Latin America Nutrition & Dietary Supplements Market Size, Share & Trends Report

Latin America Nutrition & Dietary Supplements Market Size, Share & Trends Analysis Report By Formulation, By Function (Medical Foods, Sports Nutrition), By Consumer, By Country, And Segment Forecasts, 2018 - 2025

  • Published Date: Jul, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-416-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 126

Industry Insights

The Latin America nutrition and dietary supplements market size was valued at USD 22.01 billion in 2016. It is projected to expand at a CAGR of 8.8% over the forecast period. Increasing prevalence of chronic diseases, geriatric population, and a trend of active living are the key driving factors. Growing disposable income is also a considerable factor positively impacting the market.

Brazil nutrition and dietary supplements market

According to the U.S. Census Bureau, the geriatric population in Latin America and Caribbean was nearly 47 million in 2015 and is projected to surpass 82.5 million by 2030. Deficiency of essential nutrients such as vitamin D is high among elderly population owing to reduced dietary intake, impaired intestinal absorption, and diminished sunlight exposure. Thus, demand for nutrition and dietary supplements is expected to increase among this population subset in the coming years.

Although overall nutritional status has improved significantly, more initiatives are required to address public health concerns such as malnutrition, vitamin A deficiency, anemia, and stunting. Various public and private organization are undertaking initiatives to address these health concerns in Latin America. Thus, demand for nutrient and dietary supplements is projected to rise in this region. Nutrition International (formerly referred to as Micronutrient Initiative) is the NGO dedicated to tackle malnutrition which is the greatest health concerns globally.

This organization has undertaken initiatives in Central and South American countries such as Gautemala and Bolivia for addressing malnutrition. For instance, Government of Bolivia initiated a Programa Multisectorial Desnutrición Cero (PMDC) or Multi-Sectoral Zero Malnutrition Program in collaboration with Nutrition International. This program was focused on micronutrient interventions such as provision of iron-folic acid for lactating and pregnant women, vitamin A for children under five years of age, and multimicronutrient for children of six months to 23 months of age.

Obesity is another health challenge in Latin America. According to the estimates published by Lancet, there were around 300 million overweight adults in Latin America in 2014. Out of this, approximately 100 million people were obese. Thus, demand for nutritional supplements for managing obesity is expected to rise in the forthcoming years.

Functions Insights

In 2016, additional supplements accounted for the largest revenue share owing to growing demand due to high micronutrient deficiencies in this region. Rising geriatric population coupled with prevalence of chronic conditions is also boosting market expansion. Growing disposable income is also a considerable factor for the growth in demand. A trend of active living is also expected to boost demand for additional nutrients, thereby driving the overall demand.

Additional supplements consists of dietary supplements and functional foods. Functional foods accounted for the largest market share. Fortified foods, probiotics, and sterols and stanols are different types of functional foods. Rising awareness about the benefits of healthy diet and requirement for weight management are some of the factors boosting the demand for functional foods.

Sports nutrition segment is projected to witness the fastest CAGR of 9.7% over the forecast period. Growing number of health clubs and fitness centers and demand for nutrition products by sportspersons are some of the factors boosting demand. New product launches can further impel sport nutrition market expansion over the forecast period.

Formulations Insights

In 2016, powders segment accounted for the largest revenue share in terms of formulations owing to its advantages over other formulations. Powders are available in higher concentrations and have higher absorption rate as compared to pills and other forms. Powders are the most preferred supplement forms by consumers. Ease in availability of raw materials and lower manufacturing costs are a few other factors contributing to the growth of the Latin America nutrition and dietary supplements market.

Other segment that includes gummies, lollipops, lozenges, and shots is expected to expand at the fastest CAGR 9.7% over the forecast period. This is the second largest segment in terms of revenue share. Increasing usage for child nutrition owing their taste, attractive packaging, and ease of consumption are expected to be the key factors driving growth in the forthcoming years.

In 2016, capsules was the third largest formulation segment. Capsules offer more advantages over tablets such as lesser irritation to gastrointestinal track and high absorption rate. Increasing usage of capsule forms for ingestion of functional foods is also one of the considerable factors for the segment growth.

Consumer Insights

The adult segment emerged as the largest segment with a revenue share of 46.6% in 2016. Rising awareness and disposable income are the factors contributing to the growth of this segment. High prevalence of lifestyle-associated diseases is anticipated to bode well for the demand among adult population.

Demand for nutrition and dietary supplements is high among pregnant women owing to high nutritional requirements. Micronutrient deficiency is a serious health concern among pregnant women. According to the World Health Organization (WHO), nearly 41.8% of pregnant women across the globe are anemic. As of 2016, pregnant women is the second largest consumer segment in terms of the revenue share.

Latin America nutrition and dietary supplements market

The children segment is expected to expand at a lucrative CAGR over the forecast period. These supplements are used for improving physical and mental wellbeing of children. Growing awareness among parents about the benefits of nutrition and dietary supplements in maintaining general health, boosting immunity, and reducing nutritional deficiency is a key factor for the market growth.

Country Insights

In 2016, Brazil held the largest revenue share. Growing middle class population coupled with rising spending on supplements are the key factors contributing to market growth. Middle-class population in Brazil has increased by a significant percentage. According to Atlantic Council’s Adrienne Arsht Latin America Center, nearly 113 million Brazilian population belongs to middle-class. This number has witnessed an increase of nearly 40% since to 2003.

Mexico emerged as the second largest market in terms of revenue share in 2016. High prevalence of diabetes and cardiovascular diseases and trend of active living are the major regional market drivers. Rising consumer awareness is also boosting the market. For instance, InoTec GmbH, a Mexican supplier of raw material for functional food conducted a conference in March 2018 to highlight the importance of supplementation with functional nutrients to balance the biochemical metabolism of the aging population in Mexico.

Argentina is expected to witness the fastest CAGR of 13.2% over the forecast period. Increasing healthcare expenditure, imports of medical and food products, and regulations governing food-based dietary supplements are among key factors contributing to the regional growth. In recent years, the middle- and upper middle-income population groups have doubled in Argentina. Thus, driving the regional product demand over the forecast period.

Latin America Nutrition and Dietary Supplements Market Share Insights

Herbalife; Bayer AG; Pfizer, Inc.; and Merck KGaA are some of the key players operating in this market. It is currently dominated by multinationals. Growing presence of global and multinational players such as Hypermarcas, Probiotica, Nutrilatina, Pronat, and Nutrisa in Mexico is anticipated to contribute to the overall market growth. However, domestic manufacturing is growing in Latin American countries, representing favorable market opportunities in near future.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million and CAGR from 2017 to 2025

Regional scope

Latin America

Country scope

Brazil, Mexico, Argentina, Chile, Columbia, Costa Rica, Venezuela

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research, Inc. has segmented the Latin America nutrition and dietary supplements market report on the basis of function, formulation, consumer, and country:

  • Function Outlook (Revenue, USD Million, 2014 - 2025)

    • Medical Foods

    • Sports Nutrition

    • Additional Supplements

      • Functional Foods

      • Dietary Supplements

        • Vitamin

        • Mineral

        • Enzymes

        • Amino Acids

        • Others

  • Formulation Outlook (Revenue, USD Million, 2014 - 2025)

    • Tablets

    • Capsules

    • Liquid

    • Powder

    • Soft Gel

    • Others

  • Consumer Outlook (Revenue, USD Million, 2014 - 2025)

    • Infant

    • Children

    • Adult

    • Pregnant

    • Geriatric

  • Country Outlook (Revenue, USD Million, 2014 - 2025)

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Chile

      • Columbia

      • Costa Rica

      • Venezuela

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