Latin America and the Caribbean: Vitamin Market 2024

Vitamin Market Size in Latin America and the Caribbean

The Latin American vitamin market contracted slightly to $X in 2021, with a decrease of -2.5% against the previous year. The market value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then dropped slightly in the following year.

Vitamin Production in Latin America and the Caribbean

In value terms, vitamin production contracted to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +44.6% against 2015 indices. The pace of growth appeared the most rapid in 2013 with an increase of 34% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Vitamin Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of provitamins and vitamins increased by 16% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 21% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, vitamin exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 41%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

The shipments of the six major exporters of provitamins and vitamins, namely Brazil, Argentina, Guatemala, Uruguay, Colombia and Mexico, represented more than two-thirds of total export. El Salvador (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for El Salvador (with a CAGR of +23.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) remains the largest vitamin supplier in Latin America and the Caribbean, comprising 43% of total exports. The second position in the ranking was held by Mexico ($X), with a 12% share of total exports. It was followed by Brazil, with an 8.5% share.

In Argentina, vitamin exports expanded at an average annual rate of +9.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (-0.5% per year) and Brazil (-2.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 7.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. The pace of growth appeared the most rapid in 2013 an increase of 34%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Vitamin Imports

Imports in Latin America and the Caribbean

In 2021, imports of provitamins and vitamins in Latin America and the Caribbean expanded markedly to X tons, surging by 6% compared with 2020. The total import volume increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 23%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, vitamin imports rose significantly to $X in 2021. Total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.1% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 47%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Brazil represented the major importing country with an import of around X tons, which amounted to 37% of total imports. Mexico (X tons) ranks second in terms of the total imports with a 15% share, followed by Guatemala (8.9%), Chile (8.4%), Colombia (6.9%) and Argentina (6.4%). Peru (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to vitamin imports into Brazil stood at +5.9%. At the same time, Guatemala (+9.4%), Peru (+6.4%), Colombia (+6.3%), Chile (+4.5%), Mexico (+2.6%) and Argentina (+2.0%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +9.4% from 2012-2021. While the share of Brazil (+6.9 p.p.) and Guatemala (+3.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported provitamins and vitamins in Latin America and the Caribbean, comprising 38% of total imports. The second position in the ranking was taken by Mexico ($X), with a 15% share of total imports. It was followed by Colombia, with a 7.9% share.

In Brazil, vitamin imports expanded at an average annual rate of +6.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (-0.3% per year) and Colombia (+4.0% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price, however, showed a slight shrinkage. The growth pace was the most rapid in 2018 an increase of 21% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+0.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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