Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - CIS

In 2024, the revenue generated in the Vitamins & Minerals market market in the CIS amounts to US$0.99bn.
It is projected that the market will experience an annual growth rate of 1.57% (CAGR 2024-2029).
When compared to other countries, in China generates the highest revenue in this market, amounting to US$5,328.00m in 2024.
In terms of per capita figures, the revenue per person in the CIS is US$4.06 in 2024.
In the CIS region, there is a growing demand for vitamins and minerals in the OTC Pharmaceuticals market due to increased awareness of health and wellness.

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

Market

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Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals market in CIS is experiencing significant growth and development due to several key factors. Customer preferences for health and wellness products have been driving the demand for vitamins and minerals in the region. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the market's growth.Customer preferences in CIS have shifted towards a more health-conscious lifestyle, leading to an increased demand for vitamins and minerals. Consumers are becoming more aware of the importance of maintaining a balanced diet and are actively seeking out products that can help support their overall health and well-being. This has created a strong market for vitamins and minerals, as they are seen as essential supplements to ensure proper nutrition.Trends in the market indicate a growing interest in natural and organic products. Consumers in CIS are increasingly seeking out vitamins and minerals that are derived from natural sources, as they are perceived to be healthier and more sustainable. This trend is driven by the desire for clean and transparent labeling, as well as a preference for products that are free from artificial additives and preservatives.Local special circumstances in CIS have also contributed to the growth of the Vitamins & Minerals market. The region has a large population with a growing middle class, which has led to increased purchasing power and a higher demand for health and wellness products. Additionally, the prevalence of certain health conditions, such as vitamin deficiencies, has created a need for vitamins and minerals in the market.Underlying macroeconomic factors, such as economic growth and increasing disposable income, have further fueled the development of the Vitamins & Minerals market in CIS. As the economy continues to grow, consumers have more money to spend on health and wellness products, including vitamins and minerals. This has created a favorable market environment for manufacturers and suppliers in the region.In conclusion, the Vitamins & Minerals market in CIS is experiencing significant growth and development due to customer preferences for health and wellness products, local special circumstances, and underlying macroeconomic factors. The demand for vitamins and minerals is driven by a shift towards a more health-conscious lifestyle, with a focus on natural and organic products. As the region's economy continues to grow and consumers have more disposable income, the market is expected to further expand in the coming years.

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.