Oct 05, 8 min Trends &

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2022 read Research

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Consumer health and wellness
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market of Latin America in 2022
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The latest trends, figures, and regional nuances to

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consider when launching or investing in a product or
service in the health and wellness market of Latin
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America, brought to you by Embria's foremost
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Is health truly a new wealth?
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Recent research and studies of the global consumer
health and wellness market show a substantial
 Contacts
increase in the prioritization of wellness, health, and
personal well-being among people. 79 percent of
7,500 consumers interviewed by McKinsey for their
“Future of Wellness” survey in 2021 said they believe
that wellness is important, and 42 percent consider it
a top priority. In other words, as famous American
philosopher Ralph Waldo Emerson put it in 1860,
“The First Wealth is Health,” and studies prove it true.

As people all over the world plan to spend more

money on wellness products and services to take
care of themselves, this rise presents tremendous
opportunities for companies, particularly after the
stagnation of spending on personal wellness during
COVID-19. However, just as the composition of the
wellness economy and its characteristics will be
different in different countries, so will be the
strategies and products or services that
entrepreneurs, founders, and investors will be
implementing to succeed on these markets.
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In today's article, we'll take a deeper look into the
wellness economy of the countries of Latin America
(LATAM). We'll see the main trends and tendencies
that were developing in this region over the recent
years, how it is different from wellness economies in
other countries, as well as the key market players,
and investment opportunities.

LATAM wellness economy in facts

and figures

According to a recent research report published by

the Global Wellness Institute in February 2022, the
wellness economy of Latin America and the
Caribbean was estimated at $235.4 US billions in
2020. In comparison, the Asian-Pacific market was
estimated at $1,500.2 US billions, the North American
market at $1,310.8 US billions, and the European
market at $1,141.5 US billions. The research states that
Latin America-Caribbean’s wellness economy
declined the most in 2020 (-22.1%) and was already
shrinking prior to the pandemic due to market
volatility, economic crises, and consumer spending
downturns in several of the region’s largest countries
(e.g., Brazil, Mexico, Argentina, Chile, Colombia, and
Venezuela).

Wellness Economy by Region (2017-2020). Source: Global Wellne

ss Institute
When it comes to per capita spending on wellness,
in 2020 this figure for LATAM countries reached $360,
which is 10 times less than in North America and 4
times less than in Europe. 36% of spending goes to
Personal Care & Beauty ($132), 30% goes to Healthy
Eating, Nutrition & Weight Loss ($106), and 11% goes
to Physical Activity ($43). The rest of the spending
covers such categories as Public Health &
Personalized Medicine, Mental Wellness, Wellness
Tourism, and Workplace Wellness.

Latin America-Caribbean: Composition of the Wellness Economy

(2020)

As for the top players on the market, the top five

counties in the LATAM region by the size of the
wellness market are Brazil, Mexico, Argentina, Chile,
and Peru. Two of those countries, Brazil and Mexico,
are part of the top twenty largest wellness markets in
2020, taking the 11th and 15th positions accordingly
(with the US and China sharing the 1st and 2nd
ranks). Among the five countries, Argentina stands a
bit aside because, despite a quite high level of GDP
per capita, the percentage of spending on wellness is
the lowest in the list at 2.6%, when on average it's
3.7%.

Wellness GDP
Economy
economy per Populatio
Country size,
per capita, millions
billions
capita, $ $
Brazil 387 9,978 82.6 213

Mexico 357 9,343 46.5 130

Columbia 227 6,577 11.6 51

Argentina 377 14,618 17.1 45

Peru 395 6,728 13.1 33

Top 5 countries by market size (Source: GWI)

If we take a look at the top five countries by the

amount of wellness spending per capita, the
landscape will look a bit different and consist of the
Bahamas, Costa Rica, Panama, Barbados, and
Uruguay. The overall size of the wellness industry in
these countries is $16.4 billion, which is comparable
to the size of the Argentinian wellness market. The
country that is standing out on this list is Costa Rica,
as it has the highest percentage of wellness
spending (11.35%) and a GDP per capita above the
regional average.

LATAM wellness economy trends

Latin America’s wellness economy declined the most

in 2020 due to the COVID-19 pandemic (especially in
Brazil), which made many LATAM consumers
reconsider and prioritize the importance of their
physical and mental health. This includes exercise,
healthier food habits, immunity support, and a more
conscious approach to their weight and mental well-
being.

Trend #1: Active lifestyle becomes a

priority
According to the post-pandemic research done by
Glanbia Nutritionals, South America is leading
globally in the proportion of consumers who plan to
become more active after COVID-19 (at 50%),
compared to North America at 40% and Europe at
34%.

Trend #2: Weight management

Consumers’ activity levels have declined significantly

due to pandemic lockdowns, making weight loss
and management increasingly important. More than
half of those going to the gym are still not satisfied
with the results they get. In addition, some people
are trying to compensate the lack of physical activity
with healthier eating habits. For example, 37% of
Brazilians are choosing to eat healthier due to their
decrease in physical activity.

Trend #3: Immunity

Immunity is another top wellness trend in Latin

America. Consumers are paying more attention to
products with immune benefits. For instance,
vitamin C became the best-selling supplement in
2020, and 82% of Brazilians expressed an interest in
vitamins, minerals, and supplements that could
boost their immune system. Three out of four
Peruvian consumers are including immunity-
supporting foods in their diets.

Trend #4: Mental health

56% of Brazilian consumers agree that their mental

well-being is becoming more and more critical to
them, and 63% indicate they would like to have more
food or drinks with ingredients that can improve
their mental or emotional health.
LATAM mobile wellness app
market

When looking into launching a new product or

service on a particular market, a web or mobile
application in particular, it’s also essential to consider
the current regional digital health market landscape,
and see what wellness apps people are using the
most and why. Here, we’ll be focusing on the main
three segments: fitness apps, mediation apps, and
nutrition apps.

