GVR Report cover Latin America Nutritional Supplements Market Size, Share & Trends Report

Latin America Nutritional Supplements Market Size, Share & Trends Analysis Report By Function, By Product, By Consumer Group, By Formulation, By Sales Channel, By Country, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-416-1
  • Number of Pages: 85
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2020
  • Industry: Healthcare

Report 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.

Brazil nutritional supplements market size, by product, 2020 - 2030 (USD Billion)

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.

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.

Product Insights

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. Glanbia Nutritionals states that more than 79% of consumers in Mexico were interesting in prebiotic supplements to improve their gut health. This growth in the adoption of prebiotics has been contributing significantly to market growth.

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. These products are derived from natural sources and are hence often without any side effects. Supplements like omega-3 have been studied extensively for their benefits in maintaining good hair, and skin, for prenatal brain development.

Consumer Group Insights

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. Adults in the region are highly prone to developing chronic diseases, propensity toward diseases like diabetes, hypertension, and nonalcoholic fatty liver disease is high. Preventative medicine has become the key to overcoming these problems and has thus been contributing to the growth of this 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. The uptick in the demand for vitamins has been one of the major reasons for the growth of this segment. The children’s category products are mainly focused on mental and physical growth and are thus propelling the market growth.

Formulation Insights

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 majority of sports nutrition products are available in the form of powders so that they can be easily absorbed by the body, growth in sports nutrition has in turn resulted in the growth of the powder formulation segment.

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. The main advantage of this formulation is that capsules cause lesser gastrointestinal tract irritation than any other formulation type and are thus popular among all age groups.

Sales Channel Insights

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-commerce platforms 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.

Latin America nutritional supplements market share, by sales channel, 2021 (%)

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.

Country Insights

Brazil held the largest revenue share of 39.2% in 2021. Brazil’s government has been taking measures to increase the GDP per capita over 10 years (2021-2031), the government aims at improving the GDP to 3.5% annual growth. All these initiatives have been supporting the population towards moving away from poverty, people are becoming more conscious of leading a healthy lifestyle.

Brazil was the worst-hit country during the COVID-19 pandemic, the maximum number of deaths were recorded from Brazil, this has made the population more alert in terms of maintaining a healthy diet and supplementing their food with nutritional supplements to complete their dietary requirements, which has been the key to the growth of the market in the country.

Argentina is expected to register the fastest CAGR of 9.4% over the forecast period, from 2022 to 2030. An increase in disposable incomes and improvement in living standards coupled with rising awareness of a healthy and well-supplemented diet has been key to the growth of the nutritional supplements market in the country.

Key Companies & 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. The number of consumers is growing and so is the opportunity for players in the region. Some prominent players in the Latin America nutritional supplements market include:

  • Herbalife

  • Bayer

  • Probiotica

  • Nutrilatina

  • Pfizer

Latin America Nutritional Supplements Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 52.2 billion

Revenue forecast in 2030

USD 97.3 billion

Growth Rate

CAGR of 8.1% from 2022 to 2030

Base year of estimation

2021

Historical data

2016 - 2020

Forecast period

2022 - 2030

Quantitative Units

Revenue in USD million and CAGR from 2022 to 2030

Report Coverage

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

Segments Covered

Product, formulation, consumer group, sales channel, country

Regional Scope

Latin America

Country Scope

Brazil; Mexico; Argentina; Chile; Colombia; Costa Rica; Venezuela

Key companies profiled

Herbalife; Bayer AG; Probiotica; Nutrilatina; Pfizer, Inc.; Merck KGaA

Customization scope

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Segments Covered in the Report

This report forecasts revenue growth at the regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2030. For this study, Grand View Research, Inc. has segmented the Latin America nutritional supplements market report based on product, consumer group, formulation, sales channel, and country:

  • Product Outlook (Revenue, USD Million, 2016 - 2030)

    • Sports Nutrition

      • Sports Food

        • Protein Bars

        • Energy Bars

        • Protein Gels

      • Sports Supplements

        • Isotonic

        • Hypotonic

        • Hypertonic

      • Sports Drinks

        • Probiotics

        • Omega -3

        • Carbohydrates

      • Sports Supplements

        • Probiotics

        • Omega -3

        • Carbohydrates

          • Maltodextrin

          • Dextrose

          • Waxy Maize

          • Karbolyn

        • Protein

          • Egg Protein

          • Soy Protein

          • Pea Protein

          • Lentil Protein

          • Hemp Protein

          • Casein

          • Quinoa Protein

          • Whey Protein

            • Whey Protein Isolate

            • Whey Protein Concentrate

        • Vitamin

        • Minerals

          • Calcium

          • Potassium

          • Magnesium

          • Iron

          • Zinc

        • Amino Acids

          • BCAA

          • Arginine

          • Aspartate

          • Glutamine

          • Beta Alanine

          • Creatine

          • L-carnitine

    • Dietary Supplements

      • Vitamins

        • Multivitamin

        • Vitamin A

        • Vitamin B

        • Vitamin C

        • Vitamin D

        • Vitamin E

      • Minerals

      • Enzymes

      • Amino Acids

      • Conjugated Linoleic Acids

      • Others

    • Functional Foods

      • Probiotics

      • Omega -3

      • Others

  • Consumer Group Outlook (Revenue, USD Million, 2016 - 2030)

    • Infants

    • Children

    • Adults

      • 21-30 years

      • 31-40 years

      • 41-50 years

      • 51-65 years

    • Pregnant

    • Geriatric

  • Formulation Outlook (Revenue, USD Million, 2016 - 2030)

    • Tablets

    • Capsules

    • Powder

    • Softgels

    • Liquid

    • Others

  • Sales Channel Outlook (Revenue, USD Million, 2016 - 2030)

    • Brick & Mortar

      • Direct Selling

      • Chemist/Pharmacies

      • Health Food Shops

      • Hyper Markets

      • Super Markets

    • E-commerce

  • Country Outlook (Revenue, USD Million, 2016 - 2030)

    • Brazil

    • Mexico

    • Argentina

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