Product ID: UCMIR35I2307
Report ID:
UCMIR35I2307 |
Region:
Regional |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The nutritional supplements market in Latin America, with a value of USD 51.32 billion in 2022, is projected to experience an 8.0% compound annual growth rate (CAGR) from 2023 to 2030. Latin American communities have a longstanding history of dealing with a high prevalence of chronic ailments such as hypertension, diabetes, and metabolic disorders. Anticipated regulatory approvals within the region are poised to drive the demand for supplements in the coming years. An example of this is the approval of Setria Glutathione for functional food supplements by the Brazilian Health Regulatory Agency in April 2023. During the pandemic, a significant portion of nutritional supplement purchases in Latin America centered on immunity-boosting supplements, with over 80% of Brazilians expressing interest in acquiring vitamins, minerals, and other nutritional supplements to enhance their immune health.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Pharmaceuticals by segment aggregation, the contribution of the Pharmaceuticals in Pharmaceuticals, Biotechnology & Life Sciences and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Product ID: UCMIR35I2307