South America Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distr

South America Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)

The SAM dietary supplements market is expected to grow from US$ 11,329.34 million in 2021 to US$ 17,007.25 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The vegan population has reported a constant increase over the past few years. Preventing the exploitation of animals and the environment is why consumers have begun to prefer veganism, increasing the demand for plant-based dietary supplements in the market. The market for plant protein components is rapidly expanding as consumers are shifting away from animal proteins. This is likely to change customers’ preferences toward plant-based herbal supplements and botanicals, offering even more potential for the growth of herbal supplements in the dietary supplements sector. Further, consumer preferences are shifting toward botanical extracts due to their increasing desire for clean-label products, rising concerns about sustainability, and an urgent need to avoid allergens. The demographic for these herbal supplements is transitioning from vegans to flexitarians, indicating changes in customer inclinations. Highly concerned about animal cruelty and environmental sustainability, consumers are encouraged to switch to plant-based diets. The changing consumer perception that plant-based products are safer and healthier than animal-derived products is driving the demand for plant-based dietary supplements. The growing trend of veganism is driving manufacturers to launch new products. The preference for plant-based herbal supplements is giving rise to several key trends that are expected to influence the growth of the SAM dietary supplements market in the coming years.

The COVID-19 pandemic negatively influenced countries, including Brazil, followed by Ecuador, Chile, Peru, and Argentina in SAM. The governments in SAM have taken an array of actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. Consumers are gravitating toward immunity-boosting and nutritious products as the number of instances of COVID-19 rises. Moreover, due to the sudden impact of the COVID-19 pandemic, the market has seen a boom in demand for products that provide digestive and immune health. As a result, sales of supplements including protein, vitamins, omega-3 fatty acids, and others surged. Further, manufacturers focused on growing sales by enticing customers to shop online instead to meet rising demand while keeping safety standards. Further, the demand for dietary supplements surged during the COVID-19 pandemic due to the high demand for health supplements to boost immunity.

Based on distribution channel, the online retail segment is expected to be fastest-growing segment during the forecast period. Due to an increase in the population and the rising use of mobile phones, online retail has expanded significantly in the past few years. Various benefits, such as quick service, home delivery, availability of various products, secure payment options, and attractive discounts, have also fueled the growth of the online retail segment. Consumers are choosing online shopping for various products, including dietary supplements, as it is quite convenient and saves time. Online portals have a great user interface that offers access to various dietary supplements, attracting consumers. The comfort of shopping at the preferred location, availability of a vast array of products, and time management properties of online stores are the key contributing factors, promoting the sales of dietary supplements through online channels, thereby driving the SAM dietary supplements market.

The overall SAM dietary supplements market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the SAM dietary supplements market. The process also serves the purpose of obtaining overview and forecast for the SAM dietary supplements market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, andto gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM dietary supplements market. Abbott; Amway Corp.; Bayer AG; GlaxoSmithKline plc.; Otsuka Holdings Co., Ltd; Pfizer Inc.; and The Bountiful Company are a few key players operating in the SAM dietary supplements market.

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