Vitamins & Minerals - Serbia

Serbia

Highlights

In Serbia, the revenue generated in the Vitamins & Minerals market market is projected to reach US$59.46m in 2024.
This market is expected to grow annually by 2.29% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in this market, with an estimated amount of US$5.33bn in 2024.
In terms of per person revenues, in Serbia generates US$8.38 in 2024.
Serbia's increasing focus on preventive healthcare has led to a growing demand for vitamins and minerals in the OTC pharmaceutical market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in Serbia has been experiencing steady growth in recent years, driven by changing consumer preferences and increasing awareness about the importance of maintaining a healthy lifestyle.

Customer preferences: Consumers in Serbia are becoming more health-conscious and are actively seeking out products that can help them meet their nutritional needs. This has led to a growing demand for vitamins and minerals supplements, as they are seen as an easy and convenient way to ensure a balanced diet. Additionally, there is a growing trend towards natural and organic products, with consumers preferring supplements that are derived from natural sources.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Serbia is the increasing demand for personalized nutrition. Consumers are looking for products that are tailored to their specific nutritional needs, based on factors such as age, gender, and lifestyle. This has led to the emergence of personalized vitamin and mineral supplements, which are formulated to meet the individual requirements of each consumer.Another trend in the market is the rising popularity of functional foods and beverages fortified with vitamins and minerals. These products offer added health benefits and are seen as a convenient way to incorporate essential nutrients into one's diet. As a result, there is a growing demand for products such as fortified juices, cereals, and snacks.

Local special circumstances: Serbia has a growing aging population, which has led to an increased focus on health and wellness. Older consumers are more likely to face nutritional deficiencies and are therefore more inclined to use vitamins and minerals supplements to meet their dietary needs. Additionally, the country has a high prevalence of chronic diseases such as cardiovascular diseases and diabetes, which has further fueled the demand for supplements.

Underlying macroeconomic factors: The improving economic conditions in Serbia have also played a role in the growth of the Vitamins & Minerals market. As disposable incomes rise, consumers are willing to spend more on health and wellness products, including vitamins and minerals supplements. Furthermore, the expanding retail sector and increasing availability of these products in pharmacies and online platforms have made them more accessible to consumers. Overall, the Vitamins & Minerals market in Serbia is expected to continue its growth trajectory, driven by changing consumer preferences, increasing awareness about health and wellness, and improving economic conditions. Manufacturers and retailers in the market should focus on offering personalized and innovative products that cater to the specific needs and preferences of consumers. Additionally, there is a need for continued education and awareness campaigns to highlight the importance of maintaining a balanced diet and the role of vitamins and minerals in overall health and well-being.

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.