Consumer health value sales saw above inflation growth in 2024 thanks to a significant increase in consumer focus on preventive health, benefiting vitamins and dietary supplements, despite smuggling from Argentina. Sharp increases in dengue fever supported acetaminophen, while social media and sports influencers benefited sports nutrition.
The Paraguayan economy in 2024 is projected to be stronger than it was in 2023, with stable inflation. Moreover, Paraguay is emerging as one of the best performing economies in Latin America.
During the last two decades, Paraguay has experienced economic growth thanks to favourable terms of trade that allowed improvements in the prices of the products that the country exports and to solid macroeconomic policies, which include institutional reforms such as the inflation targeting mechanism and legislation of fiscal responsibility. Despite this, weather conditions that affected agricultural and hydropower exports, the poor performance of its trading partners, and the COVID-19 pandemic have affected growth in recent years, reducing gross domestic product growth from the average of 4.
The population of Paraguay is set to reach 6.9 million in 2024, up from 6.
Paraguay is a landlocked country, bordered in the north by Bolivia, in the east and northeast by Brazil and in the south and southwest by Argentina. Its terrain is less mountainous than any of these countries, however.
In August 2023, the resolution No 348/2023 from DINAVISA, (the national directorate of health surveillance) reviewed the sale condition of omeprazole, a popular digestive molecule, with a switch from RX to OTC. This is with the aim of reducing health insurance disbursements as they only cover RX remedies.
Vitamins and dietary supplements are heavily regulated in Paraguay and these products have the same status as OTC medicines with no changes in the regulations in 2024 over the previous year. The Ministry of Health must approve all commercial activity relating to these products, which means that importers, manufacturers, distributors and retailers must all apply for licences and register with the ministry.
Post pandemic, Paraguay’s economy has been growing faster than many other Latin American countries. The latest projections suggest that this momentum is set to continue over much of the forecast period, with stable inflation, and increasing private consumption.
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Consumer Health
It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and Wellbeing
See all of our definitionsThis report originates from Passport, our Consumer Health research and analysis database.
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