Vitamins & Minerals (Pharmacies) - Argentina

Revenue in the Vitamins & Minerals market is projected to reach US$33.63m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.48%, resulting in a market volume of US$41.87m by 2029.
In global comparison, most revenue will be generated China (US$4.41bn in 2024).
In relation to total population figures, per person revenues of US$0.73 are generated in 2024.

Definition:
The Vitamins and Minerals market encompasses a range of over-the-counter (OTC) natural and synthetic food supplements available through pharmacies. This includes products like multivitamin preparations, minerals, vitamins, tonics, and cod liver oil, presented in various forms such as capsules, dragees, pills, granulate, ampoules, solutions, powders, and syrups for oral consumption. Excluded from this market are prescription medications, items not explicitly categorized as food supplement drugs (e.g., muscle-building preparations), or those primarily intended for cosmetic use. Prominent examples of top-selling vitamin and mineral products include Vitasprint, Orthomol, magnesium granulate, Curazink, and Centrum. This market exclusively covers product sales through pharmacies.

Additional information:
The Vitamins and Minerals market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Vitamin preparations
Mineral preparations (zinc, calcium, magnesium)
Cod liver oil

Prescription medicines
Homeopathic remedies
Probiotics and food products

The Vitamins & Minerals (Pharmacies) market in Argentina has been experiencing steady growth in recent years. Customer preferences have shifted towards a more health-conscious lifestyle, leading to an increased demand for vitamins and minerals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market. Customer preferences in Argentina have been influenced by a growing awareness of the importance of maintaining good health. As people become more conscious of the need to take care of their bodies, they are seeking out products that can help support their overall well-being. Vitamins and minerals are seen as essential supplements to support a balanced diet and promote optimal health. This shift in customer preferences has created a strong demand for these products in the market. Trends in the Vitamins & Minerals (Pharmacies) market in Argentina reflect the global trend of increasing interest in health and wellness. Consumers are becoming more proactive in managing their health and are willing to invest in products that can help them achieve their health goals. This has led to a rise in the consumption of vitamins and minerals, as people seek to supplement their diets with essential nutrients. The market has responded to this trend by offering a wide range of products to cater to different customer needs, such as multivitamins, individual vitamin supplements, and specialized formulas. Local special circumstances in Argentina have also contributed to the development of the Vitamins & Minerals (Pharmacies) market. The country has a large aging population, which has created a demand for products that can support healthy aging. Older adults are more likely to experience nutrient deficiencies and may require additional supplementation to maintain their health. This has led to an increased demand for vitamins and minerals targeted towards this demographic. Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals (Pharmacies) market in Argentina. The country has experienced economic stability in recent years, which has increased disposable income levels. As people have more money to spend, they are more likely to invest in products that can improve their health and well-being. Additionally, the government has implemented policies to promote a healthy lifestyle, which has further contributed to the development of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Argentina is developing due to customer preferences for health-conscious products, global trends towards health and wellness, local special circumstances such as an aging population, and underlying macroeconomic factors such as economic stability and government policies. As these factors continue to shape the market, it is likely that the demand for vitamins and minerals will continue to grow in Argentina.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.