KUALA LUMPUR: The Malaysia External Trade Development Corporation (Matrade) is confident Malaysian companies which undertake proper market research will be able to penetrate the growing Brazilian vitamins and health supplement market.
“The market is growing at around 20 per cent annually with an estimated value of RM1.53 billion,” it said in a statement.
The Brazilian domestic market comprised some 50,000 pharmacies with more than 500 distributors of pharmaceutical products and the overall industry was made up of around 400 companies with a market value of RM33.7 billion.
Vitamins alone showed a 13 per cent growth last year with multi-vitamins contributing strongly to this performance while retail pharmacies remained the primary distribution means for vitamins and health supplement products, amounting to RM38.6 billion.
Currently Brazil was facing difficulties in obtaining consistent generic products supply resulting in the importation of a wide range of vitamins and health supplements.
In addition, large local laboratories were also considered potential acquisition targets for foreign investors. — Bernama