Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Georgia

Georgia

In the year 2024, the revenue in the Vitamins & Minerals market market in Georgia amounts to US$14.11m.
It is projected that the market will experience an annual growth rate of 10.10% from 2024 to 2029 (CAGR 2024-2029).
When compared to the global market, in China generates the highest revenue in this market, with US$5,328.00m in the year 2024.
In terms of per person revenues, in 2024, each individual in Georgia generates approximately US$3.80 in revenue in the Vitamins & Minerals market market.
Despite the growing health consciousness in Georgia, the Vitamins & Minerals market in the OTC Pharmaceuticals sector remains relatively underdeveloped.

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

Market

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Currency

Analyst Opinion

The Vitamins & Minerals market in Georgia has been experiencing significant growth in recent years, driven by changing consumer preferences and increasing awareness about the importance of maintaining a healthy lifestyle.

Customer preferences: Consumers in Georgia are becoming more health-conscious and are actively seeking out products that can help them improve their overall well-being. This has led to a growing demand for vitamins and minerals, as people are looking for ways to supplement their diets and ensure they are getting the necessary nutrients. Additionally, with the rise of social media and the influence of celebrities and influencers, there has been a growing trend of people taking a proactive approach to their health, which has further boosted the demand for vitamins and minerals.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Georgia is the increasing popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic supplements and are opting for natural alternatives. This has led to a rise in the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. Additionally, there is a growing trend of personalized nutrition, where individuals are seeking customized vitamin and mineral supplements based on their specific needs and health goals.

Local special circumstances: Georgia is known for its rich agricultural heritage, with a wide variety of fruits and vegetables grown in the country. This has created opportunities for local producers to capitalize on the demand for natural and organic vitamins and minerals. Many local companies are now offering a range of products that are made from locally sourced ingredients, which appeals to consumers who prefer to support local businesses and have a closer connection to the source of their supplements.

Underlying macroeconomic factors: The growing Vitamins & Minerals market in Georgia can also be attributed to the country's improving economic conditions. As disposable incomes rise, consumers are more willing to spend on health and wellness products, including vitamins and minerals. Additionally, the government has been actively promoting a healthy lifestyle and investing in healthcare infrastructure, which has further contributed to the growth of the market. Furthermore, the increasing urbanization and westernization of the country have led to changes in dietary patterns, with a greater emphasis on convenience and nutrition, driving the demand for vitamins and minerals.

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.