Latin America

Political stability and better government finances are adding to economic freedom in Costa Rica, but corruption is on the rise. Foreign investors continue to flock to the country, but the economy is moderating and prices are falling. Discretionary…

A weak rule of law is adversely affecting economic freedom, whilst Guatemala is witnessing political instability and suppression of freedom of expression. Although resilient, output growth is slowing as remittances reduce and the US economy falters…

Value sales of premium and luxury cars grew by 2% to total MXN52.1 billion in 2023 due to increased demand from high-income consumers, who proved to be steadfast despite macroeconomic headwinds. Wealth determines the degree of demand that exists for…

Sports nutrition continues to be benefit from the full opening of society post pandemic lockdowns, with people being more active and attending gyms once again. As such sports nutrition is expected to register healthy constant value and volume growth…

Vitamins are expected to register a further significant decline in volume sales in 2023. The boon from the pandemic is long over and vitamins that claim immune boosting benefits are seeing a significant decline. Vitamin C in particular is expected to…

Growth in values sales in weight management and wellbeing is expected to be slightly above inflation. Its positive performance is attributable to wider distribution beyond pharmacies, with increasing distribution through modern grocery retailers.…

Wound care is expected to register moderate constant value and some volume growth in 2023. Wound care continues to recover from the removal of pandemic restrictions. With people out and about once again, and participating in physical actives, there…

In late 2022 and into early 2023, a convergence of COVID-19, seasonal flu, and heightened influenza cases created what the media termed a "tripledemic," impacting Mexico, the US, and Central American nations. While Mexico did not experience the same…

In 2023, after three years of placing health at the forefront due to the pandemic, Mexicans have finally found some respite and are shifting their focus away from health concerns. While the public healthcare system grapples with supply shortages,…

In early 2023, a sixth wave of COVID-19 coincided with an upsurge in cases of the common cold and influenza, creating a "tripledemic" felt across Mexico, the US, and Central American countries, with Mexico experiencing a milder impact. This scenario…

While sales of dermatologicals continue to grow in 2023, reflecting a recovery from pandemic-related disruptions. demand is stabilising. Mexicans are no longer facing increased risks to their skin compared to the previous year, and some…

Following the emergence of the pandemic in 2020 and into the following year, dietary supplements experienced robust growth, fuelled by consumers' desire to boost their immune systems and overall health. However, consumer interests shifted during…

Over 2023, the Ministry of Tourism anticipates a return to pre-pandemic tourism levels, signalling an increase in foreign visitors to Mexico. However, this upsurge also implies a likelihood of tourists experiencing gastric issues, often resulting in…

In 2022, demand for eye care rebounded leading to a recovery for retail volume sales to pre-pandemic levels. However, 2023 is showing a more subdued trend. This can be attributed to the inflationary pressures experienced by Mexicans, which are…

Current value growth of herbal/traditional products is slowing in 2023 compared to the previous year. The influence of COVID-19 on demand for different herbal/traditional products was largely related to the overall performance of the core category…

Demand for NRT smoking cessation aids in Mexico continues to decline, despite the greater motivation among some consumers to quit smoking during the pandemic. It is worth noting that per capita smoking prevalence in Mexico is on the decline due to…

Amid a sixth wave of COVID-19 in early 2023, coinciding with the typical flu and cold season in Mexico, schools emerged as hotspots for disease transmission. The resulting discomfort in children and parents' heightened concern for their wellbeing led…

In 2022, sleep aids experienced double-digit value growth, and this trend is continuing into 2023, with even more impressive retail volume growth as well. The catalyst for this growth is undoubtedly the lingering effects of the pandemic, which…

As pandemic-related restrictions have gradually eased in Mexico, the number of local consumers engaging in exercise has witnessed a rapid rebound. According to the latest data from INEGI (Mexico’s National Institute of Statistics and Geography), in…

Local consumer interests are shifting in terms of priorities towards pleasure, entertainment, and travel, with a diminishing focus on prevention. Vitamins, once heralded as essential to strengthen the immune system, are now experiencing slower growth…

Direct selling plays a pivotal role in the distribution and marketing of weight management and wellbeing in Mexico, particularly in the crucial category of meal replacement. However, major direct selling players are encountering challenges in…

Following a weaker retail volume decline in 2022 compared to the previous year as Mexicans fully returned to their daily routines, demand for wound care is once again experiencing a notable drop in 2023. Emerging from the pandemic lockdown meant a…

Despite macroeconomic adversity on a global scale, tourist demand was on the rise in 2023 as growing numbers of foreign visitors decided to take their holidays in Argentina. This represents an improvement on 2021 and 2022, when travel restrictions…

Value sales of fine wines/champagne and spirits grew by more than 100% to total ARS14 billion in 2023, with demand boosted by the growing consumer appetite for experiences and enjoyment during the post-pandemic era. Entertaining and socialising with…

Retail value sales of luxury goods in Argentina increased by 88% in 2023 in current terms to stand at ARS341 billion. However, should be noted that this stealer growth was almost entirely due to the very high inflation that has been plaguing…

Personal luxury retail value sales rose by 93% in current terms in 2023 to reach ARS114.7 billion, with the strongest growth recorded by the leading brand owners such as France Argentine Cosmetics SA and Puig Argentina SA. This very positive sales…

Value sales of premium and luxury cars grew by 82% in current terms in 2023 to total ARS118.4 billion by the end of the year. With high inflation eroding the value of savings and making spending on credit more appealing, many of Argentina’s…

Despite constant discussion on the benefits of breastfeeding, milk formula has increased its market size constantly in Brazil, with manufacturers offering a wide range of options for children. The historic growth and change in infant feeding have…

The Brazilian dairy industry has historically had negative results in its balance of trade. The country’s dairy production has not been sufficient to supply all its needs in terms of dairy products. In the past year, for some categories it has been…

Amongst the key categories within dairy, cheese stands out as one of the primary products derived from pure milk. Given its significance in the dairy chain, this category has been one of the most affected by significant structural changes imposed on…

The Brazilian dairy industry has experienced a challenging scenario in recent years, marked by concerns over the exit of medium and small dairy producers, and a decline in the dairy cattle population. This trend is primarily driven by the absence of…

As inflation impacted the Brazilian economy, the price of milk experienced a significant increase, leading to up to an 80% hike. This surge in prices put pressure on the disposable incomes of Brazilian consumers, making milk unaffordable for many…

With the ongoing disruptions in the global supply chain, the impact of rising prices on the Brazilian dairy production chain echoed through virtually all dairy categories in 2022, albeit at a much slower rate than seen in 2021. Production costs in…

In 2021, Brazil had a thriving foodtech industry, with 1,125 active companies. Amongst them, approximately 332 were dedicated to producing nutrition products, and a significant proportion of these were believed to be focused on developing plant-based…

With ongoing disruptions in global supply chains, the impact of rising prices in the Brazilian dairy production chain echoed through virtually all dairy derivatives in 2022, including yoghurt, albeit at a much slower rate than seen in 2021.…

Considerable state involvement hinders economic freedom in Bolivia, whilst government finances remain weak and a threat to stability. Although inflation has been controlled effectively, through subsidies and solid food production, the economy is…

Argentina’s automotive industry struggles with limited imports and local manufacturing resulting from the pandemic, while local prices rise as high inflation rates and exchange rates against the US dollar have persistently affected the socioeconomic…

With the health crisis finally being declared over by the WHO in 2023 many companies decided to bring their staff back to the office. While some companies deployed hybrid work arrangements others have brought their staff back into the office full…

In 2023, inflationary pressures have had a noticeable impact on the price of butter and spreads. This has encouraged some consumers to shift towards lower priced options such as cooking oils which resulted in a slowdown in the growth of butter and…

Cheese has been the most dynamic category in dairy in current value and retail volume terms in 2023. The shift from unpackaged to packaged formats is an important driver of this trend, but also the positioning of cheese as an affordable source of…

In 2023 consumers have remained cautious with their spending due to prevailing economic uncertainty. This has resulted in households prioritising essential products and limiting their consumption of non-essentials. Many dairy products are perceived…

The consumption of milk has decreased for the third year in a row in 2023. This is explained, in part, by the evolution of the demographics in the country. The population of children (aged 0 to 14 years old) has been declining consistently and this…

The expansion of modern retailers has noticeably increased the refrigerated space available at stores. In addition to the new stores that are constantly opening across the country, many existing supermarkets and hypermarkets have also invested in…

High inflation and a rise in the cost of living has put the squeeze on consumers’ disposable income in 2023 with the prices of food and services shooting up. With consumers being faced with more limited budgets this has encouraged them to prioritise…

In 2020 Mexico introduced black seals on labels that alert consumers about excess sugar, calories, sodium, and other potentially harmful ingredients as part of its efforts to improve the health of the nation and to tackle the obesity epidemic.…

The health and wellness industry continues to grow in importance post-pandemic as consumers become more aware of the negative health impact of processed foods, seeking healthier foods and beverages from a range of claims such as natural, organic,…

The pandemic and economic crisis hit Brazilians hard and created polarisation in consumption habits. Those in lower- income segments were forced to trade down and reduce costs by choosing regional brands or private label options, while consumers of…

In 2022, dairy products and alternatives continued to face challenges in Brazil given economic constraints of the local population. Despite initial benefits of pandemic-related social isolation on dairy consumption at home, Brazilians have been…

Health and wellness claims within hot drinks in Brazil remained a source of healthy options at the end of the review period. In October 2022, Brazil’s new label legislation on packaged foods was put into practice, updating the previous regulations…

2022 saw the economic problems of 2021 intensify in Brazil. The emergency aid provided by the government, which favoured greater consumption by lower-income Brazilians, had already weakened by 2021, while limited support continued to be distributed…