The Latin America nutrition and dietary supplements market size is expected to reach USD 47.5 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.8% over the forecast period. Growing expenditure on nutrition and dietary supplements, disposable income, and consumer awareness are some of the key market drivers. Changing regulatory framework to ensure drug safety in Latin American countries such as Mexico and Argentina is also expected to positively impact market growth in the forthcoming years.
Growing demand for nutrition and dietary supplements among geriatric population is also one of the considerable market drivers. Nutrition plays a vital role in maintaining health of geriatric population and has a significant impact on aging process. Risk of malnutrition, functional impairments, age-related diseases, and physical inabilities are prevalent among elderly population. These issues might interfere with healthy nutritional status of an individual. Thus, dependence on these supplements has increased over the past few years.
Growing middle class population coupled with high spending on nutrition and dietary supplements is a key driver for the market. There are nearly 300 million middle-class people in Latin America. This number has more than doubled over the period of past 30 years representing a rise in consumer buying power. This factor is anticipated to positively impacting market expansion over the forecast period.
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Further key findings from the report suggest:
Additional supplements segment accounted for the largest revenue share in 2016 owing to rising awareness, spending on supplements, and various initiatives undertaken to prevent malnutrition
Powder emerged as the largest formulation segment in terms of revenue share in 2016 owing to ease of consumption as compared to other formulations. However, the others segment that includes gummies, lollipops, lozenges, and shots is projected to expand at the fastest CAGR
Adult emerged as the largest consumer segment in 2016 while children segment is expected to witness lucrative CAGR over the forecast period
In terms of geography, Brazil accounted for the largest revenue share in 2016. Argentina is expected to expand at the fastest CAGR in near future
Herbalife; Bayer AG; Pfizer, Inc.; and Merck are the major players operating in the Latin America nutrition and dietary supplements market. The market is majorly dominated by multinational companies. However, domestic players are also increasingly investing in this market.
Grand View Research has segmented the Latin America nutrition and dietary supplements market on the basis of function, formulation, consumer, and country:
Latin America Nutrition and Dietary Supplements Function Outlook (Revenue, USD Million, 2014 - 2025)
Latin America Nutrition and Dietary Supplements Formulation Outlook (Revenue, USD Million, 2014 - 2025)
Latin America Nutrition and Dietary Supplements Consumer Outlook (Revenue, USD Million, 2014 - 2025)
Latin America Nutrition and Dietary Supplements Country Outlook (Revenue, USD Million, 2014 - 2025)
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