South America Botanical Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South America Botanical Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South America Botanical Supplements market is projected to register a CAGR of 6.4% during the forecast period, 2022-2027.

Consumers are turning to health-imparting herbal supplements as a result of rising health consciousness, increased nutrition deficiency concerns, and more attention to preventative healthcare. Alternative treatments are produced by a number of companies to help women who frequently experience issues including menopausal hot flashes and insomnia. Fish oils, detox drinks, probiotic beverages, and other herbal supplements are among the growing list of herbal offerings. Additionally, consumers prefer to consume botanical supplements by adding them to their meals and snacks as these supplements add an authentic flavor along with providing health benefits. For instance, Echinacea plant extract and green tea extract both effectively support cardiovascular health.

Furthermore, the COVID-19 epidemic has highlighted the importance of botanical supplements to support the immunity system. The demand for botanical supplement products is further fueled by rising preferences for a healthy, active lifestyle in respone to the COVID-19 outbreak.

Key Market TrendsIncreased Focus on Preventive Healthcare

The South America botanical supplements market is expanding due to the rising importance of preventive healthcare with a willingness to spend on health and wellness products such as vitamin and mineral supplements. Additionally, the prevalence of lifestyle disorders including diabetes, hypertension, and obesity is driving the demand for botanical supplements. Further, busy and stressful lifestyles are influencing consumer spending on essential nutrient supplements like magnesium, iodine, iron, zinc, calcium, vitamin C, vitamin B complex, and vitamin D, as they can significantly reduce levels of anxiety and stress.

Growing consumer knowledge of the health advantages of taking botanical supplements, due to the extensive promotions of herbal products through social media platforms, television advertisements, and other health awareness programs has helped in the market growth. Owing to the growing demand and changing consumer preferences, supplements with new beneficial herbs, such as maca, ashwagandha, and Rhodiola, and distinctive flavors such as berries, goji, acerola, and schisandra, ayurvedic ginger, turmeric, cardamom, etc. are being launched by the major brands in the South America market.

Brazil Holds a Significant Market Share

Brazil, which has the highest population density in the region, is identified as the prominent botanical supplement market in South America owing to the expanding youthful population and diversified economic foundation. A few of the driving factors behind the expansion of the botanical supplement market are the growing middle-class consumer groups, its rising disposable income, and advancement in distribution networks. Further, the rising popularity of the "alt-medicine" trend is anticipated to result in significant revenue growth for botanical supplement brands. Protein and amino acid-based botanical supplements have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape and rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of the segment. For instance, the data disclosed in the IHRSA (The Global Health & Fitness Association) Global Report 2020, Brazil has more than 34,500 gyms with a client penetration rate of around 4.6%.

Competitive Landscape

The South America botanical supplements market is competitive and comprises several global and regional brands. Amway Corporation, Herbalife Nutrition Limited, and GNC Holdings Inc., NOW Foods, and Dr. Willmar Schwabe GmbH & Co. KG (Nature's Way Products, LLC ) are some of the key players that market and sells botanical supplements across the region via widespread distribution channels. Further, these companies are developing new formulations, and attractive packaging formats, and extending their online presence to acquire a larger customer base.

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