Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Bhutan

Bhutan

In Bhutan, the revenue generated in the Vitamins & Minerals market market amounts to US$1.79m in 2024.
It is projected that the market will experience an annual growth rate of 19.71% (CAGR 2024-2029).
When comparing in Bhutan to other countries globally, it is important to note that in China generates the highest revenue in the Vitamins & Minerals market market, reaching US$5,328.00m in 2024.
In terms of per person revenues, in Bhutan, each individual generates US$2.26 in 2024.
This indicates the average revenue generated per person in relation to the total population.
Bhutanese consumers are increasingly seeking natural and organic vitamins and minerals to align with their holistic approach to health and well-being.

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

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Analyst Opinion

The Vitamins & Minerals market in Bhutan is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances. Bhutan, known as the "Land of the Thunder Dragon," is a small country located in the eastern Himalayas with a unique cultural heritage and a focus on holistic well-being. Customer preferences in Bhutan are shifting towards healthier lifestyles and a greater emphasis on preventive healthcare. As people become more aware of the importance of vitamins and minerals in maintaining good health, there is a growing demand for products that can help meet their nutritional needs. Consumers are seeking out natural and organic options, as well as products that are free from artificial additives and preservatives. This preference for clean and sustainable products is driving the growth of the vitamins and minerals market in Bhutan.Trends in the market include the rising popularity of dietary supplements and functional foods. Dietary supplements, such as multivitamins and mineral complexes, are becoming increasingly popular as a convenient way to ensure adequate nutrient intake. Functional foods, which are fortified with vitamins and minerals, are also gaining traction as people look for ways to incorporate these essential nutrients into their daily diet. The market is also seeing an increase in demand for specialized products targeting specific health concerns, such as immune support, bone health, and cognitive function.Local special circumstances in Bhutan contribute to the development of the vitamins and minerals market. Bhutan is known for its rich biodiversity and traditional knowledge of herbal medicine. This has led to the emergence of a thriving herbal and traditional medicine industry, with many locally sourced ingredients being used in the production of vitamins and minerals. The government of Bhutan has also been supportive of the development of the healthcare sector, including the promotion of traditional medicine, which further boosts the market for vitamins and minerals.Underlying macroeconomic factors, such as increasing disposable incomes and urbanization, are driving the growth of the vitamins and minerals market in Bhutan. As the country experiences economic development and a rise in living standards, consumers have more purchasing power to invest in their health and well-being. Urbanization is also contributing to the growth of the market, as urban dwellers tend to have higher awareness of health trends and access to a wider range of products.In conclusion, the Vitamins & Minerals market in Bhutan is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As Bhutanese consumers prioritize their health and well-being, the demand for vitamins and minerals is expected to continue to grow. The market is likely to see further innovation and diversification as companies respond to these evolving trends and cater to the unique needs of the Bhutanese market.

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.