Vitamins & Minerals - Lebanon

Lebanon

Highlights

In Lebanon, the revenue generated in the Vitamins & Minerals market market is estimated to be US$22.49m in the year 2024.
It is projected to experience an annual growth rate of -5.21% (CAGR 2024-2029).
When compared to other countries worldwide, China generates the highest revenue in this market, amounting to US$5.33bn in 2024.
Considering the population size, the per person revenue in Lebanon is US$4.31 in the year 2024.
Lebanon's growing health-conscious population has led to a surge in demand for vitamins and minerals in the OTC pharmaceutical market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in Lebanon has been experiencing steady growth in recent years.

Customer preferences: Lebanese consumers are increasingly becoming health-conscious and are actively seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals supplements in the country. Consumers are looking for products that can help them maintain a balanced diet and support their immune system. They are also interested in supplements that can help them address specific health concerns, such as bone health, heart health, and cognitive function.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Lebanon is the rising popularity of natural and organic supplements. Consumers are becoming more aware of the potential side effects of synthetic ingredients and are opting for products that are made from natural sources. This trend is also driven by the increasing preference for sustainable and environmentally-friendly products.Another trend in the market is the growing demand for personalized supplements. Lebanese consumers are looking for products that are tailored to their specific needs and preferences. This has led to the emergence of companies that offer customized supplement solutions based on individual health profiles and genetic testing.

Local special circumstances: Lebanon has a well-established healthcare system and a growing number of health and wellness centers. These institutions play a significant role in promoting the use of vitamins and minerals supplements. They educate consumers about the benefits of these products and provide guidance on the appropriate dosage and usage.Moreover, Lebanon has a rich culinary tradition that emphasizes the use of fresh fruits, vegetables, and herbs. This cultural heritage has contributed to the awareness and appreciation of the importance of vitamins and minerals in maintaining good health. Lebanese consumers are accustomed to incorporating natural ingredients into their diets, making them more receptive to the use of supplements.

Underlying macroeconomic factors: Lebanon has a relatively stable economy, which has contributed to the growth of the Vitamins & Minerals market. The country has a high standard of living and a well-educated population, which has led to increased spending on health and wellness products. Additionally, the government has implemented policies to promote a healthy lifestyle and has invested in healthcare infrastructure, creating a favorable environment for the growth of the market.In conclusion, the Vitamins & Minerals market in Lebanon is experiencing growth due to the increasing health consciousness among consumers. The demand for natural and organic supplements, as well as personalized solutions, is driving the market. The country's well-established healthcare system and cultural emphasis on healthy eating also contribute to the growth. With a stable economy and government support, the market is expected to continue its upward trajectory 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.