Vitamins & Minerals - Iceland | Statista Market Forecast

In Iceland, the revenue in the Vitamins & Minerals market market is estimated to reach US$2.92m by 2024.
This market is projected to experience an annual growth rate of 16.00% (CAGR 2024-2029).
When compared globally, China generates the highest revenue, amounting to US$5.33bn in 2024.
In terms of per person revenues, in Iceland generates US$7.73 in 2024.
The demand for vitamins and minerals in the OTC Pharmaceuticals market in Iceland is driven by the country's focus on health and wellness.

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 Iceland has experienced steady growth over the past few years, driven by changing consumer preferences and a growing awareness of the importance of maintaining a healthy lifestyle. Customer preferences in the Vitamins & Minerals market in Iceland have shifted towards natural and organic products, as consumers become more conscious of the ingredients in the products they consume. This trend is in line with the global movement towards clean label and transparent product labeling. Additionally, there is a growing demand for personalized nutrition solutions, with consumers seeking products that are tailored to their specific needs and goals. Trends in the market include the rise of online retail channels, which have provided consumers with greater convenience and access to a wider range of products. This has also led to increased price transparency, as consumers can easily compare prices and find the best deals. Another trend is the growing popularity of functional foods and beverages, which combine essential vitamins and minerals with other beneficial ingredients to provide additional health benefits. Local special circumstances in Iceland have also influenced the development of the Vitamins & Minerals market. The country's unique geography and climate have limited the availability of fresh produce, leading to a greater reliance on imported fruits and vegetables. This has contributed to a higher demand for vitamin and mineral supplements to compensate for any nutritional gaps. Additionally, the strong emphasis on health and wellness in Icelandic culture has created a receptive market for vitamins and minerals. Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals market in Iceland. The country's strong economy and high disposable income levels have allowed consumers to prioritize their health and invest in products that support their well-being. Furthermore, the aging population in Iceland has created a growing market for products that promote healthy aging and support overall vitality. Overall, the Vitamins & Minerals market in Iceland is expected to continue its growth trajectory as consumers prioritize their health and seek out products that align with their personal values and goals. The market will likely see further innovation in terms of product offerings and delivery channels, as well as an increased focus on personalized nutrition solutions.

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.