South America Dietary Supplement market is projected to grow at a CAGR of 7.7% during the forecast period (2020 - 2025).
- The dietary supplements market is preliminarily driven by the paradigm shift towards preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle diseases.
- Consumers in South America have a greater understanding of the relationship between diet and health, which is fueling the growth in the industry. Besides, the increased purchasing power of the middle class in recent years is triggering market growth.
- The consumers in South America are more influenced by strong advertising and promotional initiatives conducted by the companies, as well as the retail distributors.
Key Market Trends
Increased Demand of Vitamin Supplements
The preventive healthcare practices that are in vogue nowadays, coupled with multivitamins deficiency that is commonly observed owing to inadequate intake, are driving the demand for vitamin supplements. Additionally, the increasing number of personalized online systems available to consumers free of charge is driving the demand for dietary supplements. Both manufacturers and retailers are beginning to offer free access to “wellness tools” that create a customized vitamin list based on a consumer’s specific conditions and need. High prevalence of vitamin deficiency among healthy postmenopausal women in this region is expected to further boost the demand. Regular usage of vitamins seems to increase with age, and women tend to take more supplements than men.
Brazil Dominated the South America Dietary Supplement Market
Brazil has a young and growing population and has a diverse economic base. The growing middle class, with increasing disposable income, and enhanced technology are some of the contributing factors to the growth of the dietary supplement market. The country has rich sources of natural local ingredients, such as guaraná or yerba mate, which can offer huge investment opportunities for companies. The increasing presence of supplement products is further spurred by a better-educated middle class that is willing to spend on dietary supplements, as it perceives them as both lifestyle accessories and aid to healthier, longer lives. Government efforts and health awareness campaigns targeted toward obesity and diabetes have prompted consumers to opt for weight-management and blood-sugar-regulating supplements.
The South American dietary supplement market is highly fragmented and the major companies are Herbalife Nutrition Ltd., Medcell, Bayer AG, Amway, and Sanofi among others. Consumers prefer innovation in dietary supplements, an example of which is the flavors and unique packaging. The major players are focusing on introducing new product development, expansion, mergers and expansion and partnerships to cater to the interests of the consumers.
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