Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - G20

In 2024, the revenue in the Vitamins & Minerals market market reaches a substantial amount of US$23.88bn.
This market is projected to experience an annual growth rate of 6.48% (CAGR 2024-2029).
When comparing the global market, in China emerges as the top revenue generator, generating US$5,328.00m in 2024.
Looking at the per person revenues in relation to the total population, an average of US$4.80 is generated in 2024.
It is worth noting that these figures pertain to the G20 countries, which are a group of major economies.
In Brazil, there is a growing trend in the Vitamins & Minerals market as consumers prioritize health and wellness in their daily routines.

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

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Analyst Opinion

The Vitamins & Minerals market in G20 countries is experiencing significant growth and development.

Customer preferences: Customers in G20 countries are increasingly focusing on maintaining a healthy lifestyle and preventing diseases through proper nutrition. As a result, there is a growing demand for vitamins and minerals supplements to supplement their diets. Additionally, with the rise of social media and influencers promoting wellness trends, consumers are becoming more aware of the importance of vitamins and minerals in supporting overall health and well-being. This has led to a shift towards natural and organic products, as customers seek products that are free from artificial ingredients and additives.

Trends in the market: One of the key trends in the Vitamins & Minerals market in G20 countries is the growing popularity of personalized nutrition. Consumers are seeking customized solutions that meet their specific nutritional needs and goals. This trend is driven by advancements in technology, such as wearable devices and mobile apps, that enable individuals to track their health and receive personalized recommendations for vitamins and minerals supplements. As a result, companies are increasingly offering personalized products and services to cater to this demand.Another trend in the market is the rising popularity of functional foods and beverages fortified with vitamins and minerals. Consumers are looking for convenient and easy ways to incorporate essential nutrients into their diets, and fortified products provide a convenient solution. This trend is particularly prevalent in countries with busy lifestyles, where consumers are seeking on-the-go options that offer both nutrition and convenience.

Local special circumstances: Each G20 country has its own unique set of circumstances that influence the Vitamins & Minerals market. For example, in China, there is a strong cultural belief in the power of traditional herbal remedies, which has led to a significant demand for herbal-based vitamins and minerals supplements. In the United States, there is a growing trend towards plant-based diets, which has created a demand for vegan-friendly vitamins and minerals products. In India, there is a rising awareness of the importance of vitamins and minerals in combating malnutrition, particularly among children, which has led to increased government initiatives and investments in this sector.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals market in G20 countries is also influenced by underlying macroeconomic factors. Rising disposable incomes and improving standards of living in emerging economies such as China, India, and Brazil have led to increased spending on health and wellness products, including vitamins and minerals supplements. Additionally, an aging population in many G20 countries is driving demand for products that support healthy aging and prevent age-related diseases. Furthermore, the COVID-19 pandemic has heightened awareness of the importance of maintaining a strong immune system, leading to increased demand for vitamins and minerals supplements that support immune health.In conclusion, the Vitamins & Minerals market in G20 countries is experiencing significant growth and development, driven by customer preferences for maintaining a healthy lifestyle, trends towards personalized nutrition and functional foods, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize their health and well-being, 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.