South & Central America Vitamin K2 Market Forecast to 2030 - Regional Analysis - by Product, Dosage Forms, Source, and Application

The South & Central America vitamin K2 market is expected to grow from US$ 4.68 million in 2022 to US$ 38.54 million by 2030. It is estimated to grow at a CAGR of 30.1% from 2022 to 2030.

Expansion of Distribution Channel Fuels South & Central America Vitamin K2 Market

Expanding the distribution channels for vitamin K2 can help improve the accessibility of this essential nutrient to a broader population. Working closely with manufacturers ensures increased production and supply of vitamin K2 products to meet the growing demand. The distribution of these items to merchants in pharmacies, health shops, supermarkets, and specialty supplement stores, can be made easier by forming relationships with wholesalers. Additionally, customers can be made aware of the value of vitamin K2 by viewing product displays and educational materials at retail locations. Also, it is critical to work with developing economies-based e-commerce companies and web-based platforms to provide customers with a simple way to buy supplements and other items containing vitamin K2 online.

Furthermore, encouraging the inclusion of vitamin K2 in everyday meals and drinks can broaden the market for supplements, making it more available to people preferring a nutritional diet. Working with healthcare experts such as doctors, nutritionists, and dietitians is also essential, as these experts can advise patients to take vitamin K2 supplements and recommend a store to buy the product. This is raising the demand for vitamin K2. Thus, the expansion of the distribution networks through medical channels is expected to provide ample opportunities for market growth in the coming years.

South & Central America Vitamin K2 Market Overview

The South & Central America Vitamin K2 market is segmented into Brazil, Argentina, and the Rest of South & Central America. The growth of the market is attributed to the increasing prevalence of CVD and growing cases of osteoporosis bone deformation in adults and newborns. However, the limited awareness regarding benefits of vitamin K2 hinders the market growth. A few significant countries contributing to the growth of the vitamin K2 market include Peru, Bolivia, Chile, and Colombia. The high prevalence of osteoporosis, growing number of orthopaedic surgeries, and aging population are prime factors for the market growth.

The growing disposable income and increasing incidence of CVDs create the demand for vitamin K2 devices for better and more effective treatment. According to the OECD, countries such as Peru, Belize, and Colombia had CVD mortality rates of over 35% in 2020. Countries are witnessing a rise in the geriatric population and a surge in minimally invasive procedures for diagnosing and treating CVDs such as congenital heart defects and valve conditions, which are likely to impact the market growth during the forecast period (2022-2030). As per the World Bank, Colombia has a population of 50 million, and 9% of the total population was 65 years and above in 2021. The increasing life expectancy has increased the prevalence of CVDs, which is expected to create demand for vitamin K2.

South & Central America Vitamin K2 Market Segmentation

The South & Central America vitamin K2 market is segmented into product, dosage forms, source, application, and country.

Based on product, the South & Central America vitamin K2 market is segmented into MK-4, MK-7, and combination drugs. The MK-7 segment held the largest share of the South & Central America vitamin K2 market in 2022.

Based on dosage forms, the South & Central America vitamin K2 market is segmented into capsules & tablets, powder, and oils. The powder segment held the largest share of the South & Central America vitamin K2 market in 2022.

Based on source, the South & Central America vitamin K2 market is segmented into natural and synthetic. The natural segment held a larger share of the South & Central America vitamin K2 market in 2022.

Based on application, the South & Central America vitamin K2 market is segmented into pharmaceuticals, nutraceuticals and food, and others. The pharmaceuticals segment held the largest share of the South & Central America vitamin K2 market in 2022.

Based on country, the South & Central America vitamin K2 market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America dominated the South & Central America vitamin K2 market in 2022.

BASF SE, Glanbia Plc, International Flavors & Fragrances Inc, Koninklijke DSM NV, Lesaffre et Cie SA, Lonza Group AG, and Novozymes AS are some of the leading companies operating in the South & Central America vitamin K2 market.