Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - GCC

In the GCC, the revenue in the Vitamins & Minerals market market is projected to reach US$323.30m in 2024.
It is anticipated that the market will experience an annual growth rate of 5.15% (CAGR 2024-2029).
Among global markets, in China generates the highest revenue, amounting to US$5,328.00m in 2024.
When considering the population size, the per person revenue in 2024 is estimated to be US$5.36.
In the GCC, there is a growing demand for vitamin and mineral supplements, driven by a rising health consciousness among consumers.

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

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Analyst Opinion

The Vitamins & Minerals market in GCC is experiencing significant growth and development. Customer preferences for healthier lifestyles and increased awareness about the importance of nutrition are driving the demand for vitamins and minerals in the region. Additionally, the local special circumstances and underlying macroeconomic factors are contributing to the market's growth.Customer preferences in the GCC region are shifting towards healthier lifestyles and a focus on nutrition. Consumers are becoming more conscious about their health and are actively seeking ways to improve their overall well-being. This has led to an increased demand for vitamins and minerals as people look for supplements to fill any nutritional gaps in their diets. Additionally, there is a growing interest in preventative healthcare, with consumers recognizing the importance of maintaining a balanced diet to prevent chronic diseases.Trends in the Vitamins & Minerals market in the GCC region are driven by the global market as well as local factors. Globally, there is a rising trend of self-care and wellness, which is influencing consumer behavior in the GCC region as well. The market is witnessing a shift towards natural and organic products, with consumers preferring supplements that are derived from natural sources. This trend is driven by the increasing awareness about the potential side effects of synthetic ingredients and a desire for more sustainable and eco-friendly options.Local special circumstances in the GCC region also contribute to the development of the Vitamins & Minerals market. The hot climate and limited access to fresh produce in some areas make it challenging for consumers to meet their nutritional needs through diet alone. This creates a demand for supplements that can provide the necessary vitamins and minerals. Additionally, the high prevalence of vitamin D deficiency in the region due to limited sun exposure further drives the demand for vitamin D supplements.Underlying macroeconomic factors, such as the growing population and increasing disposable incomes, also play a role in the growth of the Vitamins & Minerals market in the GCC region. As the population continues to grow, there is a larger consumer base for these products. Moreover, the rising disposable incomes allow consumers to prioritize their health and invest in supplements to support their well-being.In conclusion, the Vitamins & Minerals market in GCC is developing due to customer preferences for healthier lifestyles, increased awareness about nutrition, and the local special circumstances and underlying macroeconomic factors. As consumers in the region prioritize their health and well-being, the demand for vitamins and minerals is expected to continue to grow.

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.