The size of the Weight Loss & Diet Management Market in Latin America is expected to reach USD 31.9 billion by 2027 from USD 19.2 billion in 2022, growing at a CAGR of 5.39% during the forecast period.
Latin Americans consume very high sugars in their food, almost triple the amount recommended by the WHO. This high sugar and carbohydrate-rich diet and a sedentary lifestyle increase the rate of chronic diseases in the Latin American region. In addition, the growing preference for junk food decreased crop growth. Furthermore, growing stress with hectic work-home pressures makes people ignore their health, further influencing the weight loss and diet management market in Latin America. Over the past several years, there has been a rising prevalence of chronic diseases such as hypertension, diabetes, polycystic ovarian syndrome, cancer, hyperlipidemia, and early onset of arthritis in the population across nations. In unspecified Latin American people, the prevalence of PCOS has a reported incidence rate of 3.2% to 10.4%. Cardiovascular disease (CVD) causes nearly one million deaths annually in Latin America. 58.9% knew the diagnosis of hypertension, and 53.3% were under treatment. The prevalence of hypertension was higher in urban communities (45%), like in Brazil at 52.8% than in rural communities, with approximately 42.8% in all other regions.
The increase in the number of cases of obesity across the region is also increasing the number of bariatric surgeries. In the International Federation of Surgery for Obesity and Metabolic Disorders survey, the total number of bariatric surgeries performed in Latin America in 2017 was 154,200. It is believed that the increase in health awareness among people is leading to advances in technology, and increasing adoption of weight loss and diet management programs are also driving the market growth. In addition, rapid increases in investment by large companies and high demand for low carbohydrate, high protein, and low sugar diets increased need for the need for healthier products. Furthermore, the popularity of diet foods by celebrities on various social media platforms increases the market growth rate. Since diet management and weight loss involve adopting long-term lifestyle modifications and strict regimes to observe better and more beneficial results, the Latin American weight loss and diet management market is anticipated to grow healthy during the forecast period.
On the other hand, the high cost associated with low-calorie diets and the issues of deceptive marketing practices with counterfeit products, and harmful diet regimes are the factors that are expected to hamper the growth of the Latin American weight loss and diet management market. In addition, local government authorities are implementing strict regulations and standards to decrease the presence of steroids in food and their abuse, which are anticipated to challenge the projected market during the forecast period.
This research report on the Latin American weight loss and diet management market has been segmented and sub-segmented into the following categories:
In 2020, the regional market in Brazil held the largest share of 36.8% in Latin America weight loss and diet management. The growth in this region is driven by factors such as increased investment by major companies, the popularity of alternative food products and their availability, the increasing obese population, and high disposable income. In Brazil, there was an increase in the BMI ratio from 2012, when obesity was around 17.7%, to 2019, the BMI has grown to 19.7%. In addition, there has also been an increasing demand for imported food and product launches, which will drive sales revenue in Brazil during the analysis period.
About 75% of the Mexican population is overweight. Mexico has one of the highest rates of obesity in the OECD. In addition, 35% of obese people are morbidly obese, the highest level of obesity with many other health complications. Childhood obesity has also doubled from 7.7% in 1997 to 15.6% in 2017. In addition, with the rising rate of childhood obesity and developing socio-economic status, the regional market in Mexico is projected to experience a high CAGR of 7.8% during the forecast period. People in Latin America prefer minimally invasive and non-invasive procedures to reduce weight and diet management rather than bariatric surgery.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin America weight loss and diet management market profiled in the report are Bayer HealthCare AG, Bioniche Animal Halth Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences.
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