Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Northern Europe

Northern Europe

In Northern Europe, the revenue generated in the Vitamins & Minerals market market amounts to US$125.10m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 6.41% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, with US$5,328.00m in 2024.
In terms of per capita revenues, each person in Northern Europe generates US$3.69 in 2024.
In Northern Europe, there is a growing trend of consumers seeking natural and organic vitamins and minerals in the OTC Pharmaceuticals market.

Key regions: Japan, United Kingdom, Australia, Germany, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals market in Northern Europe is experiencing steady growth due to the increasing health consciousness among consumers and the rising demand for functional food and dietary supplements.

Customer preferences: Consumers in Northern Europe are becoming more health-conscious and are actively seeking ways to improve their overall well-being. They are increasingly aware of the importance of a balanced diet and are incorporating vitamins and minerals into their daily routines. The preference for natural and organic products is also on the rise, as consumers are looking for clean label options without artificial additives or preservatives. Additionally, there is a growing interest in personalized nutrition, with consumers seeking products that cater to their specific health needs and goals.

Trends in the market: The market for vitamins and minerals in Northern Europe is witnessing several key trends. Firstly, there is a growing demand for fortified foods and beverages that are enriched with vitamins and minerals. This trend is driven by consumers' desire for convenient and accessible ways to meet their nutritional needs. Functional food and beverages that offer added health benefits are gaining popularity, with products such as fortified milk, breakfast cereals, and energy bars becoming increasingly common.Another trend in the market is the rising popularity of dietary supplements. Consumers are turning to supplements to bridge nutritional gaps and support their overall health and well-being. This trend is driven by factors such as busy lifestyles, limited access to fresh produce, and the desire for targeted nutritional support. Vitamins and minerals in the form of supplements are available in various formats, including tablets, capsules, powders, and gummies, catering to different consumer preferences.

Local special circumstances: Northern Europe is known for its high-quality food and beverage industry, which places a strong emphasis on product safety and quality. Consumers in this region have high expectations when it comes to the products they consume, and this extends to vitamins and minerals as well. They are willing to pay a premium for products that are sourced sustainably and produced using environmentally friendly practices. Additionally, there is a strong focus on transparency and traceability, with consumers seeking information about the origin and production methods of the vitamins and minerals they consume.

Underlying macroeconomic factors: The Vitamins & Minerals market in Northern Europe is influenced by several macroeconomic factors. The region has a high disposable income, allowing consumers to prioritize their health and well-being. The aging population is also a driving force behind the market growth, as older individuals are more likely to require additional nutritional support. Furthermore, the strong presence of retail chains and e-commerce platforms in Northern Europe makes it easier for consumers to access a wide range of vitamins and minerals. The market is also supported by favorable government regulations and initiatives promoting healthy lifestyles and nutrition education. Overall, the Vitamins & Minerals market in Northern Europe is expected to continue its growth trajectory as consumers prioritize their health and well-being and seek convenient and personalized solutions to meet their nutritional needs.

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.