Latin America Nutraceuticals Market valued USD 13.25 billion in 2021 and is estimated to reach USD 19.43 billion by 2026, growing at a CAGR of 7.96% in the forecast period of 2021 to 2026. Growing health consciousness among people in Latin America has created an environment perfectly suitable for the Latin America nutraceuticals product market to thrive. Growth of the Latin America nutraceuticals market is stirred by multiple factors including the rising cost of healthcare, a boost in the number of entrepreneurs foraying into the nutraceuticals industry, growing health consciousness among consumers, and introduction of different effective products.
Nutraceutical defines nutrition and pharmaceuticals; it describes product obtained from food sources with added health benefits along with the basic food values. Consumers take dietary supplement not only to fulfill the daily nutrient requirement but also as disease prevention and physical performance booster.
Nutraceuticals have emerged so well due to their safety, potential nutritional and therapeutic values. Health improvement is seen in people by the use of supplement food or fortified food. Along with just providing nutrients, it deals with the gut complications as well such as, Crohn’s disease, ulcerative colitis, gluten therapy resistant celiac and irritable bowel syndrome that results from imbalance and over growth of intestinal microbial flora.
The key drivers of the market are increase in lifestyle diseases all over the world, inadequate nutrition and increase in life expectancy. A shift is observed from synthetic supplements to natural or organic ingredients amongst consumers. Lack of awareness in the developing countries about these nutraceutical ingredients is restricting the growth of the market in those regions.
The market is divided on the basis of types into prebiotics, probiotics, proteins & amino acids, fibers & specialty carbohydrates, vitamins, phytochemicals & plant extracts, minerals, carotenoids, Omega-3 fatty acids and others. Based on application the market is further segmented into animal nutrition, functional food, dietary supplements, functional food beverages and personal care. Dietary supplements segment leads the application market while photochemical & plant extracts is the fastest growing division.
Geographically the Latin America Nutraceuticals Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America.
Key Players in the Market:
Major Key Players in the Latin America Nutraceuticals Market are
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