Key regions: Canada, United Kingdom, India, Europe, Brazil
The Vitamins & Minerals market in BRICS is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the current state of the market.
Customer preferences: Customers in BRICS countries have shown a growing interest in maintaining a healthy lifestyle, which includes a focus on nutrition and wellness. As a result, there is a strong demand for vitamins and minerals to supplement their diets. This preference for health-conscious products is driving the growth of the Vitamins & Minerals market in BRICS.
Trends in the market: One of the key trends in the Vitamins & Minerals market in BRICS is the increasing popularity of natural and organic products. Customers are becoming more aware of the potential side effects of synthetic supplements and are opting for natural alternatives. This trend is driving the demand for natural vitamins and minerals derived from fruits, vegetables, and other natural sources.Another trend in the market is the rising popularity of personalized nutrition. Customers are seeking customized solutions that cater to their specific nutritional needs. This has led to the development of personalized vitamin and mineral supplements that are tailored to individual requirements. Companies in the market are leveraging technology to offer personalized solutions, such as DNA testing and online platforms that provide personalized recommendations.
Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the Vitamins & Minerals market. For example, in Brazil, there is a high prevalence of malnutrition, particularly among low-income populations. This has led to increased government initiatives to address nutritional deficiencies through the distribution of vitamins and minerals. In Russia, the aging population is driving the demand for supplements that support overall health and well-being.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in BRICS countries are significant factors contributing to the development of the Vitamins & Minerals market. As people have more purchasing power, they are willing to spend on products that promote health and wellness. Additionally, the increasing urbanization and changing lifestyles in these countries have led to a shift towards convenience and ready-to-consume products, including vitamins and minerals.In conclusion, the Vitamins & Minerals market in BRICS is experiencing growth and development due to customer preferences for health-conscious products, trends towards natural and personalized nutrition, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, companies in the industry will need to adapt to these trends and cater to the specific needs of customers in each BRICS country.
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.
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