Latin America is one of the bright spots in consumer health. Rising incomes, new products and greater adoption of health and wellness trends are contributing to an exceptional performance in the region. To keep the momentum going, companies are developing innovative corporate strategies while using imaginative marketing campaigns to captivate younger adults, who will sustain growth for the industry in years to come.
The economic vitality of Latin America in the past three years has spurred a flow of accessible and affordable consumer health products to millions of people in the region, even including those in remote areas.
The strength of consumer health continues to rely on essential OTC drugs: analgesics, cough, cold and digestive remedies, and dermatologicals. However, consumers are more willing to try new formulations, delivery formats and packaging for such products, which are now available at pharmacies.
Higher incidence and prevalence rates of non-chronic communicable diseases such as diabetes, cardiovascular health deterioration, and chronic obstructive pulmonary diseases are prompting governments, the industry and consumers to focus on the adoption of healthier lifestyles in a self-care setting.
The number of elderly adults in the region will increase significantly in the next 20 years, as birth rates plummet and life expectancy rises. An emerging cooperation between governments and the industry aims to explore and draft health initiatives aimed to face the future health challenges of the population.
Traditional OTC drugs, and vitamins and dietary supplements are being invigorated to earn more revenue via improved formulations, attractive packaging and lower prices. Consumers are seeking a more natural approach to healing through products boasting natural ingredients.
Latin Americans are anticipated to spend more money on consumer health as they gain further access to self-care education via traditional and digital media outlets that promote novel and effective brands and therapies.
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