Vitamins & Minerals - Austria | Statista Market Forecast

In Austria, the revenue in the Vitamins & Minerals market market is projected to reach US$151.70m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.56% (CAGR 2024-2029).
When comparing globally, China generates the highest revenue in this market, reaching US$5.33bn in 2024.
In terms of per capita figures, each person in Austria generates US$16.90 in revenue in 2024.
Austria's Vitamins & Minerals market is experiencing a surge in demand for natural and organic supplements.

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 Austria has been experiencing steady growth in recent years. Customer preferences in this market are driven by a growing awareness of the importance of maintaining a healthy lifestyle and the desire to prevent health issues. Additionally, the aging population in Austria has also contributed to the increased demand for vitamins and minerals.

Customer preferences: Austrian consumers have shown a strong preference for natural and organic vitamins and minerals. They are increasingly seeking products that are free from artificial additives and preservatives. This preference for natural products is driven by a growing awareness of the potential health benefits and a desire to lead a more sustainable lifestyle. As a result, there has been a rise in the demand for organic vitamins and minerals in the Austrian market.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Austria is the increasing popularity of personalized nutrition. Consumers are looking for products that are tailored to their specific needs and preferences. This has led to the emergence of personalized vitamin and mineral supplements that are formulated based on individual requirements. This trend is driven by advancements in technology and the availability of genetic testing, which allows individuals to understand their unique nutritional needs.Another trend in the market is the growing popularity of functional foods and beverages fortified with vitamins and minerals. These products offer consumers a convenient way to meet their daily nutritional requirements. Functional foods and beverages are particularly popular among busy individuals who are looking for quick and easy ways to maintain a balanced diet. This trend is expected to continue driving the growth of the Vitamins & Minerals market in Austria.

Local special circumstances: Austria has a strong tradition of herbal medicine and natural remedies. This has influenced the preferences of Austrian consumers, who have a preference for natural and plant-based vitamins and minerals. As a result, there is a wide range of herbal supplements available in the market, catering to the demand for natural products.

Underlying macroeconomic factors: The growing economy in Austria has contributed to the increased purchasing power of consumers, allowing them to spend more on health and wellness products. Additionally, the aging population in Austria has created a larger consumer base for vitamins and minerals, as older individuals are more likely to require supplementation to meet their nutritional needs. These macroeconomic factors have played a significant role in driving the growth of the Vitamins & Minerals market in Austria.

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.