Vitamins & Minerals - Gambia | Statista Market Forecast

In Gambia, the revenue in the Vitamins & Minerals market market totals US$1.75m in 2024.
It is projected to experience an annual growth rate of 18.30% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, reaching US$5.33bn in 2024.
In terms of per capita figures, the revenue per person amounts to US$0.61 in 2024.
Despite the increasing awareness about the importance of vitamins and minerals in maintaining good health, the availability and affordability of these products remains a challenge in the Gambian market.

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 Gambia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Vitamins & Minerals market in Gambia are shifting towards healthier lifestyles and increased awareness about the importance of nutrition. As consumers become more health-conscious, there is a growing demand for products that provide essential vitamins and minerals. This trend is not unique to Gambia, but is seen worldwide as people strive to improve their overall well-being through better nutrition.Trends in the market include the rising popularity of natural and organic vitamins and minerals. Consumers in Gambia are increasingly looking for products that are free from artificial additives and chemicals. They are also seeking out products that are sourced sustainably and ethically. This trend reflects a global movement towards more environmentally-friendly and socially responsible products.Local special circumstances in Gambia also contribute to the development of the Vitamins & Minerals market. Gambia has a high prevalence of malnutrition, particularly among children and pregnant women. This creates a need for nutritional supplements that can help address these deficiencies. Additionally, Gambia has a growing middle class with increasing disposable income, which allows for greater spending on health and wellness products.Underlying macroeconomic factors, such as economic growth and stability, also play a role in the development of the Vitamins & Minerals market in Gambia. As the economy improves and incomes rise, consumers have more purchasing power to invest in their health. This leads to increased demand for vitamins and minerals, as well as other health and wellness products.In conclusion, the Vitamins & Minerals market in Gambia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and aware of the importance of nutrition, the demand for vitamins and minerals is increasing. The rising popularity of natural and organic products, as well as the need to address malnutrition, further drive the market. Additionally, the country's improving economy and growing middle class contribute to the growth of the market. Overall, the Vitamins & Minerals market in Gambia is poised for continued expansion in the coming years.

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.