Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Argentina

Argentina

In 2024, the revenue in the Vitamins & Minerals market market in Argentina amounts to US$58.45m.
It is projected to experience an annual growth rate of 6.39% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, reaching US$5,328.00m in 2024.
In terms of per capita figures, in Argentina generates revenues of US$1.27 per person in 2024.
Growing health consciousness and increasing disposable income in Argentina are driving the demand for vitamins and minerals in the OTC pharmaceuticals market.

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

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Analyst Opinion

The Vitamins & Minerals market in Argentina is experiencing significant growth and development in recent years.

Customer preferences: Argentinian consumers are becoming increasingly health-conscious and are placing a greater emphasis on maintaining a balanced diet and overall well-being. This has led to a growing demand for vitamins and minerals, as they are seen as essential for supporting good health and preventing nutrient deficiencies. Additionally, there is a rising awareness of the benefits of vitamins and minerals for specific health conditions, such as bone health, immune support, and cognitive function. As a result, consumers are actively seeking out products that provide targeted nutritional support.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Argentina is the growing popularity of natural and organic products. Consumers are increasingly looking for supplements that are free from artificial additives and are made from natural ingredients. This trend is driven by a desire for cleaner and healthier options, as well as concerns about the potential side effects of synthetic supplements. As a result, there has been a surge in the availability of natural and organic vitamins and minerals in the market.Another trend in the market is the increasing demand for personalized nutrition. Consumers are seeking customized solutions that address their individual nutritional needs and goals. This has led to the emergence of personalized vitamin and mineral formulations, where consumers can select specific nutrients based on their requirements. This trend is driven by a desire for more targeted and effective supplementation, as well as a growing interest in personalized health and wellness.

Local special circumstances: Argentina has a large agricultural sector and is known for its rich natural resources. This has contributed to the availability of a wide range of locally sourced vitamins and minerals. Local companies are capitalizing on this by promoting products that are made from locally grown ingredients, which resonates with consumers who prioritize supporting domestic industries and sustainable practices.

Underlying macroeconomic factors: Argentina has experienced economic challenges in recent years, including high inflation and currency devaluation. These factors have affected consumer purchasing power and led to a shift in spending habits. However, the Vitamins & Minerals market has remained resilient, as consumers continue to prioritize their health and well-being. In fact, the market has seen a surge in demand for affordable options, such as generic brands and private label products. This trend is driven by a desire for value for money, as well as the need to stretch budgets in uncertain economic times.In conclusion, the Vitamins & Minerals market in Argentina is witnessing growth and development driven by changing consumer preferences, including a focus on natural and organic products and personalized nutrition. The availability of locally sourced ingredients and the resilience of the market in the face of economic challenges are also contributing factors. As the health and wellness trend continues to gain momentum, the Vitamins & Minerals market in Argentina is expected to further expand in the coming years.

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.