Argentina, Panama, and Mexico record strongest growth for food supplements11 May 2023
The Latin American vitamin and mineral supplement market is bullish, with Argentina, Panama, and Mexico recording the highest growth in the past five years, according to the Latin American Alliance for Responsible Nutrition (ALANUR).
A webinar held last month and organised by the trade association ALANUR highlighted the economic impact of the Latin American supplement market, its growth prospects, and the importance it has on quality of life of Latin American consumers.
Entitled Panorama of food supplements in LATAM, the webinar highlighted how the food supplement market in Latin America has grown in recent years, reflecting how health has becoming an increasingly important priority for consumers.
Argentina, Panama, and Mexico have seen the most growth in the past five years, ALANUR noted, increasing by 20.6%, 15.8% and 7% respectively.
ALANUR: ‘Sustained growth accompanied by scientific research’
José Ortegón, president of ALANUR, said: “Today, the increase in the consumption of food supplements indicates that people are increasingly aware of the benefits they provide. It is a sustained growth that has been accompanied by scientific research and joint work with institutions and authorities for responsible and informed consumption.”
He added: "It is an important industry that is increasingly having a great impact, not only economically, but also on the quality of health of people who consume food supplements to achieve complete nutrition as well as a balanced diet."
Elizabeth Díaz, executive director of ALANUR, said ALANUR has been working since 2011 to promote the responsible consumption of food supplements. “We know all the myths that exist around the industry, but our job is to combat this misinformation in favour of health.”
Multivitamins and immune health are in-demand, says Mintel
Market research company Mintel notes that smaller Latin American markets are forecast to have more growth than the US, although starting from a much smaller base. The US is the biggest food supplement market in the world, with the highest per capita spend globally.
Immunity support remains a key priority for Latin Americans, with around 44% of adults in Brazil having taken an immune-supporting vitamin or mineral supplement in 2021, and another 46% saying they were likely to do so in the future, according to Mintel data.
Latin American brands were also experimenting with novel formats.
In Ecuador, the brand Green Tree launched a shot to reinforce the immune system made with active ingredients, including thymus peptides, propolis, vitamin C, zinc and echinacea.
Mintel analyst Mikolaj Kaczorowski noted that multivitamins remained the supplement of choice for consumers in Latin America.
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