According to the World Bank, in the past decade Latin America managed to lift more than 70 million people out of poverty and grew the middle class by 50%. This surge in the middle class is creating new markets for discretionary spending among consumers, including marketed health products.
Latin America (including Mexico and Central America) has nearly 300 million people that can be considered middle class. This has doubled in the last 30 years, and the middle class comprise nearly 50% of the population. The two largest players in Latin America are Mexico and Brazil.
Mexico is the third largest trading partner of the United States, and it is the second largest export market of American products and services. In Mexico, dietary supplements and vitamins are regulated federally by Cofepris, a subdivision of the Mexican Health Secretariat.
In Brazil, health products are a subset of drugs and are regulated by the Brazilian Health Ministry through Anvisa, the Brazilian Health Surveillance Agency.