The Latin America nutrition & dietary supplements market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the wide prevalence of chronic diseases, increasing number of health-conscious population, rising disposable income of people, and growing geriatric population in the region.
As per the US Census Bureau, in 2015, the elderly population in the region including the Caribbean were around 47.1 million and was expected to reach around 82 million by 2028. In general, majority of geriatric population are lack of essential nutrients especially vitamin D due to reduced sunlight exposure, condensed dietary intake, and impaired intestinal absorption. Hence, demand of nutrition and dietary supplements is widely recommended among these groups of people to increase their immune systems.
Although several programs and policies regarding the awareness of nutritional value and its impact to health fitness are being timely conducted, still more initiatives from governments are needed for addressing several nutrient deficiency conditions such as vitamin A deficiency, stunting, malnutrition, and anemia. Several public as well as private organizations are increasingly taking part in various initiatives for improvement of healthcare concerns in Latin America, which aid the increasing demand of nutrient and dietary supplements in the region. For instance, a Canada-based non-governmental organization (NGO) called Nutrition International, formerly known as Micronutrient Initiative, is actively involved for tackling malnutrition in the region.
Globally, tackling malnutrition is one of the biggest health issues and several groups of people especially children and aging population are the major victims of the health issue. In Central and South American countries such as Guatemala and Bolivia, some organizations are actively working towards some initiatives to address malnutrition. The Government of Bolivia collaborated with Nutrition International and started an awareness program called Programa Multisectorial Desnutrición Cero (PMDC) or Multi-Sectoral Zero Malnutrition Program. This program had targeted the micronutrient interventions such as multi-micronutrient for children who are between six months to 23 months, provision of iron-folic acid for lactating and pregnant women, and vitamin A for children under five years of age. Moreover, the region is still facing another major health issue due to increase in the number of obesity. Based on a report by Lancet, in 2014, around 300 million people were facing overweight in the region and out of this, around 100 million were obese. Hence, this plays and important role to raise the demand for nutritional supplements in Latin America.
Market Trends, Drivers, Restraints, and Opportunities
•Rising awareness about health-related issues among people and increasing disposable income of people to spend on dietary supplements are expected to drive the expansion of the market.
•Growing prevalence of chronic diseases such as obesity, cardiovascular diseases, and diabetes along with the increasing geriatric population in the region are major factors responsible for propelling the market growth.
•Increasing preference and demand from consumer for nutrition and dietary supplement to avoid and prevent from diseases are estimated to push the market growth.
•Increasing demand of tailor-made and personalized supplements, nutritional products, and rising expenditure in R&D programs are anticipated to spur the market growth in the coming years.
•Lack of awareness about nutraceutical products or ingredients among people and high prices of supplements are major challenges that can hamper the market growth during the forecast period.
Key Players
• Herbalife
• Bayer AG
• Pfizer, Inc.
• Merck KGaA
• Cargill
• General Mills, Inc.
• Royal DSM N.V
• BASF SE
• Groupe Danone S.A
• Ancher Daniels Midland Company
Competitive Landscape
Key players competing in the Latin America nutrition & dietary supplements market are Herbalife; Bayer AG; Pfizer, Inc.; Merck KGaA; Cargill; General Mills, Inc.; Royal DSM N.V; BASF SE; Groupe Danone S.A; and Ancher Daniels Midland Company. Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
To Get a New Sample Request:
https://growthmarketreports.com/request-sample/1593
Contact Us
• Growth Market Reports
• · Phone: 1 909 414 1393
• · Email: sales@growthmarketreports.com
• · Web : https://growthmarketreports.com
0
