Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - ASEAN

ASEAN

In ASEAN, the revenue generated in the Vitamins & Minerals market market is projected to reach US$2.30bn in 2024.
This market is expected to experience an annual growth rate of 7.29% (CAGR 2024-2029).
Comparing globally, in China generates the highest revenue in this market with US$5,328.00m in 2024.
When considering the total population, the per person revenue in ASEAN is US$3.33 in 2024.
In Thailand, there is a growing demand for natural and organic vitamins and minerals in the OTC pharmaceuticals market.

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

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Currency

Analyst Opinion

The Vitamins & Minerals market in ASEAN has been experiencing significant growth in recent years.

Customer preferences: Customers in ASEAN have shown a growing interest in maintaining a healthy lifestyle, which has led to an increased demand for vitamins and minerals. With rising disposable incomes and a greater awareness of the importance of nutrition, consumers are actively seeking out products that can help them meet their dietary needs. Additionally, the aging population in the region has created a market for products that cater to specific health concerns, such as bone health and cognitive function.

Trends in the market: One of the key trends in the Vitamins & Minerals market in ASEAN is the growing popularity of natural and organic products. Consumers are becoming more conscious of the ingredients in the products they consume and are opting for those that are free from chemicals and additives. This trend is driving the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs.Another trend in the market is the increasing availability of personalized supplements. With advancements in technology, companies are now able to offer customized vitamin and mineral blends based on individual needs and preferences. This allows consumers to tailor their supplementation to their specific health goals, which has been well-received in the market.

Local special circumstances: ASEAN is a diverse region, with each country having its own unique cultural and dietary preferences. This has led to variations in the types of vitamins and minerals that are popular in different countries. For example, in Indonesia, traditional herbal remedies are highly valued, leading to a demand for supplements that incorporate local herbs. On the other hand, in Singapore, where the population is more health-conscious, there is a preference for premium and high-quality supplements.

Underlying macroeconomic factors: The growing middle class in ASEAN countries has been a driving force behind the growth of the Vitamins & Minerals market. As incomes rise, consumers are willing to spend more on products that promote their health and well-being. Additionally, the increasing urbanization in the region has led to changes in dietary habits, with a shift towards convenience foods that may lack essential nutrients. This has further fueled the demand for vitamins and minerals to supplement these diets.In conclusion, the Vitamins & Minerals market in ASEAN is experiencing growth due to customer preferences for healthy lifestyles, trends towards natural and personalized products, local special circumstances, and underlying macroeconomic factors such as rising incomes and urbanization.

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.