Latin America is experiencing an economic slowdown. According to the Economic Commission for Latin America and the Caribbean (ECLAC), growth in Latin America and the Caribbean in 2023 will be 1.7%, well below the 2022 growth of 3.8%. And in 2024, the slowdown will continue, such that GDP growth is projected at 1.5%. According to ECLAC, the region continues to face an unfavorable international context, in addition to negative effects due to climate change.
Although these economic projections are not very positive, there are specific sectors that are experiencing pronounced growth in Latin America despite the difficulties. The following are the fastest-growing markets in Latin America 2023-24.
The 2023 Latin America Forecast
Five massive trends that will shape Latin America not only for in 2023—but also throughout the rest of the decade into 2030
If you are interested in the top-selling products in specific countries, click on the following links:
Finally, before you explore the best-selling products in Latin America in 2023 below, you may also want to review our analysis: Latin America 2023 — The Year of Growth That Everyone Missed.
The Best-Selling Products in Latin America in 2023 and Beyond
#1 Dietary supplements
Grand View Research reports that the dietary supplements market in Latin America reached US$51.32 billion in 2022 and projects compound annual growth of 8% between 2023 and 2030.
Market leaders include Herbalife, Amway, Bayer, Sanofi, Abbott, Nestle, Pfizer, GNC Holdings and Ground & Pound Supplements.
Data shared by McKinsey indicates that the food industry in Latin America will grow by 5% in 2023. Currently, 90% of food sales in LatAm occur in physical channels, such as supermarkets.
According to the consulting firm, the trend among Latin American consumers will be price savings. At the same time, consumers will prefer to buy products of natural origin, sustainable and environmentally friendly, especially in the 18 to 44 years old segment.
The gambling market in Latin America will grow at a compound annual rate of 18.4% between 2022, according to ResearchAndMarkets. The industry has grown thanks to the rise of online casinos and the ease of playing from mobile applications, and could grow even more due to the increase in virtual currencies. However, there is still the challenge of improving security and access to different payment channels.
In Latin America, the most prominent casino companies are Codere, Winland, Caliente Casino, Bet265, Betway, BetOnline, among others.
The pharmaceutical market in Latin America is projected to grow at a compound annual rate of 2.4% between 2023 and 2027, according to the firm IQVIA. This would be one of the most outstanding growth rates globally, higher than in regions such as North America (0.1%) and Europe (0.5%).
In Latin America and within the industry, dermatological drugs have the largest market share, followed by products for cardiovascular and hematological therapy.
Specifically in generic drugs, the market reached US$32.7 billion in 2022, according to IMARC Group. The firm estimates that generic drug sales in Latin America will grow at a compound annual rate of 7.16% between 2023 and 2028.
#5 Beauty and personal care products
The Latin American beauty and personal care market is projected to grow at a compound annual growth rate of 3.44% between 2023 and 2032, according to Inkwood Research. By 2032 it will reach revenues of US$72.5 billion. The market includes the sale of makeup, body creams, hair products, fragrances and oral hygiene products.
Among the most prominent brands are L’Oreal, P&G, Beiersdorf, Oriflame, Unilever, Johnson & Johnson, Mary Kay and Natura.
#6 Electronics and appliances
The electronics market in Latin America will grow at a compound annual rate of 8.4% between 2023 and 2028, according to Mordor Intelligence. This includes the sale of electronic devices: cell phones, tablets, computers and televisions; as well as household appliances: refrigerators, air conditioners and washing machines.
In Latin America, the leading electronics brands are Samsung, Electrolux, Acer, LG and Dell.
Specifically in refrigerators, the market will grow by 4.2% annually between 2022 and 2030, reaching US$ 103.9 billion, according to Fortune Business Insights. The growth would be driven by the increase in frozen food consumption.
Currently, the leaders of the refrigerator industry in Latin America are Samsung, Haier, Electrolux and LG.
#8 Pet food
The pet food market in Latin America is estimated to grow at a compound annual growth rate of 12.3% between 2023 and 2028, according to EMR. In 2027, the pet food market in LatAm will be US$21.2 million.
The most prominent market is Brazil, where there are at least 132 million pets.
Maximize Market Research estimates that the electric vehicle market in Latin America will reach US$2.75 billion by 2027, with a compound annual growth rate of 14%. This includes sales of battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs).
On the other hand, ReportLinker indicates that 157 thousand electric vehicles were sold in Latin America in 2022, showing a 32.6 % increase in sales. Colombia and Uruguay are the markets with the highest penetration, with a sales contribution of 11.9% and 6.9%, respectively.
#10 Video games
The Latin American video game market is estimated to grow at an annual rate of 10% between 2023 and 2028, according to Konvoy Ventures. By 2023, the video game market will reach US$2.7 billion, led mainly by sales of video games on mobile devices.
Video game market leaders in Latin America include Blizzard, Electronic Arts, Take Two Interactive, Zynga and Microsoft Corporation.
#11 Apparel and footwear
The fashion, apparel and footwear market in Latin America will grow at a compound annual rate of 4.5% between 2023 and 2028, according to EMR. In 2021, the market reached a sales value of US$7.4 billion.
Contact us to find out more about how we can help you deepen your understanding of Latin America’s consumer market or improve your position. Our market intelligence can help with this in a variety of ways, including:
- Opportunity benchmarking
- Consumer insights to understand your target market better
- Market sizing to gauge potential of new products in different countries
- Partner studies to evaluate potential partners in the region or find reliable distributors
- Competitive intelligence to allow to see how your market rivals compare to you and understand their strategies
And much more.