Vitamins saw a strong spike in sales in 2020, mainly driven by the desperate need for immune system reinforcement that most Chileans consider to be essential to help prevent contracting COVID-19. Following the outbreak of the pandemic at the beginning of March, consumers rapidly turned towards vitamin products like vitamin C, vitamin D and multivitamins, often paying little attention to price.
As consumer stockpiling continued during the initial weeks following the outbreak, the entire vitamin industry was concerned about imminent supply issues. The fact that Asian markets were closed prevented imports, thus resulting in widespread shortages throughout Chile.
After panic stockpiling in March, sales significantly dropped in April and May, with demand trends returning to normal. As consumers already stocked vitamins, most players have turned to aggressive promotions to reactivate the category for the winter season.
As part of the preventative health trend seen over the last couple of years, Chileans have accelerated their interest in healthcare, especially in light of the COVID-19 pandemic. There is now strong awareness about the long-term benefits that different vitamins offer, such as increased energy and performance via B complex and better skin and bone health through consumption of vitamin D, which has been incorporated into the diets of most elderly people.
Benefiting from outstanding performance in 2020, vitamins companies could potentially continue momentum by targeting a larger range of consumers. Like other categories such as supplement nutrition drinks, vitamins brands now benefit from wider awareness of the health improvements of preventative solutions and growing interest among younger people.
Vitamins is expected to continue to perform well in the long term as the COVID-19 outbreak has resulted in a major rise in consumer awareness of the benefits offered by these products. However, growth is expected to normalise in 2021 as not all consumers will continue to buy products in the category in the long term due to uncertainty over the economic situation following the pandemic.
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Understand the latest market trends and future growth opportunities for the Vitamins industry in Chile with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Vitamins research and analysis database.
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