Vitamins & Minerals - Australia

Australia

Highlights

In Australia, the revenue generated in the Vitamins & Minerals market market amounted to US$1.40bn in 2024.
It is projected to grow annually by 6.38% (CAGR 2024-2029).
When compared globally, China generates the highest revenue with US$5.33bn in 2024.
In terms of per person revenues, in Australia generates US$52.52 in 2024.
Australia is experiencing a growing demand for natural and organic vitamins and minerals in the OTC Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in Australia has been experiencing steady growth in recent years. Customer preferences for health and wellness products, along with an increasing aging population, have contributed to the expansion of this market. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the development of the Vitamins & Minerals market in Australia.Customer preferences in Australia have shifted towards a greater emphasis on health and wellness. Consumers are becoming more conscious of their overall well-being and are actively seeking products that can support their health goals. This has led to a growing demand for vitamins and minerals, as they are seen as essential for maintaining good health. Furthermore, the aging population in Australia has also contributed to the increase in demand for these products. As individuals age, their nutritional needs change, and supplements can help bridge any nutrient gaps.Trends in the Vitamins & Minerals market in Australia reflect the global market. There has been a rise in the popularity of natural and organic products, as consumers are becoming more concerned about the source and quality of the supplements they consume. This trend is driven by a desire for clean and sustainable products. Additionally, there has been a shift towards personalized nutrition, with consumers seeking products that are tailored to their specific needs. This has led to the development of customized vitamin and mineral blends that target specific health concerns.Local special circumstances in Australia have also influenced the development of the Vitamins & Minerals market. The country has a strong regulatory framework for dietary supplements, which ensures the safety and quality of products on the market. This has helped build consumer trust and confidence in the industry. Additionally, Australia has a well-developed healthcare system, which includes a robust network of pharmacies and health food stores. These channels provide convenient access to vitamins and minerals for consumers.Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals market in Australia. The country has experienced a stable economy, with a growing middle class and increasing disposable incomes. This has allowed consumers to allocate more of their budget towards health and wellness products, including vitamins and minerals. Furthermore, the rise of e-commerce has made it easier for consumers to purchase supplements online, expanding the reach of the market.Overall, the Vitamins & Minerals market in Australia is driven by customer preferences for health and wellness products, an aging population, local special circumstances, and underlying macroeconomic factors. As these factors continue to shape the market, it is expected that the demand for vitamins and minerals will continue to grow in Australia.

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.