Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Taiwan

Taiwan

In Taiwan, the revenue generated in the Vitamins & Minerals market market in 2024 amounts to US$316.70m.
It is projected that the market will experience an annual growth rate of 7.31% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, reaching US$5,328.00m in 2024.
Taking into account the total population figures, the per person revenue in Taiwan is US$13.22 in 2024.
The demand for vitamins and minerals in Taiwan's OTC Pharmaceuticals market is driven by a health-conscious population and a growing focus on preventive healthcare.

Key regions: Canada, United Kingdom, India, Europe, Brazil

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Analyst Opinion

The Vitamins & Minerals market in Taiwan has been experiencing steady growth in recent years.

Customer preferences: Taiwanese consumers are becoming increasingly health-conscious and are actively seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals supplements in the country. Consumers are looking for products that can help boost their immune system, support their mental health, and provide them with the necessary nutrients for a balanced diet.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Taiwan is the rising popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic supplements and are opting for 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 is a growing interest in personalized nutrition, with consumers seeking products that are tailored to their specific needs and preferences.

Local special circumstances: Taiwan has a well-developed healthcare system and a high standard of living, which has contributed to the growing demand for vitamins and minerals. The government has also been actively promoting healthy lifestyles and preventive healthcare, which has further fueled the market growth. Additionally, the aging population in Taiwan has led to an increased focus on health and wellness, driving the demand for vitamins and minerals among older consumers.

Underlying macroeconomic factors: Taiwan has a strong economy and a stable political environment, which provides a favorable business environment for the Vitamins & Minerals market. The country has a high GDP per capita and a large middle class population, which has the purchasing power to afford health supplements. Furthermore, the increasing urbanization and changing lifestyles in Taiwan have led to a rise in chronic diseases and health concerns, driving the demand for vitamins and minerals.In conclusion, the Vitamins & Minerals market in Taiwan is experiencing steady growth due to the increasing health consciousness among consumers, the rising popularity of natural and organic products, and the government's promotion of healthy lifestyles. The market is also supported by the country's strong economy, stable political environment, and the growing demand for health supplements among the aging population.

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.