Latin America and the Caribbean: Vitamin Market 2024

Vitamin Market Size in Latin America and the Caribbean

In 2023, the Latin American vitamin market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2023, the growth of the market failed to regain momentum.

Vitamin Production in Latin America and the Caribbean

In value terms, vitamin production amounted to $X in 2023 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Vitamin Exports

Exports in Latin America and the Caribbean

In 2023, after four years of growth, there was significant decline in shipments abroad of provitamins and vitamins, when their volume decreased by X% to X tons. Over the period under review, exports recorded a slight decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, vitamin exports contracted slightly to $X in 2023. Overall, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X tons) and Brazil (X tons) represented the main exporters of provitamins and vitamins in 2023, recording approx. X% and X% of total exports, respectively. It was distantly followed by Colombia (X tons) and Ecuador (X tons), together achieving a X% share of total exports. Peru (X tons), El Salvador (X tons), Chile (X tons), Honduras (X tons), Guyana (X tons), Costa Rica (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guyana (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest vitamin supplying countries in Latin America and the Caribbean were Brazil ($X), Colombia ($X) and Guatemala ($X), with a combined X% share of total exports. Argentina, Chile, Ecuador, Peru, Honduras, Costa Rica, El Salvador and Guyana lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Guyana, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, growing by X% against the previous year. Overall, the export price, however, saw a drastic downturn. The growth pace was the most rapid in 2018 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Guyana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Chile (X%), while the other leaders experienced more modest paces of growth.

Vitamin Imports

Imports in Latin America and the Caribbean

In 2023, purchases abroad of provitamins and vitamins decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2022, and then fell modestly in the following year.

In value terms, vitamin imports contracted dramatically to $X in 2023. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Brazil represented the key importing country with an import of about X tons, which finished at X% of total imports. Mexico (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Guatemala (X%), Chile (X%), Colombia (X%), Argentina (X%) and Ecuador (X%).

From 2012 to 2023, average annual rates of growth with regard to vitamin imports into Brazil stood at X%. At the same time, Ecuador (X%), Guatemala (X%), Colombia (X%), Chile (X%), Mexico (X%) and Argentina (X%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. While the share of Brazil (X p.p.), Guatemala (X p.p.), Ecuador (X p.p.) and Colombia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Brazil amounted to X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Colombia (X% per year).

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by X% against the previous year. Overall, the import price saw a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2023, the import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform