Venezuela Nutritional Supplements Market Analysis

Venezuela Nutritional Supplements Market Analysis


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By 2030, it is anticipated that the Venezuela Nutrition and Supplements market will reach a value of $xx Mn from $xx Mn in 2022, growing at a CAGR of xx% during 2022-2030. The nutritional supplements market in Venezuela is primarily dominated by local players such as Herbacorp, Nutrilite, and Naturgreen. The market for nutrition and supplements in Venezuela is primarily driven by an inclination towards better health infrastructure, government regulations and increasing consumer awareness of health and lifestyle. The Venezuela nutrition and supplements market in Venezuela is segmented by Type, Product, application, and Distribution Channel.

ID: IN10VEON002 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Venezuela AUTHOR: Dr. Vishwa Modhia

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Venezuela Nutrition and Supplements Market Analysis Summary

By 2030, it is anticipated that the Venezuela Nutrition and Supplements market will reach a value of $xx Mn from $xx Mn in 2022, growing at a CAGR of xx% during 2022-2030.

Venezuela is a developing country in South America that borders the Caribbean Sea and the Atlantic Ocean. According to the World Food Programme's 2020 report, approximately 9 Mn Venezuelans are food insecure, with 3.9 Mn experiencing acute food hardship. According to the research, many Venezuelans lack access to vital micronutrients, with an estimated 30% of children under the age of five suffering from anaemia.

Because of the economic crisis and severe inflation, many Venezuelans may have limited access to and affordability of dietary supplements. The Finnish government plans to devote 3.8 % of its GDP to health by 2020.

Market Dynamics

Market Growth Drivers Analysis

From December 2019 to March 2020, child malnutrition in Venezuela increased by 26 %. Maduro's government, a hotbed of inefficiency, corruption, and cronyism, has done little to alleviate Venezuela's poverty and starvation. UNICEF is requesting $201.8 Mn in 2021 to continue providing life-saving services to women and children in Venezuela who are facing a triple burden: a protracted socioeconomic and political backdrop, the COVID-19 pandemic, and mixed migration movements across international borders. These aspects could boost Venezuela's nutrition and supplement market.

Market Restraints

In a country where more than 96 % of the population lives in poverty, only 3 % of Venezuelan families are deemed food secure. The greatest danger in terms of the business climate. Doing business in this country is exceedingly challenging due to a lack of available financial information and an unpredictable legal system. The combined consequences of the pandemic on a local and global scale, as well as the Trump administration's increased sanctions, inflicted further blows to an already fragile economy. The COVID-19 problem prompted the country to impose more restrictions. These factors may deter new entrants into the Venezuela nutrition and supplement market.

Competitive Landscape

Key Players

  • Naturgreen (VEN)
  • Nutrilite (VEN)
  • Herbacorp (VEN)
  • Marisela (VEN)
  • Granovita (VEN)
  • GNC
  • GlaxoSmithKline

Recent Notable Updates

January 2020: The Ministry of Popular Power for Food (Minppal), through the National Institute of Nutrition, will expand Nutrichicha care coverage from the current 1,200,000 girls and boys who receive this nutritional supplement to the 4,600,000 who are enrolled in initial and basic education in all colleges and schools in the country. The Ministry will finish the mission with a critical alliance of small and medium-sized businesses and the private sector.

Healthcare Policies and Reimbursement Scenarios

The National Institute of Hygiene Rafael Rangel (INHRR) and the Ministry of Popular Power for Health are in charge of nutrition and supplement regulation in Venezuela (MPPS). These organisations guarantee that food supplements sold in Venezuela are safe, and appropriately labelled, and do not make deceptive promises. The INHRR and the MPPS govern the use of health claims on food and supplement items. Companies are required to produce scientific proof to back up any health claims made about their products.

In Venezuela, there is no formal payment structure for nutritional supplements and medical foods. Venezuela's healthcare system has faced severe issues in recent years, including prescription and medical supply shortages, as well as a lack of funding to deliver comprehensive healthcare services. As a result, nutritional supplements and medical foods may be difficult to get and purchase in Venezuela, particularly for persons with certain medical disorders that require these goods as part of their treatment plan.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Nutritional Supplements Market Segmentation

The Nutritional Supplements Market is segmented as mentioned below:

By Product (Revenue, USD Billion):

  • Sports Nutrition
    • Sports Food
    • Sports Drinks
    • Sports Supplements
  • Fat Burners
    • Green Tea
    • Fiber
    • Protein
    • Green Coffee
    • Others (Turmeric, Ginseng, Cranberry, Garcinia Cambogia)?
  • Dietary Supplements
    • Vitamins
    • Minerals
    • Enzymes
    • Amino Acids
    • Conjugated Linoleic Acids
  • Functional Foods
    • Probiotics
    • Omega-3
    • Others

By Consumer Group (Revenue, USD Billion):

  • Infant
  • Children
  • Adults
  • Pregnant
  • Geriatric

By Formulation (Revenue, USD Billion):

  • Tablets
  • Capsules
  • Powder
  • Softgels
  • Liquid
  • Others

By Delivery Channel (Revenue, USD Billion):

  • Chemists/Pharmacists
  • Direct-to-Consumer Sales
  • E-commerce

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.​

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

  • Analyzing historical proprietary data collected from multiple projects.
  • Regularly updating our existing data sets with new findings and trends.
  • Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

  • Searching through academic conferences, published research, citations, and social media platforms
  • Collecting and compiling diverse data to build a comprehensive and detailed database
  • Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

  • Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
  • Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
  • Continuously refreshing our database to ensure that the information remains current and reliable.
  • Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

  • Merging historical data from secondary research with real-time data from primary research.
  • Conducting thorough data validation and cleansing to remove inconsistencies and errors.
  • Organizing data into a structured format that is easily accessible and usable for various applications.
  • Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.

To request a free sample copy of this report, please complete the form below.


We value your inquiry and offer free customization with every report to fulfil your exact research needs.

The National Institute of Hygiene Rafael Rangel (INHRR) and the Ministry of Popular Power for Health are in charge of nutrition and supplement regulation in Venezuela (MPPS).

In Venezuela, there is no formal payment structure for nutritional supplements and medical foods. Venezuela's healthcare system has faced severe issues in recent years, including prescription and medical supply shortages.

The nutritional supplements market in Venezuela is primarily dominated by local players such as Herbacorp, Nutrilite, and Naturgreen.


Last updated on: 25 May 2023
Updated by: Dhruv Joshi

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