Vitamins & Minerals - Angola | Statista Market Forecast

In Angola, revenue in the Vitamins & Minerals market market reaches US$13.62m in 2024.
It is projected to experience an annual growth rate of -3.78% (CAGR 2024-2029).
When comparing globally, China generates the highest revenue with US$5.33bn in 2024.
In terms of per person revenues, in Angola generates US$0.36 in 2024.
Angola's growing middle class is driving demand for vitamins and minerals in the OTC Pharmaceuticals market.

Definition:
The Vitamins and Minerals market comprises over-the-counter natural and synthetic food supplements like multivitamin preparations, minerals, vitamins, tonics and cod liver oil. Vitamins and minerals include preparations in the form of capsules, dragees, pills, granulate, ampoules, solutions, powders, syrups for oral use. Not included are prescription medicines, preparations that are not explicit food supplement drugs (e.g. muscle-building preparations) or primarily serve cosmetic purposes. Among the top-selling vitamin and mineral products are Vitasprint, Orthomol, magnesium granulate, Curazink, Centrum. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Additional information:
The market comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Vitamin preparations
Mineral preparations (zinc, calcium, magnesium)
Cod liver oil

Prescription medicines
Homeopathic remedies
Probiotics and food products

The Vitamins & Minerals market in Angola has been experiencing steady growth in recent years, driven by changing customer preferences and increasing awareness of the importance of a healthy lifestyle.

Customer preferences: Angolan consumers are becoming more health-conscious and are actively seeking out products that can help them maintain their well-being. As a result, there is a growing demand for vitamins and minerals supplements in the country. Customers are also looking for products that are natural, organic, and free from artificial additives or preservatives. They are willing to pay a premium for high-quality products that meet their specific needs.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Angola is the rising popularity of personalized nutrition. Consumers are increasingly looking for products that are tailored to their individual needs and preferences. This has led to the emergence of customized vitamin and mineral supplements that are designed to address specific health concerns or deficiencies. Companies are investing in research and development to create innovative products that can cater to this growing demand.Another trend in the market is the increasing availability of vitamins and minerals in different formats. While traditional pill or tablet supplements remain popular, there is a growing demand for alternative formats such as gummies, chewable tablets, and powders. These formats are seen as more convenient and enjoyable to consume, especially for children or individuals who have difficulty swallowing pills.

Local special circumstances: Angola is a country with a high prevalence of nutrient deficiencies, particularly in children and pregnant women. This has created a strong demand for vitamins and minerals supplements that can help address these deficiencies and improve overall health. The government and non-governmental organizations are also actively promoting the importance of proper nutrition and are implementing programs to increase access to essential vitamins and minerals.

Underlying macroeconomic factors: Angola has experienced significant economic growth in recent years, leading to an increase in disposable income and a rising middle class. This has resulted in a higher purchasing power and an increased willingness to spend on health and wellness products, including vitamins and minerals supplements. The government's efforts to diversify the economy and reduce dependence on oil exports have also contributed to the overall growth of the market.In conclusion, the Vitamins & Minerals market in Angola is experiencing growth due to changing customer preferences, including a focus on personalized nutrition and alternative supplement formats. The country's high prevalence of nutrient deficiencies and increasing disposable income are also driving the demand for these products. As the market continues to develop, there are opportunities for companies to innovate and cater to the specific needs of Angolan consumers.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.