The
Latin America nutraceutical products market is likely to grow
smoothly in the coming years due to the conducive environment created
by the rising health awareness among the region’s population.
According to Transparency Market Research, the Latin America
nutraceuticals market is expected to exhibit a steady 4.20% CAGR from
2007 to 2017, with the market’s valuation is expected to rise to
US$7.8 bn by the end of 2017.
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Rising
Demand for Protein and Vitamin Supplements to Ensure Dominance of
Dietary Supplements Segment
By
product type, the Latin America market for nutraceutical products is
segmented into functional food, functional beverages, and dietary
supplements. Of these, dietary supplements are the leading
contributor to the Latin America nutraceuticals market and are likely
to retain the dominant position till the end of 2017. Within dietary
supplements, proteins and peptides are the key revenue generator for
the Latin America nutraceuticals industry, followed by vitamins and
minerals, herbals, and non-herbals. Apart from dietary supplements,
the functional beverages segment is also likely to exhibit rapid
growth over the forecast period due to the convenience of adding
nutritional compounds to beverages.
Geographically,
Brazil is likely to be the leading contributor to the Latin America
nutraceuticals market, and is expected to hold a share of 24.4% in
the Latin America market by the end of 2017. “The steady rise of
the urban middle class in Brazil is crucial for the Latin America
nutraceuticals market, as it is an informed demographic with
sufficient purchasing power to make an impact on the overall market,”
said TMR’s lead analyst. The rapid urbanization in other countries
such as Argentina, Chile, Colombia, and Venezuela is also likely to
be a key driver for the Latin America nutraceuticals market in the
coming years.
Rising
Costs of Healthcare to Drive Demand for Nutraceuticals
The
rising cost of healthcare in Latin America is leading to many
consumers trying to adopt a healthier lifestyle to avoid diseases in
the first place. This has been a crucial driver for the Latin America
nutraceuticals market, as state-sponsored healthcare avenues are
still lacking in resources in many parts of the region and many
consumers still can’t afford private healthcare.
The
vast potential of the region’s developing countries has also
resulted in several players trying to establish a firm operations
base in Latin America, which is likely to benefit the regional
nutraceuticals market significantly in the coming years.
Product
Innovation, Smart Use of Online Platforms Emerge as Key Growth
Strategies
Consistent
product innovation to make nutraceuticals safer and more effective is
one of the key strategies for players in the Latin America
nutraceuticals market to pursue in the coming years. Due to the
relatively recent entry of the nutraceuticals industry in Latin
America, raising awareness about their efficacy and easy availability
is another tactic that’s likely to help players in the Latin
America nutraceutical products market.
The
rising consumer base of social media platforms and online retail
websites is another promising opportunity for leading players in the
Latin America nutraceuticals market. Smart use of social media for
raising awareness about nutraceuticals and widespread use of online
retail websites to exploit the expanding penetration of the Internet
in Latin America have thus emerged as a key strategy for key players
in the Latin America nutraceuticals market.
The
information in this preview comes from a Transparency Market Research
report titled ‘Nutraceuticals
Product Market: Latin America Market Size, Segment And Country
Analysis And Forecasts 2007-2017.’
The
Latin America nutraceuticals market is segmented as follows:
Latin
America nutraceuticals market, by product type:
- Functional food
- Functional beverages
- Dietary supplements
Latin
America nutraceuticals market, by geography:
- Brazil
- Argentina
- Chile
- Peru
- Colombia
- Venezuela
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