Latin America Nutritional Supplements Market To Reach $94.9 Billion By 2030

Latin America Nutritional Supplements Market Growth & Trends

The Latin America nutritional supplements market size is projected to reach USD 94.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 8.0% from 2023 to 2030. Latin America has been a developing region, with a high burden of chronic diseases and obesity. The current prevalence of which is more than 60% across the region. According to ALANUR, the national consumption of nutritional supplements in Brazil is more than 59%, of which 42% market is for vitamins alone. This shift in the focus towards higher consumption, aiming at overall health has been driving the growth of the market.

A research article published on PubMed states, that the prevalence of chronic diseases like diabetes and hypertension is quite high in the region, especially in Mexico, Haiti, and Puerto Rico, slightly lower in Colombia, Dominican Republic, Uruguay, Peru, and Ecuador. Nutritional supplements have been increasingly in use since the COVID-19 pandemic, and the sales of vitamins and other functional foods have skyrocketed.

Countries like Mexico, Brazil, and Peru have been keenly interested in sports. The sports activity in these countries has relatively increased as compared to previous decades, due to which sports nutrition supplements have been in high demand, thus augmenting the growth of the Latin America market for nutritional supplements. As per ALANUR, protein makes up 11% to 30% of the total nutrition supplements market, depending on geography. It is highest in Brazil and lowest among the Latin American countries in Colombia.

Functional foods held the largest market share of 57.7 % in 2022. Prebiotics and omega-3 as primary offerings have been highly demanded by consumers across the subcontinent. The COVID-19 pandemic has altered people toward the possible dangers of lapses in immunity, since the onset, the functional foods segment has been steadily growing alongside vitamins and other supplements. The sports segment registered the fastest growth, owing to the increasing inclination toward sports and physical activity. The increase in disposable incomes has also been a primary factor promoting the growth of this segment.

The adult consumer group was among the largest consumers in the Latin American region. Owing to the higher tendency of this age group to develop chronic diseases and lifestyle diseases, they are more health-conscious and are increasingly incorporating nutritional supplements in their diets to complete their nutritional requirements. This has been a primary reason for the growth of this market. The children are the fastest emerging consumer group. Increasing awareness about proper health since early childhood has been gaining a lot of popularity and has been contributing greatly to the growth of the market.

The powder formulations segment held the largest share in 2022 due to the high product density in the market. This formulation type has the advantage of being more easily dispersible and comes in various flavors and has been widely preferred by consumers. Sports nutrition segment, which in itself is a huge segment, which has the majority offering in powder formulations, thus contributing to the growth of the market.

The capsules segment has been emerging as the fastest-growing formulation type. This has been due to the growth of the functional food segment, which has product offerings in capsule formulations. The capsules have the advantage of being less irritable for the GI tract, also more than one supplement can be delivered in a single dose. These factors have been contributing significantly toward the growth of the market.

Brick and mortar sales and direct sales through multilevel marketing have been major contributors to the revenue share of the nutritional supplements in Latin America. Although the e-commerce sales have been growing over the past few years Latin America as a region has a high presence of direct sales channels and brick and mortar retail stores for the distribution of these OTC nutritional supplements. Sales through online channels have been gaining momentum due to COVID-19-related restrictions and will continue to climb, contributing significantly to the growth of the market.

Brazil was the largest region based on the sales revenue for the nutritional supplements in Latin America. Brazil’s consumption of nutritional supplements has been high, with vitamins and functional foods as the highest in demand. The growth can be attributed to the country’s evolving economy. The per capita income has also increased as compared to previous decades. This has resulted in higher purchasing power of consumers resulting in the growth of the market. Argentina has been identified as the fastest-growing region in Latin America, with a CAGR of % for 2023 - 2030. Increasing awareness about the benefits of nutritional supplements is driving the growth.

COVID-19 has been a major driving force for the growth of this market in nutritional supplements. It has provided a necessary impetus for growth in the Latin American region. The region’s hard-hit population during the pandemic has been a major reason for the growth of the vitamins and functional foods category in nutritional supplements. The market is currently untapped and has huge growth potential and is projected to have a significant market share in the global market.

