The Latin America nutraceutical products market is likely to grow smoothly in the coming years due to the conducive environment created by the rising health awareness among the region’s population. According to Transparency Market Research, the Latin America nutraceuticals market is expected to exhibit a steady 4.20% CAGR from 2007 to 2017, with the market’s valuation is expected to rise to US$7.8 bn by the end of 2017.
Rising Demand for Protein and Vitamin Supplements to Ensure Dominance of Dietary Supplements Segment
By product type, the Latin America market for nutraceutical products is segmented into functional food, functional beverages, and dietary supplements. Of these, dietary supplements are the leading contributor to the Latin America nutraceuticals market and are likely to retain the dominant position till the end of 2017. Within dietary supplements, proteins and peptides are the key revenue generator for the Latin America nutraceuticals industry, followed by vitamins and minerals, herbals, and non-herbals. Apart from dietary supplements, the functional beverages segment is also likely to exhibit rapid growth over the forecast period due to the convenience of adding nutritional compounds to beverages.
Geographically, Brazil is likely to be the leading contributor to the Latin America nutraceuticals market, and is expected to hold a share of 24.4% in the Latin America market by the end of 2017. “The steady rise of the urban middle class in Brazil is crucial for the Latin America nutraceuticals market, as it is an informed demographic with sufficient purchasing power to make an impact on the overall market,” said TMR’s lead analyst. The rapid urbanization in other countries such as Argentina, Chile, Colombia, and Venezuela is also likely to be a key driver for the Latin America nutraceuticals market in the coming years.
Rising Costs of Healthcare to Drive Demand for Nutraceuticals
The rising cost of healthcare in Latin America is leading to many consumers trying to adopt a healthier lifestyle to avoid diseases in the first place. This has been a crucial driver for the Latin America nutraceuticals market, as state-sponsored healthcare avenues are still lacking in resources in many parts of the region and many consumers still can’t afford private healthcare.
The vast potential of the region’s developing countries has also resulted in several players trying to establish a firm operations base in Latin America, which is likely to benefit the regional nutraceuticals market significantly in the coming years.
Product Innovation, Smart Use of Online Platforms Emerge as Key Growth Strategies
Consistent product innovation to make nutraceuticals safer and more effective is one of the key strategies for players in the Latin America nutraceuticals market to pursue in the coming years. Due to the relatively recent entry of the nutraceuticals industry in Latin America, raising awareness about their efficacy and easy availability is another tactic that’s likely to help players in the Latin America nutraceutical products market.
The rising consumer base of social media platforms and online retail websites is another promising opportunity for leading players in the Latin America nutraceuticals market. Smart use of social media for raising awareness about nutraceuticals and widespread use of online retail websites to exploit the expanding penetration of the Internet in Latin America have thus emerged as a key strategy for key players in the Latin America nutraceuticals market.
The information in this preview comes from a Transparency Market Research report titled ‘Nutraceuticals Product Market: Latin America Market Size, Segment And Country Analysis And Forecasts 2007-2017.’
The Latin America nutraceuticals market is segmented as follows:
Latin America nutraceuticals market, by product type:
- Functional food
- Functional beverages
- Dietary supplements
Latin America nutraceuticals market, by geography:
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