South America weight management products market is projected to witness a CAGR of 3.8% during the forecast period, 2020-2025.
- The market is primarily driven by the rising incidence of obesity and chronic diseases in the region. Other factors affecting the weight management products include a rise in awareness about nutrition and healthy lifestyles, an increasing number of fitness centers, and rising disposable income across the region. In addition, an increasing number of health and fitness clubs across the region fueled the market’s growth. Moreover, product innovations by leading players, such as herbal and organic slimming products, are boosting the market’s growth.
- However, the major factor restraining the growth of the market is the high cost of weight management products, owing to the additional processing required for low-calorie products and additional nutrients, such as vitamins and minerals.
Key Market Trends
Rising Obesity & Overweight Concern Across The Region
In South American countries, there has been a significant increase in obesity rates in all age groups. According to the Ministério da Saúde, Brazil, the share of the adult population who were considered overweight in Brazil has increased from 52.5% to 55.7% in the period 2014 to 2018. Similarly, according to the results of the recent National Survey Risk Factors, 33.1% of the population in Argentina is overweight and 32.4% is considered obese based on a national survey, where nearly two-thirds of the respondents (64.9%) indicated a low level of physical activity and 34.6% have high blood pressure.
However, the involvement of different governmental sectors and national policies favored the South American region significantly. For instance, in 2008, Argentina approved a national obesity law, the so-called ‘Ley de Obesidad’, that establishes a national policy for the approaches to the prevention of obesity. Similarly, Brazil took initiatives at the municipal level, by joining the project ‘Lighter City’ (‘Cidade Mais Leve’) to approve laws that deal with the needs of overweight and obese patients and citizens.
Brazil to Drive the Regional Market
Brazil is expected to hold the largest market size in the weight management products market during the forecast period in the South America region. Factors such as the increasing incidence of obesity and chronic diseases, rising awareness about nutrition and healthy lifestyles, and rising disposable income are the major factors supporting the growth of the weight management products market in this region. The increasing number of health and fitness centers has been positively influencing the growth of the market, as these centers are involved in the endorsement of weight loss products among their respective consumers. Most of the health clubs are engaging in the sale of fat burn beverages, supplements, and similar nutrition products.
The South America weight management products market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the market include Herbalife International of America, Inc., The Hut.com Limited (Myprotein), Carson Life Inc., N.V. Perricone LLC, BPI Sports LLC, and IAF Network S.r.l. among others.
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