Segments - Latin America Nutrition & Dietary Supplements Market by Functions (Medical Foods, Sports Nutrition, and Additional Supplements [Functional Foods and Dietary Supplements {Vitamins, Minerals, Enzymes, Amino Acids, and Others}]), Formulations (Tablets, Capsules, Liquid, Powder, Soft Gel, and Others), Consumers (Infant, Children, Adult, Pregnant, and Geriatric), and Geography (Brazil, Mexico, Argentina, Chile, Columbia, Costa Rica, Venezuela, and Rest of Latin America) - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Latin America nutrition & dietary supplements market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023 – 2031. The growth of the market is attributed to the wide prevalence of chronic diseases, increasing number of health-conscious population, rising disposable income of people, and growing geriatric population in the region.
As per the US Census Bureau, in 2015, the elderly population in the region including the Caribbean were around 47.1 million and was expected to reach around 82 million by 2028.
In general, majority of geriatric population are lack of essential nutrients especially vitamin D due to reduced sunlight exposure, condensed dietary intake, and impaired intestinal absorption. Hence, demand of nutrition and dietary supplements is widely recommended among these groups of people to increase their immune systems.
Although several programs and policies regarding the awareness of nutritional value and its impact to health fitness are being timely conducted, still more initiatives from governments are needed for addressing several nutrient deficiency conditions such as vitamin A deficiency, stunting, malnutrition, and anemia.
Several public as well as private organizations are increasingly taking part in various initiatives for improvement of healthcare concerns in Latin America, which aid the increasing demand of nutrient and dietary supplements in the region. For instance, a Canada-based non-governmental organization (NGO) called Nutrition International, formerly known as Micronutrient Initiative, is actively involved for tackling malnutrition in the region.
Globally, tackling malnutrition is one of the biggest health issues and several groups of people especially children and aging population are the major victims of the health issue. In Central and South American countries such as Guatemala and Bolivia, some organizations are actively working towards some initiatives to address malnutrition. The Government of Bolivia collaborated with Nutrition International and started an awareness program called Programa Multisectorial Desnutrición Cero (PMDC) or Multi-Sectoral Zero Malnutrition Program.
This program had targeted the micronutrient interventions such as multi-micronutrient for children who are between six months to 23 months, provision of iron-folic acid for lactating and pregnant women, and vitamin A for children under five years of age. Moreover, the region is still facing another major health issue due to increase in the number of obesity. Based on a report by Lancet, in 2014, around 300 million people were facing overweight in the region and out of this, around 100 million were obese. Hence, this plays and important role to raise the demand for nutritional supplements in Latin America.
Rising awareness about health-related issues among people and increasing disposable income of people to spend on dietary supplements are expected to drive the expansion of the market.
Growing prevalence of chronic diseases such as obesity, cardiovascular diseases, and diabetes along with the increasing geriatric population in the region are major factors responsible for propelling the market growth.
Increasing preference and demand from consumer for nutrition and dietary supplement to avoid and prevent from diseases are estimated to push the market growth.
Increasing demand of tailor-made and personalized supplements, nutritional products, and rising expenditure in R&D programs are anticipated to spur the market growth in the coming years.
Lack of awareness about nutraceutical products or ingredients among people and high prices of supplements are major challenges that can hamper the market growth during the forecast period.
The report on the Latin America nutrition & dietary supplements market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Latin America Nutrition & Dietary Supplements Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Functions (Medical Foods, Sports Nutrition, and Additional Supplements [Functional Foods and Dietary Supplements {Vitamins, Minerals, Enzymes, Amino Acids, and Others}]), Formulations (Tablets, Capsules, Liquid, Powder, Soft Gel, and Others), Consumers (Infant, Children, Adult, Pregnant, and Geriatric) |
Geographical Scope |
Brazil, Mexico, Argentina, Chile, Columbia, Costa Rica, Venezuela, and the Rest of Latin America. |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Herbalife; Bayer AG; Pfizer, Inc.; Merck KGaA; Cargill; General Mills, Inc.; Royal DSM N.V; BASF SE; Groupe Danone S.A; and Ancher Daniels Midland Company |
On the basis of functions, the Latin America nutrition & dietary supplements market is divided into medical foods, sports nutrition, and additional supplements. The additional supplements segment is expected to hold a key share of the market during the forecast period owing to high micronutrient deficiencies in this region. The additional supplements segment is further divided into functional foods and dietary supplements. The dietary supplements segment is again sub-divided into vitamins, minerals, enzymes, amino acids, and others.
The increasing elderly population along with increasing incidences of chronic conditions are expected to fuel the growth of the segment. Rising disposable income and a trend of active living are projected to drive the segmental growth. The functional food sub-segment held a large share of the market in 2020 owing to increasing awareness about advantages of healthy food among people and need of weight management.
However, the sports nutrition segment is anticipated to expand at a rapid pace during the forecast period owing to increasing number of fitness centers and health clubs. Moreover, demand of nutrition products by sportspersons and novel products launch are estimated to drive the segment growth.
Based on formulations, the market is segregated into tablets, capsules, liquid, powder, soft gel, and others. The capsules segment is expected to constitute a major share of the market in the coming years since capsules have more advantages than tablets such as high absorption rate and less irritation to gastrointestinal track. Rising use of capsules for the ingestion of functional foods is projected to drive the segment growth.
On the other hand, the powders segment is anticipated to expand at a rapid pace during the forecast period due to its benefits over other formulations. Powers have higher absorption rate and are present with higher concentrations as compared to other forms. This form of nutrition and diet supplement is largely preferred by consumers.
Easy availability and accessibility of raw material along with low manufacturing cost are expected to propel the segment growth over the forecast period. The other segment are gummies, lollipops, lozenges, and shots, which are expected to drive the demand in the coming years.
In terms of consumers, the Latin America nutrition & dietary supplements market is segmented into infant, children, adult, pregnant, and geriatric. The adult segment is expected to hold a key share of the market during the forecast period due to increasing awareness among people and rising disposable income. Furthermore, rise in prevalence of lifestyle-related diseases is projected to push the growth of the segment during the forecast period.
However, the children segment is anticipated to register a robust CAGR during the forecast period owing to increasing awareness about benefits of nutrition and dietary supplements among parents. For improving physical and mental health of children, these supplements are used widely since the nutrition and dietary supplements help in reducing nutritional deficiency, maintaining general health, and boosting immunity of children.
On the basis of geography, the market is categorized as Brazil, Mexico, Argentina, Chile, Columbia, Costa Rica, Venezuela, and Rest of Latin America. The market of Brazil is anticipated to expand at an impressive CAGR during the forecast period owing to increasing spending on supplements and dietary products from the rising middle-class population.
Based on report by Atlantic Council’s Adrienne Arsht Latin America Center, around 113 million people represented middle-class group in Brazil and the number is increasing significantly in this country over the years.
On the other hand, the market of Mexico is expected to exhibit a rapid growth rate in the coming years owing to rising prevalence of diabetes and cardiovascular diseases. Moreover, a trend of active living and rising awareness among consumer are expected to push the market growth of the country. Rising investment in healthcare, regulations governing food-based dietary supplements, and imports of medical and food products are factors responsible for driving the market growth in Mexico.
Key players competing in the Latin America nutrition & dietary supplements market are Herbalife; Bayer AG; Pfizer, Inc.; Merck KGaA; Cargill; General Mills, Inc.; Royal DSM N.V; BASF SE; Groupe Danone S.A; and Ancher Daniels Midland Company. Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.