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Vitamins and Dietary Supplements (VDS) in Latin America

June 2018

Growing preoccupation with health, greater concern for long-term disease prevention, and greater product variety are driving the VDS market in Latin America. The low current per capita consumption rate leaves much potential for growth, as consumers become more aware of the benefits of VDS products, and disposable incomes rise along with the middle-income segment.

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Greater concern for healthy lifestyles and disease prevention spurs VDS’ growth

Growing preoccupation with health, greater concern for long-term disease prevention, and greater product variety are driving the VDS market in Latin America. The low current per capita consumption rate leaves much potential for growth as consumers become more aware of the benefits of VDS products, and disposable incomes rise along with the middle-income segment.

Dietary supplements will continue to lead the category

While vitamins will witness a greater CAGR over 2017-2022, dietary supplements will continue to lead the market with a 51% share. Over 40% of this is driven by sales in Brazil, followed by Mexico with 21%, and Peru with 12%. In particular, probiotics and fish oils/omega fatty acids will see high growth.

Changing demographics boosts VDS sales

More hectic lifestyles, especially among women, who are increasingly entering the workforce, are having a detrimental effect on balanced diets and encouraging consumers to look for convenient solutions, such as vitamins, to improve their nutrient intake. Furthermore, the ageing population is driving consumers to migrate from products focussed on disease treatment to prevention. Among other factors, movement towards vitamins and dietary supplements is hoped to reduce healthcare costs later in life.

Direct sellers dominate in Latin America

Direct selling continues to lead and drive growth in Latin America, particularly in Peru, where 39% of sales come from this channel. Consumers prefer the more informal setting, and focus on personal interaction as well as more affordable prices. Companies such as Herbalife, Omnilife and Amway lead the way in the region.

introduction

Scope
Key findings

REGIONAL OVERVIEW

The VDS market in Latin America is small, but offers potential
VDS market growth linked to economic performance

Regional Overview

Dietary supplements drive growth in the region
Consumers increasingly search for preventive solutions
Growing middle class spurs growth in VDS products
Growth varies by product and country
Vitamins that supplement poor diets expected to drive future growth
Health and beauty specialists continues to lead in the region
Direct sellers is a key channel, targeting low-income consumers

LEADING COMPANIES AND BRANDS

VDS is a fragmented market in Latin America
Latin America dominated by multinational firms

Leading Companies and Brands

Brazilian and Mexican companies also have a strong hold in the region
Herbalife and Centrum are trusted brands across the region

Forecast Projections

Mexico and Brazil see greatest absolute forecast growth
Hectic lifestyles and concern over disease prevention drive demand

Country Snapshots

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
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