Vitamins and Dietary Supplements in Latin America

November 2022

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.

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This report comes in PPT.

Key Findings

COVID-19-driven dynamism followed by decline in 2022

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 offers great potential

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.

E-commerce grows but remains in the shadow of direct selling

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.

Positive growth expected over the forecast period

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.


Key findings
Latin America the most dynamic region over 2017-2022
Pandemic provides a strong boost to growth in 2020
Argentina most dynamic but Brazil and Mexico make the greatest gains in 2017-2022
Vitamins in Argentina record particularly dynamic growth over 2017-2022
Dietary supplements the biggest category, but vitamins more dynamic over 2017-2022
Collagen is an increasingly important area in dietary supplements
Pharmacies is the leading sales channel for vitamins and dietary supplements…
…but direct selling also continues to play an important role
Vitamins and dietary supplements a fragmented competitive landscape regionally
Bayer benefits from the demand for vitamin C during the pandemic
Top five players well represented across the region
Herbalife Nutrition continues to lead the brand rankings
Positive growth expected for Latin America over 2022-2027
Vitamins will continue to outpace dietary supplement in growth terms
Argentina: Market Context
Argentina: Competitive and Retail Landscape
Bolivia: Market Context
Bolivia: Competitive and Retail Landscape
Brazil: Market Context
Brazil: Competitive and Retail Landscape
Chile: Market Context
Chile: Competitive and Retail Landscape
Colombia: Market Context
Colombia: Competitive and Retail Landscape
Costa Rica: Market Context
Costa Rica: Competitive and Retail Landscape
Dominican Republic: Market Context
Dominican Republic: Competitive and Retail Landscape
Ecuador: Market Context
Ecuador: Competitive and Retail Landscape
Guatemala: Market Context
Guatemala: Competitive and Retail Landscape
Mexico: Market Context
Mexico: Competitive and Retail Landscape
Peru: Market Context
Peru: Competitive and Retail Landscape
Uruguay: Market Context
Uruguay: Competitive and Retail Landscape

Consumer Health

It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and Wellbeing

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