The digital health market of Latin America is very

similar to the US in its structure, with fitness apps
being the most popular among consumers. Those
apps bring 55% of the segment's revenue in the US
and 60% in LATAM. Among the three wellness app
categories, nutrition apps are the least popular
among users and are expected to see the least
growth by 2026, as well as the lowest spending per
user.

Overall, Latin America's wellness market is expected

to grow by 15%, which is higher than in the US (10%).
The use of wellness apps in LATAM in general is still
quite low, and the entire market is comparable in
volume to the US, although the population of the US
is twice as small (654 million vs. 331 million).

Fitness Nutrition Meditation Digit

LATAM
apps apps apps Healt

Revenue
743 252 290 1 28
2022, mln $

Average
annual
16,75% 7,63% 18,41% 15,52
growth
until 2026
Revenue 1 381 339 569 2 28
2026, mln $

% of installs
8,05% 3,47% 2,97%
in 2022

% of installs
11,22% 3,80% 4,88%
in 2026

ARPU 2022,
17,54 12,73 16,99 16,2
$

ARPU 2026,
23,39 15,60 20,33 21,0
$

Installations
2022: mln 42,37 19,83 17,04 79,2
units

Installations
2026: mln 59,04 21,72 27,99 108,7
units

Mobile wellness apps market in Latin America

(Source: Statista)

If we look at the top countries by revenue from

wellness applications, we see that meditation apps
are most popular in Argentina and Chile, while
fitness apps are most popular in the rest of the
countries. In the meantime, nutrition apps are
getting more traction in Brazil and Mexico.

Argentina and Chile seem to be the most promising

markets, both in terms of consumers' paying
capacity and market size. A large share of meditation
app revenue indicates that there is a growing
interest in mindfulness in these countries. In
addition, Mexico, Argentina, and Chile have the
highest percentage of obese adults (28.9%, 28.3%,
and 28%, compared to 36.2% in the US), so a mindful
approach to eating can find its audience in these
countries.

If we look at the popularity of all wellness apps across

two major mobile platforms, we see that Android is
leading by downloads (82.5%), but iOS is leading by
revenue (73%).

Most popular wellness apps OS version (by downloads),

June 2021 – May 2022

Most popular wellness apps OS version (by revenue),

June 2021 – May 2022

Now let’s see what wellness apps are downloaded

and used the most in the region. This information is
based on the data from the Sensor Tower.
Top wellness apps in Latin America (by
downloads)

With fitness apps being the most popular among

LATAM consumers, those apps hit the top in the
number of downloads among all other wellness
apps. The most leading app in this segment is the
app of the Ministry of Health of Brazil. It's also worth
noting the popularity of a steps-counting app,
Sweatcoin Walking Step Counter, where users get
rewarded with crypto coins for walking a certain
number of steps a day.

Downloads (June
Mobile app Market
2021–May 2022)

Disease
Conecte SUS 29 680 180
Management

FitPro Fitness & Sport 12 169 870

Sweatcoin
Walking
Fitness & Sport 11 202 166
Step
Counter

Flo Period
Women Health 8 465 455
Tracker

Six Pack in
Weight Loss 7 595 119
30 Days

Home
Fitness & Sport 7 561 510
Workout

Fitness
Weight Loss 6 973 272
Coach & Diet

Workout for
Fitness & Sport 6 772 882
Women

Lose Weight Weight Loss 6 179 052

Workouts by Fitness & Sport 5 925 583
Muscle
Booster

Period
Tracker
Women Health 5 754 757
Period
Calendar

Lose Belly
Weight Loss 5 090 264
Fat

Top wellness apps in Latin America (by

revenue)

The top apps by revenue also confirm the discovered

trends: fitness and meditation apps are the ones that
generate the most revenue. It's worth noting the
popularity of the esoteric application called “Psychics
- psychic reading” for predictions, tarot card
readings, and communication with astrologists.

Revenue (June
Mobile app Market 2021–May
2022)

Strava: Run and

Fitness & Sport 3 448 137
Ride Tracker

Meditation,
Calm 2 322 674
Sleep

Flo Period
Women Health 2 264 777
Tracker

Meditopia:
Meditation 1 960 582
Meditation

Psychics - Other mental

1 951 128
psychic reading wellness

Workouts by Fitness & Sport 1 597 780

Muscle Booster

Fitness Coach &

Weight Loss 1 509 293
Diet

Headspace:
Meditation,
Mindful 1 166 665
Sleep
Meditation

Investing in the LATAM wellness

economy

As for the investment dynamics, according to the CB

Insights' State of Digital Health report, the amount of
funding in Latin America's wellness market more
than doubled in 2021, from $149 million in 2020 to
$340 million and 57 deals in total. The largest portion
of this funding goes to early-stage deals—72% of the
total number of deals.

LATAM sees record-breaking funding in 2021. Source: CB Insight.

But in general, the amount of funding in the LATAM

wellness market is still very small, compared to the
US and other markets (108 times less than the US, 28
times less than Asia, and 11 times less than Europe).

Summary
 As we see, the wellness market in Latin America is
still in its early stages compared to other wealthier
regions. However, since COVID-19, consumers are
paying more attention to their health and are willing
to spend more on their physical and mental well-
being, which opens up opportunities for new
products and services in this region.

If you’d like to or are already planning to launch a

wellness digital product in Latin America and are
looking for an experienced and trusted co-founding
partner to help you build, grow, and lead your
business in this region, please reach out to us here
and let’s discuss your idea.

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