Report : South & Central America Probiotic Supplements Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Capsules and Tablets, Gummies, Powder, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 6.8% CAGR, the South & Central America Probiotic Supplements Market is speculated to be worth US$ 849.90 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America probiotic supplements market was valued at US$ 571.15 million in 2022 and is expected to reach US$ 849.90 million by 2028, registering a CAGR of 6.8% from 2022 to 2028. Rising trend of consuming non-GMO and vegan probiotic supplements are the critical factors attributed to the South & Central America probiotic supplements market expansion.
Health has become a top priority for consumers across the region, leading to a boom in demand for functional supplements. Consumers are willing to pay more for products that offer enhanced health benefits. There has been a massive demand for plant-based and non-GMO probiotic supplements. In addition, the plant-based and non-GMO (Genetically Modified Organism) trend is rapidly evolving across the market, which has compelled various manufacturers of probiotic supplements to develop plant-based supplements. Thus, with increasing preference for non-GMO and vegan probiotic supplements, manufacturers are developing and launching these probiotic supplements to cater to the demand of consumers.
Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Thus, due to the flourishing trend of veganism, the manufacturers of dietary supplements such as probiotic supplements are launching plant-based products. For instance, Nature’s Bounty manufactures probiotic gummies consisting of a special probiotic strain naturally found in the intestinal microbiome and made with natural flavors. They are plant-based and non-GMO. This provides customers with friendly bacteria for their digestive system along with a desirable taste. Thus, the growing inclination toward vegan and non-GMO probiotic supplements due to the rising popularity of veganism and health consciousness is expected to bring new trends to the probiotic supplement market during the forecast period.
On the contrary, complexities and variations in regulations hurdles the growth of South & Central America probiotic supplements market.
Based on product type, the South & Central America probiotic supplements market is sub segmented into capsules and tablets, gummies, powder, and others. The capsules and tablets segment held 53.5% market share in 2022, amassing US$ 305.81 million. It is projected to garner US$ 447.72 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on distribution channel, the South & Central America probiotic supplements market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores held 53.2% market share in 2022, amassing US$ 303.84 million. It is projected to garner US$ 457.52 million by 2028 to expand at 7.1% CAGR during 2022–2028.
Based on country, the South & Central America probiotic supplements market is segmented into Brazil, Argentina, and the Rest of South & Central America, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 45.2% market share in 2022. It was assessed at US$ 258.27 million in 2022 and is likely to hit US$ 370.81 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.
Key players dominating the South & Central America probiotic supplements market are Bayer AG; BioGaia AB; Church & Dwight Co., Inc.; GNC Holdings, LLC; Nature's Bounty; Nestlé S.A.; NOW Foods; and SFI Health, among others.
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