Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Armenia has been experiencing steady growth in recent years. Customer preferences for health and wellness products have been driving the demand for vitamins and minerals in the country. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in Armenia have shifted towards a greater focus on health and wellness. As people become more conscious of their well-being, they are seeking out products that can support their overall health. Vitamins and minerals are seen as essential for maintaining good health and preventing deficiencies. This growing awareness and desire for a healthier lifestyle have led to an increased demand for these products in pharmacies across the country. Trends in the market show that there is a growing demand for specific types of vitamins and minerals. For example, there has been an increased interest in vitamin D, as many people in Armenia have limited exposure to sunlight due to long winters and indoor lifestyles. Vitamin D supplements have become popular to address this deficiency. Additionally, there is a growing interest in multivitamin supplements, as they offer a convenient way to ensure the intake of essential nutrients. Local special circumstances in Armenia, such as the prevalence of certain health conditions, have also influenced the development of the Vitamins & Minerals market. For instance, iron deficiency anemia is common among women of childbearing age in the country. As a result, there is a high demand for iron supplements in pharmacies. Similarly, due to the high prevalence of iodine deficiency, iodine supplements are also in high demand. Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals market in Armenia. The country has been experiencing overall economic growth, which has led to an increase in disposable income. As people have more money to spend, they are willing to invest in their health and well-being, including purchasing vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Armenia is developing due to customer preferences for health and wellness products, specific local circumstances such as prevalent health conditions, and underlying macroeconomic factors. As the demand for these products continues to grow, pharmacies in Armenia are likely to see further expansion in the Vitamins & Minerals market.
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.
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