Market Insights Consumer OTC Pharmaceuticals

Vitamins & Minerals - Cuba

Cuba

Revenue in the Vitamins & Minerals market amounts to US$33.67m in 2024. The market is expected to grow annually by 7.06% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$5,328m in 2024).
In relation to total population figures, per person revenues of US$3.01 are generated in 2024.

Key regions: Philippines, United Kingdom, India, Thailand, Europe

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Analyst Opinion

The Vitamins & Minerals market is globally experiencing significant growth during the COVID-19 pandemic. The global market has witnessed a growth of around 6% in 2020. Nowadays, customers are preferring organic and healthy products to improve defense of their immune system. The growing awareness of healthcare and nutrition is also expected to help the Vitamins & Minerals market generate higher revenues.

However, COVID-19 has disrupted supply chains around the world. This hinders the delivery of goods, which restricts the further growth of the Vitamins & Minerals market during the pandemic.

In the forecast period, the market is estimated to show a steady growth at a CAGR of around 6%, which returns to pre-COVID levels once the pandemic is over.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.