ever since COVID-19 which has led to stronger growth of the regional market. A recent study reported, that 3 out of 4 people in Peru have been regularly including immunity-boosting supplements in their diet.
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Latin America Nutritional Supplements Market Segmentation
Grand View Research has segmented the Latin America nutritional supplements market based on product, formulation, consumer, and country:
Latin America Nutritional Supplements Product Outlook (Revenue, USD Million, 2016 - 2030)
- Sports Nutrition
- Dietary Supplements
- Functional Foods
Key Companies profiled:
Some prominent players in the Latin America nutritional supplements market include:
- Herbalife
- Bayer
- Probiotica
- Nutrilatina
- Pfizer
Order a free sample PDF of the Latin America Nutritional Supplements Market Intelligence Study, published by Grand View Research.
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