South & Central America Nutraceuticals Market Forecast to 2031 - Regional Analysis - by Type and Distribution Channel

The South & Central America nutraceuticals market was valued at US$ 28.19 billion in 2023 and is expected to reach US$ 47.12 billion by 2031; it is estimated to register a CAGR of 6.6% from 2023 to 2031.

Consumer Focus on Preventive Health Fuels South & Central America Nutraceuticals Market

Awareness regarding health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such a high prevalence of cardiovascular diseases drives consumer focus toward preventive health. As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses as they focus on preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs.

Consumers preferably opt for self-directed care while receiving treatment for lifestyle illnesses such as malnutrition and cardiovascular disorders, which is further contributing to the surging demand for dietary supplements and nutraceuticals. After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market.

South & Central America Nutraceuticals Market Overview

Owing to the rising health concerns, consumers from South & Central American countries are becoming more aware of the benefits of nutritional intake. Additionally, the increasing purchasing power of the consumers further contributes to the growth of the market. Furthermore, the inclination toward preventative healthcare practices and the rising prevalence of multivitamin deficiency, often as a result of inadequate intake, are bolstering the demand for dietary supplements in this region. In addition, demand for functional food and beverages is set to rise as people are struggling with issues such as stress, indigestion, and weight management needs. The nutraceuticals market in South & Central America is dominated by key players such as Herbalife Ltd, Abbott Nutrition, Amway Corp., and Bayer AG. Market players are continuously involved in merger and acquisition activities to introduce innovative products in the market. In July 2024, Alvinesa Natural Ingredients acquired Industrias Vinicas and Dervinsa, enhancing its presence in the American market and improving its by-product capabilities, particularly involving biofuels, functional foods, grape tannins, dietary supplements, and polyphenols.

South & Central America Nutraceuticals Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Nutraceuticals Market Segmentation

The South & Central America nutraceuticals market is categorized into type, distribution channel, and country.

Based on type, the South & Central America nutraceuticals market is segmented into gr functional foods, functional beverages, and dietary supplements. The functional foods segment held the largest market share in 2023. The dietary supplements segment is further sub segmented into general wellness, sports nutrition, weight management, immune health, and others.

In terms of distribution channel, the South & Central America nutraceuticals market is segmented into supermarkets and hypermarkets, specialty stores, online retail, convenience stores, and others. The supermarkets and hypermarkets segment held the largest market share in 2023.

By country, the South & Central America nutraceuticals market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America nutraceuticals market share in 2023.

Glanbia Plc, NOW Health Group Inc, Amway Corp, Nature's Bounty, Garden of Life LLC, Danone SA, GNC Holdings LLC, Quest Nutrition LLC, Kellanova, and Chobani LLC are some of the leading companies operating in the nutraceuticals market.

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