In 2020, vitamins is expected to see much higher current value growth than in the previous year, due to Costa Rican consumers increasing their demand for vitamins due to COVID-19. The increased demand was particularly evident during the panic-buying period between March and May, where many consumers feared shortages and limited access to stores.
Despite the sudden spike in demand for vitamins seen during the first two months of lockdown in 2020, unlike other consumer health categories where initial stockpiling led to a subsequent drop in demand right afterwards, the per capita consumption dynamics in relation to vitamins were maintained throughout the rest of the year. So, after inventories normalised and products became widely available again, consumers maintained their elevated interest in vitamin consumption.
GNC Costa Rica SA and GlaxoSmithKline de Costa Rica SA (GSK) continued to lead vitamins sales in Costa Rica in 2020. Both manufacturers and retailers saw a major increase in demand across online selling platform after March 2020.
After the expectation of a strong increase in the current value growth rate of vitamins in 2020, the growth rate in 2021 is expected to drop back slightly, and then sustain stable yet strong growth throughout the forecast period. While some consumers may consume fewer types of vitamins as the number of COVID-19 cases fall, and some who turned to them in a time of health crisis may cease their consumption, most consumers are expected to sustain their consumption as vitamins are locally considered as one of the best preventative health approaches available.
Several companies shifted to focus on developing their online selling platforms in 2020, with more development opportunities anticipated over the forecast period to keep up with consumer demand. Within online selling platforms, more affordable product positioning is expected to gain momentum, as a result of the economic recession expected after 2021.
The new normal preventive health care dynamics are expected to remain focused on boosting the population’s immune responses over the forecast period. In this instance, the consumption of vitamins will play a major role in local consumers’ efforts to feel more secure and prepared if required to deal with virus threats over the coming forecast period.
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Understand the latest market trends and future growth opportunities for the Vitamins industry in Costa Rica 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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