Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Nordics

Nordics

In the Nordics, the Vitamins & Minerals market market is projected to achieve a revenue of US$56.91m in 2024.
It is anticipated that the market will experience a yearly growth rate of 4.45% (CAGR 2024-2029).
When compared to other countries worldwide, in China leads the pack with a revenue of US$5,328.00m in 2024.
Considering the population size, the per person revenue in 2024 is estimated to be US$2.03.
In the Nordics, there is a growing demand for natural and organic vitamins and minerals in the OTC Pharmaceuticals market.

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

Market

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Currency

Analyst Opinion

The Vitamins & Minerals market in Nordics is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as the rising awareness of the importance of nutrition in overall well-being.

Customer preferences: Customers in the Nordics have shown a growing interest in maintaining a healthy lifestyle, which includes consuming vitamins and minerals as part of their daily routine. This preference is driven by a desire to prevent health issues and maintain optimal health. Additionally, there is a rising trend of customers seeking natural and organic products, which has led to an increased demand for vitamins and minerals derived from natural sources.

Trends in the market: One of the major trends in the Vitamins & Minerals market in the Nordics is the growing popularity of personalized nutrition. Customers are increasingly seeking products that are tailored to their specific needs and preferences. This trend is driven by advancements in technology, such as DNA testing and personalized nutrition apps, which enable customers to understand their unique nutritional requirements and make informed choices. As a result, there is a growing demand for customized vitamin and mineral supplements in the market.Another trend in the market is the focus on sustainability and environmental responsibility. Customers in the Nordics are known for their environmentally conscious mindset, and this extends to their purchasing decisions. They are more likely to choose products that are produced using sustainable practices and have a minimal impact on the environment. This trend has led to an increased demand for vitamins and minerals that are sourced from sustainable and eco-friendly sources.

Local special circumstances: The Nordics region is known for its high quality standards and strict regulations when it comes to food and health products. This has created a favorable environment for the Vitamins & Minerals market, as customers have confidence in the safety and efficacy of the products available in the market. Additionally, the region has a well-developed healthcare system and a strong emphasis on preventive healthcare, which further drives the demand for vitamins and minerals.

Underlying macroeconomic factors: The growing Vitamins & Minerals market in the Nordics can also be attributed to the region's strong economy and high disposable income levels. The high standard of living in the Nordics allows customers to prioritize their health and well-being, leading to an increased willingness to spend on vitamins and minerals. Furthermore, the region's aging population and increasing life expectancy have created a demand for products that support healthy aging and improve overall quality of life.In conclusion, the Vitamins & Minerals market in the Nordics is experiencing growth due to customer preferences for health and wellness products, the rise of personalized nutrition, and a focus on sustainability. The region's high quality standards, well-developed healthcare system, and strong economy also contribute to the market's growth.

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.