The South American omega-3 products market is projected to register a CAGR of 8.3%, during the forecast period (2020-2025).
Across the region, dietary supplements have been estimated to lead the market, on the other hand, omega-3 products across infant formula are expected to record a comparatively higher CAGR.
Brazil dominates the market, due to its high consumption of healthy food, as compared to other countries, followed by Argentina. With more well-informed consumers who want to improve their lifestyles, the whole South American region is primed for continual growth, citing the consumption of omega-3-based products.
Key Market Trends
Growing Demand for Omega-3 Products in Brazil
Across Brazil, people are mostly aware of the benefits of omega-3, pertaining to cardiovascular and brain health. Many international companies are introducing new algal-based EPA products or collaborating with Brazilian companies to launch algal-based EPA-fortified products and supplements in the Brazilian market.
The main source of omega-3 for the Brazilian population is fish, followed by fortified foods. The growing middle-class population allows for more disposable income, along with the spread of technology and growing education, which led to more knowledge about personal health. This increasing health concern in Brazil is driving the demand for omega-3 products, mostly in supplements and pharmaceutical drugs.
Consistent Demand for Healthy Foods, Specifically from the Emerging Nations
South American countries, such as Chile, are one of the topmost importers of the US "consumer-oriented products". The demand for healthy food products continues to grow, with increasing health awareness and disposable incomes. The US products are perceived to be of high quality, and safe, unique, and reliable. Hence, consumers are increasingly searching for gourmet and differentiated products, providing excellent opportunities for US exporters.
Across Chile, the emergence of millennial consumers having higher disposable incomes is a positive influencer for the omega 3 products to grow. These sets of consumers tend to buy less in terms of volume but are looking for high value-added products, such as fortified and functional food and beverages.
Major players operating in the South American omega-3 products market are Nestle SA, Amway Corp., Unilever, GNC, and Herbalife, among others. Domestic companies are vying for their market share and are majorly engaged in the production of infant formula based products. This has led to low market visibility, however, the market is anticipated to witness an increasing rate of mergers and acquisitions, followed by product innovation, leading to higher competition among established players.
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