The Latin America Wellness Supplements Market was worth USD 21.98 billion in 2016 and estimated to be growing at a CAGR of 7.3%, to reach USD 31.27 billion by 2021.
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Supplements are additional vitamins, minerals, fatty acids or similar nutrients that are consumed in tandem with a balanced diet to provide the body with extra nutrients. They should not be used for the treatment of any disease or its prevention with the exception being vitamins that can be administered in appropriate quantities by trained medical personnel.
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There are more than 50000 different varieties of wellness supplements available. The most dominant company producing wellness supplements cannot be mentioned as there is no single distinct leader in the wellness supplements market as each product segment is dominated by a different player.
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In addition to the consumed dietary supplements, wellness supplements also consist of beauty products such as Anti-Aging and Anti-Acne products.
The rise of the wellness supplements market in the Latin America region is driven by the rising healthcare costs. With the prevalence of chronic diseases growing, the amount of money people spend on healthcare is also increasing.
As such people are turning their attention from disease care to disease prevention. As such the demand for wellness supplements is increasing.
The rising geriatric population is another factor that drives the market. However, regulatory compliance is expected to restrain the market upto some extent along with the high costs associated with supplements.
The Latin America Wellness Supplements market is broadly classified based on products into Dietary Supplements such as Vitamin, Mineral, Protein and Herbal, Fortified Food & Beverages such as Omega Fatty Acid, Probiotic Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, Sports Drinks and Fortified Juices, Food Intolerance Products such as Gluten-free, Lactose-free and Diabetic food and Dermo-Cosmetic Skin Essentials such as Anti-Aging, Anti-Cellulite and Anti-Acne Supplements. Based on geography, the Latin America market is divided into Mexico, Argentina and Brazil.
Other Latin America markets also form a minor part of the region. The region is one of the most promising markets in coming years with the developing economies of the countries in the region.
This is evident from the high CAGR of the region which is second only to Asia-Pacific.
The major market players in the wellness supplements market are Nestle S.A. (Switzerland), Abbott Laboratories (U.S.), Amway (U.S.), Otsuka Holdings Co., Ltd.
(Japan), Herbalife Ltd. (U.S.), Archer Daniels Midland Company (U.S.), Glanbia plc (Ireland), NBTY, Inc. (U.S.), GNC Holdings Inc. (U.S.), and Nu Skin Enterprises, Inc.
(U.S.). Other players in the market include Grupo Omnilife (Mexico), Forever Living (U.S.), Pola, Inc. (Japan), Shaklee Corporation (U.S.), and Usana Health Sciences Inc.
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