Vitamins & Minerals - Mexico

Mexico

Highlights

In Mexico, the revenue generated in the Vitamins & Minerals market market is estimated to reach US$329.40m by 2024.
This market is expected to experience an annual growth rate of 4.50% (CAGR 2024-2029).
When compared globally, China leads the way with a revenue of US$5.33bn in 2024.
Considering the population figures, the per person revenue in Mexico is projected to be US$2.55 in 2024.
In Mexico, there is a growing trend of consumers seeking vitamins and minerals in the OTC pharmaceutical market to supplement their traditional diet.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in Mexico is experiencing steady growth due to changing customer preferences and increasing awareness about health and wellness.

Customer preferences: Mexican consumers are becoming increasingly health-conscious and are actively seeking products that can support their overall well-being. There is a growing demand for vitamins and minerals that can help boost the immune system, improve energy levels, and support specific health goals such as weight management and heart health. As a result, there is a shift towards natural and organic products, with consumers preferring supplements made from plant-based ingredients and free from artificial additives.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Mexico is the rising popularity of personalized nutrition. Consumers are looking for products that cater to their individual needs and preferences. This has led to the emergence of customized vitamin and mineral blends that are tailored to specific health goals or deficiencies. Companies are leveraging technology and data to offer personalized recommendations and create unique formulations that meet the diverse needs of consumers.Another trend in the market is the increasing popularity of functional foods and beverages fortified with vitamins and minerals. Consumers are looking for convenient ways to incorporate essential nutrients into their daily diet, and fortified products provide a convenient solution. Functional beverages, such as vitamin-infused waters and energy drinks, are gaining traction among health-conscious consumers who are looking for a quick and easy way to replenish their vitamin and mineral levels.

Local special circumstances: Mexico has a large population with a growing middle class, which has contributed to the increasing demand for vitamins and minerals. Rising disposable incomes and changing lifestyles have led to a shift towards preventive healthcare, with consumers investing in supplements to support their overall well-being. Additionally, the Mexican government has been promoting healthy living and nutrition through various initiatives, which has further fueled the demand for vitamins and minerals.

Underlying macroeconomic factors: The Vitamins & Minerals market in Mexico is also influenced by macroeconomic factors such as GDP growth, inflation rates, and exchange rates. A stable economy and increasing purchasing power have allowed consumers to spend more on health and wellness products, including vitamins and minerals. Additionally, the COVID-19 pandemic has heightened awareness about the importance of maintaining a strong immune system, leading to increased demand for immune-boosting supplements. The market is expected to continue growing as consumers prioritize their health and well-being in the post-pandemic era.In conclusion, the Vitamins & Minerals market in Mexico is witnessing growth due to changing customer preferences, increasing awareness about health and wellness, and the availability of personalized and fortified products. With a large population and a growing middle class, Mexico presents significant opportunities for companies operating in the vitamins and minerals industry.

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.