Sales in Latin America went into decline in real value terms in 2022, although this was understandable, given the strong growth seen during the pandemic, particularly in 2020, when consumers had been actively seeking out immunity-boosting products.. In spite of the difficult economic environment due to local and global inflationary pressures, the 2022 decline is expected to be a one-off, with healthy annual growth rates expected in the region from 2023.
This report comes in PPT.
As the impetus provided by the pandemic, which drove particularly strong growth in sales of both vitamins C and D, continued to diminish, sales of vitamins and dietary supplements went into reverse in Latin America in 2022. However, they remain well above pre-pandemic levels, with the burgeoning health and wellness trend helping to encourage an ongoing move to preventative care among local consumers rather than trying to treat symptoms once ill.
Collagen is a product area that is expected to see continued growth, with consumers becoming increasingly aware of its wide range of benefits, ranging from improving joints, skin and/or hair, to its functionality when playing sports or taking exercise. Collagen, which is gaining particular visibility through its beauty and skin health claims, falls under the combination dietary supplements category.
Pharmacies, which dominate the huge Brazilian market, continue to be the leading distribution channel in the Latin America region. Next comes direct selling, still a key sales mode in a number of countries, in spite of increasing competition from e-commerce as well as the problems experienced due to COVID-19 lockdowns and social distancing. Internet retailing was one the big “winners” in the pandemic, recording strong growth in its sales and share, but it still only accounts for just under 5% of overall retail value in the region.
Consumers will be increasingly searching for the preventative properties that vitamins and dietary supplements offer them in the coming years. While these products could suffer from competition from fortified/functional foods and beverages, consumers are still expected to be looking to vitamins and supplements to help maintain good health and boost their immunity.
It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and WellbeingSee All of Our Definitions
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