According to the e-book, Latin America has the second fastest growth in the Vitamins and Dietary Supplements (VDS) market worldwide, with an average annual increase of almost 5% from 2008 to 2013. Rising disposable income and consumer adoption of health and wellness trends are among the drivers pushing growth. This caught the attention of several international players, which has resulted in increased competition and product development.
Brazil and Mexico are the largest VDS markets in the region, accounting for 32% and 27% of total Latin America retail value sales in 2013, respectively. Ecuador and Venezuela are among the fastest growing countries with annual growth of 6.1% and 5.5% (constant terms, fixed exchange rates) in retail value sales between 2008 and 2013, respectively. While general, bone (calcium supplements) and digestive (fiber and probiotics) health claims tend to perform the strongest across the region, beauty supplements claiming to promote healthy skin and nails are particularly popular in Argentina, Chile and Colombia. Heart health products are experiencing strong growth in countries like Venezuela, Peru and Bolivia due to the accepted benefits of fish oils.
According to Mark Strobel, consumer health analyst, “Companies should take into consideration the global overview of the VDS market. Key players in Latin America should be aware of strategies such as recommendation and private label premiumization that have proven successful in other markets.”
The exceptional performance of the VDS market in Latin America is expected to continue. Retail value sales are anticipated to grow by 3% (constant terms, fixed exchange rates) yearly through 2018 to reach $5.5 billion.