Argentina Nutraceuticals Market - Growth, Trends and Forecast (2019 - 2024)
Argentina nutraceutical market is forecasted to reach USD 5.4 billion by 2024 growing at a CAGR of 7.14% during the forecast period (2019 - 2024).
Due to the scientific evidence of nutraceutical being effective adjuncts to pharmacotherapy during all stages of treatment of various diseases, there has been a fundamental shift in global health and wellness industry from disease treatment to prevention of chronic diseases.
The use of nutraceuticals and functional foods in prevention efforts can lead to decreased dependency on drugs, which has led to serious concerns among pharmaceutical manufacturers. It is, however, expected to drive the growth of the nutraceutical market across the globe and also across Argentina.
Scope of the Report
Argentina nutraceuticals market includes functional food, functional beverage, and dietary supplements. Functional food is sub-categorized as cereal, bakery and confectionery, snacks, dairy product, and others; functional beverage is sub-categorized as energy drinks, fortified drinks, sports drinks, dairy and dairy alternative drinks, and others; and dietary supplements include vitamin, mineral, botanical, enzyme, fatty acid, protein, and others.
Key Market Trends
Increasing Elderly Population
As the proportion of the global population over age 50 steadily rises, demands for solutions to the myriad of problems associated with old age continue to increase. People in nearly every part of the world are living longer, but their chances of spending these later years in good health vary within and between countries. In the past century, the young population dominated Argentina’s demographic scene, but the percentage has been declining. People aged above 60 years of age invariably suffer from deficiency-related diseases. Functional food ingredients may help them to counter these chronic diseases. There is a plethora of products already on the market targeted toward elderly consumers. The majority of it focuses on the health and wellness of the geriatric population, which is expected to be the strongest factor for the growth of the market studied in the country.
Growth of Energy Drink Market in Argentina
The energy drink market has grown phenomenally in recent years and as per the demand of the consumers, it will continue growing. Energy drinks are believed to enhance energy levels, physical alertness, and performance leading to the growth of conventional carbonated beverages a long time ago, as they are considered healthy substitutes to sugary carbonated drinks. Leading a healthy lifestyle with a balanced diet is becoming a goal for most Argentinians which drives the demand for energy drinks in Argentina. Red Bull is the top brand to rule the Argentine energy drink market. The local players, like La Sibila SA, are also trying to capture the energy drinks market in Argentina by way of acquisitions and new product launches.
Most active companies are Danone, Nestle, PepsiCo, Reckitt Benckiser Group and Herbalife. The companies are increasing their product line, and also expanding their presence in the country. Companies try to incorporate strategies like new agreements, joint ventures and partnerships with local players to increase their footprint and release new products, according to consumers changing preferences.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
Report customization as per the client's requirements
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook