At 6.6% CAGR, South & Central America Nutraceuticals Market is Projected to be Worth US$ 47.12 billion by 2031, says Business Market Insights

According to Business Market Insights’ research, 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, registering a CAGR of 6.6% from 2023 to 2031. Rising penetration of E-commerce and consumer focus on preventive health are among the critical factors attributed to drive the South & Central America nutraceuticals market growth.

The emergence of e-commerce has significantly transformed the way people shop and spend their money. A positive change in the organized retail sector, a rise in the reach of smartphones and the internet, upsurge in purchasing power, easy access to emerging technologies, and convenience provided by online retail shopping platforms from anywhere at any time are a few of the major factors bolstering the penetration of e-commerce worldwide. Consumers are becoming confident about purchasing various nutraceutical products online, moving from the traditional purchasing model to the home delivery service model. Moreover, online sales of nutraceuticals grew significantly during the COVID-19 pandemic due to the shutdown of physical stores and the government's imposition of social restrictions. As lockdowns constrained people's movement and compelled them to stay home, there was a substantial inclination toward online shopping.

With the increasing penetration of online shopping, manufacturers are selling products through direct-to-customer (D-to-C) channels by launching their online retail sites, thereby eliminating the need to invest in expensive marketing and distribution infrastructure. For instance, Herbalife International, Inc; Now Foods, Quest Nutrition has their own retail channels. Thus, the increasing dependency on e-commerce services and the adoption of the D-to-C strategy by manufacturers are expected to create lucrative opportunities for the nutraceuticals market growth in the coming years.

On the contrary, the complexity of regulations hampers the growth of South & Central America nutraceuticals market.

Based on type, the South & Central America nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. The functional foods segment held 47.7% market share in 2023, amassing US$ 13,443.74 million. It is projected to garner US$ 22,487.10 million by 2031 to register 6.6% CAGR during 2023–2031. 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 32.5% share of South & Central America nutraceuticals market in 2023, amassing US$ 9,163.03 million. It is anticipated to garner US$ 14,623.26 million by 2031 to expand at 6.0% CAGR during 2023–2031.

By country, the South & Central America nutraceuticals market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Brazil captured 48.8% share of South & Central America nutraceuticals market in 2023. It was assessed at US$ 13,747.02 million in 2023 and is likely to hit US$ 23,186.36 million by 2031, registering a CAGR of 6.8% during 2023–2031.

Key players operating in the nutraceuticals market are 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 among others.

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