In Business Trends & Strategy, Consumer and Retail, General Interest

Latin America is slowly advancing on the road to economic recovery. The region’s GDP plummeted by 6.8% during 2020, according to data from the Economic Commission for Latin America and the Caribbean. Fortunately, 2021 seems to offer some signs of recovery, though as we map out in this story, it will be an unusual path. The projected GDP growth for the region in 2021 is 5.2%, while for 2022, it’s only projected to be 2.9%.

While the projections for economic growth are not all that surprising, there are some good reasons for optimism: several different sectors are posting growth despite the difficulties. Below we highlight the best-selling products in Latin America in 2021.

NOTE: If you’re more interested in knowing the top-selling products in 2021 in specific countries, click on one of the following links:

6 Products with Powerful Sales Growth in Latin America during 2021

mujer tomando su smartphone

Smartphones

During Q1 2021, the smartphone market in Latin America grew by 22.1% (versus the same period in 2020) and by 41.8% in Q2, according to a report from Counterpoint. In addition, data published by Statista projects that 134.3 million smartphone units will be sold in Latin America in 2021, compared to 116.3 million sold in 2020 and exceeding pre-pandemic smartphone sales totals in Latin America in 2019 of 131.9 million.

Counterpoint’s research indicates that Samsung maintained its leadership in LatAm smartphone market share during Q2 2021, with 37.3% of the market, followed by Motorola (22.3%) and Xiaomi (11.4%).  


wearables smart watch

Wearables

Wearables are devices that help users track their glucose levels, blood pressure, activity levels, sleep patterns and heart rate, among other functions.

Market Data Forecast estimates that the Latin American wearables medical devices market will have a compound annual growth rate (CAGR) of 16.95% between 2021 and 2026, increasing in value from US$777.2 million in 2021 to more than US$1.7 billion by 2026.


Electric Vehicles

In Latin America the electric vehicles market will grow by 14% year over year between 2020 and 2025. By 2026 the electric vehicles market in LatAm will reach a value of US$2.4 billion, according to Mordor Intelligence.

Contact us if you’re interested in a market landscape study of electric cars in Latin America that can show the potential for growth, market drivers and more.


Digital Gaming

The Latin American video games market will grow by 11.4% from 2017 until 2023 to reach a value of US$6.2 billion, according to a report from Kenneth Research.

It’s projected that mobile gaming will become the most important sector within the Latin American market. In fact, a study from Mordor Intelligence indicates that the mobile videogame market in Latin America will post a CAGR of 10.5% between 2021 and 2026, with Brazil and Argentina driving a significant portion of the growth. For is part, Newzoo forecasts that the Latin American mobile games market will generate revenues of US$3.5 billion in 2021 and increase to US$5.1 billion by 2024. Brazil leads LatAm mobile gaming with US$1 billion in revenues generated by 88.4 million players, followed by Mexico with just under US$900 billion in revenues.


Over-the-Counter Drugs and Generic Medications

In Latin America the over-the-counter drugs (OTC) market will grow with a CAGR of 8.64% between 2021 and 2026 to reach a value of US$17.33 million, according to Market Data Forecast. This sector is forecast to continue to have strong growth in Latin America in the coming years, particularly due to demand for diet and weight loss products as the public has developed greater health consciousness.

Beyond OTC products, generic medications are also on the rise in the region: it’s forecast that the generic drugs market in Latin America will grow with a CAGR of 6.41% between 2021 and 2026. In that time span, its value will rise from US$37.1 billion in 2021 to more than us $50.6 billion by 2026, according to Market Data Forecast.  


Eyewear

In Latin America the eyewear market (glasses, sunglasses and contact lenses) is forecast to increase with a CAGR of 6.8% through 2027, according to a study from Fortune Business Insights.

In 2019 the Latin America eyewear market had a value of US$10.8 billion and Fortune Business Insights projects that it will reach US$15 billion by 2027


The LatAm E-Commerce Datapack, 2020-2024

The LatAm E-Commerce Datapack, 2020-2024

Strategic data on market volumes, purchase habits, payment methods, demand drivers and more for 11 countries


Next Steps

Contact us to set up a market study covering the product and country of your interest. We’ve completed more than 600 market research studies of the LatAm consumer market, including both the retail market and ecommerce. Our data and analysis can help you identify opportunities in 2022, maximize your reach or market share within a particular market or help you counter competition via a competitive intelligence study.

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