Vitamins & Minerals - Philippines

Philippines

Highlights

In the Philippines, the revenue in the Vitamins & Minerals market market reaches US$565.30m in 2024.
According to projections, the market is anticipated to experience an annual growth rate of 9.41% (CAGR 2024-2029).
When comparing globally, China generates the highest revenue, amounting to US$5.33bn in 2024.
In terms of per capita figures, each person in the Philippines generates US$4.75 in revenue for the Vitamins & Minerals market market in 2024.
Sales of vitamins and minerals in the OTC Pharmaceuticals market in the Philippines are surging due to increasing health consciousness among Filipinos.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in Philippines has been experiencing significant growth in recent years.

Customer preferences: Customers in the Philippines have shown a growing interest in health and wellness, leading to an increased demand for vitamins and minerals. With a greater awareness of the importance of a balanced diet and the need for nutritional supplements, consumers are actively seeking products that can help them maintain good health. Additionally, the aging population in the country has also contributed to the rising demand for vitamins and minerals, as older individuals often require additional supplementation to meet their nutritional needs.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Philippines is the growing popularity of natural and organic products. Consumers are becoming more conscious of the ingredients in the products they consume and are actively seeking out natural alternatives. This has led to an increase in the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. Additionally, there has been a shift towards personalized nutrition, with consumers looking for products that cater to their specific needs and preferences. This trend has led to the development of customized vitamin and mineral supplements that target specific health concerns or dietary requirements.

Local special circumstances: The Philippines is known for its rich biodiversity and abundance of natural resources. This has created a unique opportunity for the development of a thriving market for natural and organic vitamins and minerals. Local companies are capitalizing on this advantage by sourcing ingredients from local farms and promoting products that are made with locally-sourced, sustainable ingredients. This not only appeals to environmentally-conscious consumers but also supports the local economy.

Underlying macroeconomic factors: The growing middle class in the Philippines has contributed to the increasing demand for vitamins and minerals. As disposable incomes rise, consumers are willing to spend more on products that promote their health and well-being. Additionally, the government's efforts to improve healthcare infrastructure and promote preventive healthcare have also played a role in driving the growth of the Vitamins & Minerals market. With a focus on disease prevention and health promotion, there is a greater emphasis on the importance of proper nutrition and the role of vitamins and minerals in maintaining good health.In conclusion, the Vitamins & Minerals market in Philippines is experiencing growth due to customer preferences for natural and organic products, the trend towards personalized nutrition, the country's rich biodiversity, and the growing middle class. These factors, combined with the government's focus on preventive healthcare, have created a favorable environment for the development of the market.

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.