Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Hungary

Hungary

In Hungary, the revenue in the Vitamins & Minerals market market in 2024 amounts to US$57.69m.
It is projected that the market will experience an annual growth rate of 6.04% (CAGR 2024-2029).
When comparing in Hungary to other countries on a global scale, it is important to note that in China generates the highest revenue in this market, with US$5,328.00m in 2024.
In terms of per capita revenue, in Hungary generates US$5.77 per person in 2024.
In Hungary, there is a growing trend of consumers seeking out natural and organic vitamins and minerals in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Vitamins & Minerals market in Hungary has been experiencing steady growth over the past few years. Customer preferences for health and wellness products, along with increasing awareness about the importance of a balanced diet, have been driving the demand for vitamins and minerals in the country.

Customer preferences: Hungarian consumers are becoming more health-conscious and are actively seeking products that can help them maintain a healthy lifestyle. Vitamins and minerals are seen as essential components of a balanced diet and are therefore in high demand. Additionally, the aging population in Hungary has increased the need for supplements that can support overall health and well-being.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Hungary is the growing popularity of natural and organic products. Consumers are increasingly looking for supplements that are made from natural ingredients and are free from artificial additives. This trend is driven by a desire for healthier and more sustainable options. Another trend in the market is the rise of personalized nutrition. Consumers are seeking products that are tailored to their specific needs and preferences. This has led to an increase in the demand for customized vitamin and mineral supplements that address individual health concerns.

Local special circumstances: Hungary has a strong tradition of herbal medicine, which has influenced the market for vitamins and minerals. Traditional herbal remedies are still popular among consumers and are often used alongside conventional supplements. This has created a unique market for natural and herbal-based products in the country.

Underlying macroeconomic factors: The growing economy in Hungary has contributed to the increasing demand for vitamins and minerals. As disposable incomes rise, consumers have more purchasing power and are willing to spend on products that promote their health and well-being. Additionally, the government has implemented policies to promote healthy lifestyles, which has further fueled the demand for vitamins and minerals. In conclusion, the Vitamins & Minerals market in Hungary is experiencing growth due to customer preferences for health and wellness products, the popularity of natural and organic supplements, the rise of personalized nutrition, the influence of traditional herbal medicine, and the underlying macroeconomic factors such as a growing economy and government support for healthy lifestyles.

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.