Affordability is the key to LATAM’s supplements market
Throughout Latin America, consumers are increasingly focusing on their diets and health, but consumption of dietary supplements remains low.
“The low current per capita consumption rate leaves much potential for growth as consumers become more aware of the benefits of VDS products, and disposable incomes rise along with the middle-income segment,” Olivia Hutchinson, Associate Consultant, Euromonitor International, told NutraIngredients-LATAM.
Brazil is the largest market throughout the region when it comes to supplements. The country’s dietary supplement segment and is valued at $0.8 billion, and fish oil/omega fatty acids are very popular due to their accessibility and affordability.
Unlike other countries in the region, in Mexico, vitamins are more sought-after than other dietary supplements. “Mexicans have an awareness of health, wellness and nutrient intake issues, especially since the government declared an obesity epidemic,” Hutchinson explained.
Latin America, as a whole, is expected to see growth throughout the forecast period, Hutchinson confirms. However, Peru is set to see a slight decline in consumption value over 2017-2018. Poor economic performance, flooding and the Obredecht corruption scandal have been cited as leading to a decrease in value. Real GDP growth dropped from 4% in 2015 to 2017 in 2.5%, as a result.
These economical, environmental and political events have had a negative impact on purchases as “Peruvians are particularly sensitive to price”, she said.
Thai agencies work together to promoting Thai herbs globally
Thailand’s Office of Small and Medium Enterprises Promotion and the Thai Traditional and Alternative Medicine Department have signed an agreement to promote Thai herbal products to the global markets.
The move was backed by the nation’s deputy PM and health minister, Anutin Chanvirakul. Between 2016 and 2018, the economic value created by Thai herbs increased from USD$5bn (THB$180bn) to $9bn (THB$280bn), while the export value of Thai herbs reached $72m (THB$2.24bn). Turmeric was the most popular herb.
By the end of the first phase of Thai Herbal Development in 2021, the country aims to have increased the economic value of Thai herbs to $11bn (THB$360bn).
The Thai FDA will also play a part by expediting the registration of health products, according to a report on NutraIngredients-Asia.
Belgium recalls fat-burner supplement over high caffeine concerns
Belgium’s Federal Agency for the Safety of the Food Chain (FASFC) has issued a recall for the Phedra Cut Lipo XT Fat Burner (60 tablets) by Ultimate Sports Nutrition (USN) after checks found the product’s caffeine content to be in excess of that labeled.
FASFC ordered that bottles be taken off the shelves of the distributor, Charleroi -based sports equipment shop Intersport Gosselies.
“The company has decided in consultation with the FASFC to remove the following product from the sale and recall it from the consumer,” FASFC recall notice states.
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