 Request a free sample copy or view the report summary: Latin America Nutritional Supplements Market Report

Latin America Nutritional Supplements Market Report Highlights

• The functional foods product category held the largest revenue share of 57.7% in 2022, owing to the growing popularity of these foods in boosting immunity

• The adult consumer segment held the largest market revenue share in 2022, due to the increase in awareness regarding a balanced diet and complete nutrition

• Powder formulations held the largest market share of 37.5% as of 2022; however, the growing popularity of capsule formulations has been responsible for the growth of the market

• Direct sales and brick-and-mortar retail stores are the majorly preferred sales channels. Online sales have been gaining a lot of traction due to the ongoing pandemic and are expected to grow in the future

• Brazil held the largest market share in the Latin America region, owing to the growing chronic disease burden and rising awareness about preventative health. Argentina was among the fastest-growing region and is expected to grow significantly over the forecast period

Latin America Nutritional Supplements Market Segmentation

Grand View Research has segmented the Latin America nutritional supplements market based on product, formulation, sales channel, consumer group and country:

Latin America Nutritional Supplements Product Outlook (Revenue, USD Million, 2018 - 2030)

• Sports Nutrition

  • Sports Supplements

    • Protein Supplements

      • Egg Protein

      • Soy Protein

      • Pea Protein

      • Lentil Protein

      • Hemp Protein

      • Casein

      • Quinoa Protein

      • Whey Protein

        • Whey Protein Isolate

        • Whey Protein Concentrate

    • Vitamin

    • Minerals

      • Calcium

      • Potassium

      • Magnesium

      • Iron

      • Zinc

    • Amino Acids

      • BCAA

      • Arginine

      • Aspartate

      • Glutamine

      • Beta Alanine

      • Creatine

      • L-carnitine

    • Probiotics

    • Omega-3 Fatty Acids

    • Carbohydrates

      • Maltodextrin

      • Dextrose

      • Waxy Maize

      • Karbolyn

    • Detox Supplements

    • Electrolytes

    • Others

  • Sports Drinks

    • Isotonic

    • Hypotonic

    • Hypertonic

  • Sports Food

    • Protein Bars

    • Energy Bars

    • Protein Gels

  • Meal Replacement Products

  • Weight Loss Products

• Fat Burners

  • Green Tea

  • Fiber

  • Protein

  • Green Coffee

  • Others

• Dietary Supplements

  • Vitamins

    • Multivitamin

    • Vitamin A

    • Vitamin B

    • Vitamin C

    • Vitamin D

    • Vitamin E

  • Minerals

  • Enzymes

  • Amino Acids

  • Conjugated Linoleic Acids

  • Others

• Functional Foods & Beverages

  • Probiotics

  • Omega-3

  • Others

Latin America Nutritional Supplements Consumer Group Outlook (Revenue, USD Million, 2018 - 2030)

• Children

• Adults

  • 21-30 years

  • 31-40 years

  • 41-50 years

  • 51-65 years

• Geriatric

Latin America Nutritional Supplements Formulation Outlook (Revenue, USD Million, 2018 - 2030)

• Tablets

• Capsules

• Powder

• Softgels

• Liquid

• Others

Latin America Nutrition and Supplements Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Brick & Mortar

  • Direct Selling

  • Chemist/Pharmacies

  • Health Food Shops

  • Hyper Markets

  • Super Markets

• E-commerce

Latin America Nutritional Supplements Country Outlook (Revenue, USD Million, 2018 - 2030)

• Brazil

• Mexico

• Argentina

List of Key Players of Latin America Nutritional Supplements Market

• Herbalife International of America, Inc.

• Amway International

• Bayer AG

• Sanofi

• Abbott Nutrition

• Nestle Nutrition

• Pfizer, Inc.

• GNC Holdings, Inc.

• Ground & Pound Supplements