Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Southeast Asia

Southeast Asia

In Southeast Asia, the revenue generated in the Vitamins & Minerals market market reached a staggering amount of US$2.30bn in the year 2024.
It is projected that this market will experience an annual growth rate of 7.36% from 2024 to 2029 (CAGR 2024-2029).
When compared on a global scale, in China emerges as the leader in terms of revenue generation, with a whopping US$5,328.00m expected in 2024.
Taking into account the population figures, the per person revenue in Southeast Asia for the year 2024 amounts to US$3.32.
This showcases the significant impact of the Vitamins & Minerals market market on the region.
In Southeast Asia, the demand for vitamins and minerals in the OTC Pharmaceuticals market is driven by a growing health-conscious population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals market in Southeast Asia is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the region have shifted towards a more health-conscious lifestyle, driving the demand for vitamins and minerals. As consumers become more aware of the importance of nutrition and its impact on overall well-being, they are actively seeking out products that can support their health goals. This has led to an increased demand for vitamins and minerals, which are seen as essential for maintaining good health.Trends in the market further contribute to its development. One notable trend is the rising popularity of functional foods and beverages fortified with vitamins and minerals. These products offer a convenient way for consumers to incorporate essential nutrients into their diets. Additionally, there is a growing interest in natural and organic products, as consumers become more mindful of the ingredients in the products they consume. This has led to an increased demand for vitamins and minerals derived from natural sources.Local special circumstances also play a role in the growth of the Vitamins & Minerals market in Southeast Asia. The region has a large and growing middle class population, which has more disposable income to spend on health and wellness products. Additionally, there is a growing aging population in many Southeast Asian countries, which has increased the demand for products that support healthy aging.Underlying macroeconomic factors further support the development of the market. The Southeast Asian region has been experiencing steady economic growth, which has led to an increase in consumer spending power. As the economy continues to grow, consumers are more willing to invest in their health and well-being, including purchasing vitamins and minerals.In conclusion, the Vitamins & Minerals market in Southeast Asia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious, the demand for vitamins and minerals is on the rise. This trend is further fueled by the popularity of functional foods and beverages, as well as the growing interest in natural and organic products. The region's large middle class population and aging population also contribute to the market's growth. Overall, the market is expected to continue expanding as consumers prioritize their health and well-being.

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.