Volume declines of health and wellness (HW) categories were tied to growing shortages of imported raw materials and packaging bottlenecks. Until 2010, the government was able to supply the need for packaging with imports.
Overall food scarcity, in particular of staple foods, reached seriously low levels in 2016 that continued into 2017, when several NGOs called it a famine. According to the Survey of Life Conditions (ENCOVI in Spanish), 73% of people surveyed stated that they experienced unplanned loss of weight during 2016 of 8.
Multinationals held the top five positions in health and wellness during 2017, led by Pepsi-Cola Venezuela CA thanks to a strong presence in fortified/functional (FF) beverages, BFY reduced sugar carbonates and NH beverages. Coca-Cola FEMSA de Venezuela SA’s and Pepsi-Cola Venezuela CA’s performances were benefited from the deregulation of the price of bottled water and shortages of sugar, which boosted the production of non-sugar versions of popular products.
Traditional grocery retailers continued to account for the majority of health and wellness sales, with consumers preferring this channel because of its convenience. Indeed, traditional grocery retailers even took share from modern grocery retailers in the last two years of the review period.
Health and wellness is predicted to decline in both retail volume and value terms at constant 2017 prices over the forecast period. Continued deterioration of purchasing power will restrict household budgets ever more in the coming years.
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Discover the latest market trends and uncover sources of future market growth for the Health and Wellness industry in Venezuela with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Health and Wellness market research database.