It’s often said that if you want to see the future of the supplement industry, look east and think about the overwhelming populations and massive potential for growth in Asia. But by doing this, you might miss a promising market to the south. At $9.6 billion in annual sales, Latin America’s supplement market represents just 8.3 percent of the global supplement industry. However, this region represents a promising opportunity with one of the highest growth rates, at 9.1 percent in 2017.
As we typically see in emerging markets, vitamins and minerals is the largest category in Latin America, with $5.1 billion in annual sales. Herbs and botanicals had the strongest growth of all categories though, at 11.8 percent. Probiotic supplements have also gained traction in the region, with two of the top five brands being probiotics, according to Nicholas Hall. The strong growth of categories beyond vitamins and minerals suggests widespread acceptance and room for further growth.
More of this data is featured in Nutrition Business Journal's Global Supplement Business Report, an exploration of insight, trends and sales data for executives, investors, product developers and marketing teams. Click here to find more information and purchase the report.