Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Africa

Africa

In Africa, the revenue generated in the Vitamins & Minerals market market is estimated to reach US$2.33bn in 2024.
It is projected to experience an annual growth rate of 7.34% (CAGR 2024-2029).
When comparing this market globally, in China leads with a revenue of US$5,328.00m in 2024.
In terms of per capita revenue, each person in Africa is expected to generate US$1.79 in 2024.
In Nigeria, there is a growing trend of consumers seeking natural and herbal vitamins and minerals as alternatives to synthetic pharmaceutical products.

Key regions: Canada, United Kingdom, India, Europe, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals market in Africa is experiencing significant growth due to several factors. Customer preferences in Africa are shifting towards a healthier lifestyle, leading to an increased demand for vitamins and minerals. As awareness about the importance of a balanced diet and nutrition grows, more consumers are seeking ways to supplement their diet with essential nutrients. This trend is driven by a desire to improve overall health and well-being, as well as prevent and manage various health conditions.Trends in the market indicate a growing interest in natural and organic products. Consumers in Africa are increasingly looking for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. This preference for natural products is driven by a desire for cleaner and more sustainable options. Additionally, there is a rising demand for personalized nutrition, with consumers seeking products that cater to their specific health needs and goals.Local special circumstances in Africa play a role in shaping the Vitamins & Minerals market. The continent is home to a diverse range of cultures and dietary preferences, which influence the types of vitamins and minerals consumed. For example, in countries where vegetarianism is more prevalent, there is a higher demand for plant-based vitamins and minerals. Additionally, traditional medicine practices in Africa have also contributed to the popularity of certain vitamins and minerals, such as moringa and baobab.Underlying macroeconomic factors also contribute to the development of the Vitamins & Minerals market in Africa. Economic growth and increasing disposable incomes have led to a rise in consumer spending on health and wellness products. As more people are able to afford dietary supplements, the market for vitamins and minerals expands. Additionally, urbanization and the growing middle class have created a larger consumer base for these products.In conclusion, the Vitamins & Minerals market in Africa is experiencing growth due to changing customer preferences, trends towards natural and organic products, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and seek ways to improve their overall well-being, the demand for vitamins and minerals is expected to continue rising in Africa.

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.