Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue in the Vitamins & Minerals market market is projected to reach a substantial amount of US$42.55m in 2024.
It is expected that this market will experience an annual growth rate of 7.39% (CAGR 2024-2029).
When compared to other countries around Worldwide, in China leads the pack with a staggering revenue of US$5,328.00m in 2024.
In terms of per capita figures, in Sri Lanka generates revenues of US$1.94 per person in 2024.
Sri Lanka's growing health-conscious population is driving increased demand for vitamins and minerals in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Vitamins & Minerals market in Sri Lanka is experiencing significant growth and development.

Customer preferences: In Sri Lanka, there is a growing awareness and emphasis on health and wellness, which has led to an increased demand for vitamins and minerals. Consumers are becoming more conscious about their overall well-being and are actively seeking products that can support their health goals. This has resulted in a shift towards preventive healthcare, with individuals proactively incorporating vitamins and minerals into their daily routines. Additionally, there is a rising trend of consumers looking for natural and organic products, which has further fueled the demand for vitamins and minerals derived from natural sources.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Sri Lanka is the increasing popularity of dietary supplements. These supplements offer a convenient way for consumers to meet their nutritional needs and bridge any nutrient gaps in their diets. The market is witnessing a wide range of dietary supplements, including multivitamins, single vitamins, and mineral supplements, catering to different consumer needs. Moreover, there is a growing demand for specialized supplements that target specific health concerns, such as immune support, bone health, and cognitive function.Another notable trend is the rising demand for fortified food and beverages. Manufacturers are fortifying their products with vitamins and minerals to enhance their nutritional value. This trend is particularly prominent in the dairy, cereal, and beverage sectors, where fortified products are gaining traction among health-conscious consumers. The inclusion of vitamins and minerals in these products not only provides added nutritional benefits but also serves as a marketing differentiator, attracting consumers who prioritize health and wellness.

Local special circumstances: Sri Lanka has a diverse agricultural sector, which presents opportunities for the local production of vitamins and minerals. The country is known for its abundant supply of fruits and vegetables, which are rich sources of essential vitamins and minerals. This availability of raw materials enables local manufacturers to produce dietary supplements and fortified food products using locally sourced ingredients. Furthermore, Sri Lanka has a strong tradition of Ayurveda, a traditional system of medicine that emphasizes the use of natural remedies and herbal supplements. This cultural heritage has contributed to the popularity of natural and herbal-based vitamins and minerals in the market.

Underlying macroeconomic factors: The growing middle-class population in Sri Lanka, coupled with increasing disposable incomes, has played a significant role in driving the demand for vitamins and minerals. As consumers become more financially capable, they are willing to spend on products that promote their health and well-being. Additionally, the rapid urbanization and changing lifestyles have led to an increase in sedentary jobs and unhealthy eating habits, creating a need for nutritional supplements to compensate for the nutrient deficiencies in diets. These macroeconomic factors are expected to continue driving the growth of the Vitamins & Minerals market in Sri Lanka in the coming years.

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.