Vitamins & Minerals - Norway | Statista Market Forecast

In 2024, the revenue generated in the Vitamins & Minerals market market in Norway amounts to US$8.46m.
The market is projected to experience an annual growth rate of 2.80% (CAGR 2024-2029).
When compared to other countries worldwide, the highest revenue is generated China, reaching US$5.33bn in 2024.
Taking into account the total population figures, per person revenues amount to US$1.53 in 2024.
Norway's growing health-conscious population is fueling the demand for vitamins and minerals in the OTC Pharmaceuticals market.

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 Norway has been experiencing steady growth in recent years. Customer preferences for natural and organic products, along with a growing awareness of the importance of maintaining a healthy lifestyle, have contributed to the increasing demand for vitamins and minerals in the country. Customer preferences in Norway have shifted towards natural and organic products, including vitamins and minerals. Consumers are becoming more conscious of the ingredients in the products they consume and are actively seeking out options that are free from artificial additives and chemicals. This preference for natural and organic products has driven the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs.Another factor driving the growth of the Vitamins & Minerals market in Norway is the increasing awareness of the importance of maintaining a healthy lifestyle. Norwegian consumers are becoming more health-conscious and are actively seeking ways to improve their overall well-being. Vitamins and minerals play a crucial role in supporting various bodily functions and promoting good health, which has led to an increased demand for these products.Trends in the Vitamins & Minerals market in Norway include the growing popularity of specific vitamins and minerals. For example, there has been an increased demand for vitamin D supplements in recent years, as the country experiences long, dark winters with limited sunlight exposure. Additionally, there is a growing trend towards personalized nutrition, with consumers seeking out vitamins and minerals tailored to their specific needs and health goals.Local special circumstances in Norway, such as the country's unique geography and climate, also influence the Vitamins & Minerals market. The long, dark winters in Norway can result in a deficiency of vitamin D, leading to an increased demand for supplements. Additionally, the country's focus on sustainability and environmental responsibility has led to a preference for vitamins and minerals that are sourced and produced in an environmentally friendly manner.Underlying macroeconomic factors, such as the country's strong economy and high disposable income levels, have also contributed to the growth of the Vitamins & Minerals market in Norway. With a high standard of living and a population that values health and wellness, Norwegian consumers have the financial means to invest in vitamins and minerals to support their well-being.Overall, the Vitamins & Minerals market in Norway is experiencing growth due to customer preferences for natural and organic products, a growing awareness of the importance of maintaining a healthy lifestyle, and local special circumstances such as the country's unique geography and climate. The strong economy and high disposable income levels in Norway also contribute to the market's development.

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.