Single vitamins enjoy a slightly more competitive environment in 2018 in terms of variety, although all retail volumes show negative growth rates. Vitamin C exhibits the largest number of available brands whereas vitamin A is all but completely absent from shelves, likely due to higher average unit prices.
Sales value of multivitamins and single vitamins used to be almost evenly split until 2015, when Merck, Pfizer and Bayer either halted production or exited the country altogether due to unfavourable regulations over repatriation of profits imposed by the government. In 2018, the large majority of sales is comprised of single vitamin products.
According to Euromonitor International’s research, fortified packaged food is the largest and most mature category of health and wellness packaged food in Venezuela. In fact, fortification with vitamins and minerals is an industry standard in some packaged food categories such as baby food, pasta, and breakfast cereals, rather than a differentiating element.
Vivax Pharmaceuticals leads with Cevax, which is the most visible brand of vitamin C after the departure of Merck with its bestselling brand Cebión. Tied in first place is Cofasa thanks to a strong positioning in single vitamins with its brand Miovit.
Amway de Venezuela LLC trails behind domestic laboratories thanks to the supply of its multivitamin Nutrilite, a brand of vitamin C under the name Cereza Acerola (scientific name: Malpighia glabra also known as Barbados cherry) and Lecitine E. These products carry the highest unit prices in vitamins and are marketed through the direct selling channel.
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Understand the latest market trends and future growth opportunities for the Vitamins industry in Venezuela with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Vitamins research and analysis database.
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