With this in mind, companies need to take into account not only the challenges derived for the diverse scenario between markets in the region. In addition, with an increasing consumer demand for supplement products, Latin America offers plenty of opportunities for dietary supplement companies.
When developing a business strategy, it is worth bearing in mind to identify key markets not only due to their highest population rates, but also because they have the most favorable conditions for the characteristics of the dietary supplements and ingredients (including those novel or innovative) that companies plan to launch. Companies need to observe the features of each market by looking, as well, at the profiles of the population, including the social changes and the evolution of lifestyle, which will also help identifying where the most interesting rising incomes arise and where are located the consumers of today and tomorrow.
Another key element for building a successful strategy consists of identifying the regulation that will be applicable to each supplement product, understanding their accurate classification, which may vary from country to country depending on their composition or the use of health claims, among other potential aspects.
In this regard, it is important to anticipate, monitor and evaluate key dietary supplements regulatory and policy developments. Therefore when looking at the regulation, companies need to evaluate its impact over the composition of the product, the compliance with labeling and advertising requirements, and market access and importation requirements.
Therefore, a clear understanding of diverse legislations from country to country is required to successfully launch dietary supplements across Latin America. In this sense, getting the right strategy and regulatory guidance is key before entering a market in the region.
As dietary supplements are at the top of the national and regional regulatory agendas, this brings opportunities for the industry to engage. Such an engagement is highly recommended in order to develop a proactive strategy well in advance.
David Pineda Ereño is managing director, Latin America, EAS Strategies (eas-strategies.com). As an expert in the food, nutrition and health arena, David provides legal and strategic advice on regulatory issues, including the harmonization of regulations, to companies, trade associations and government bodies in Latin America and across the globe. His expertise also encompasses the work of the World Trade Organization and the Codex Alimentarius Commission.