Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Baltics is experiencing significant growth due to changing customer preferences and an increased focus on health and wellness. Customer preferences in the Baltics are shifting towards a more health-conscious lifestyle, leading to a higher demand for vitamins and minerals. Consumers are becoming more aware of the importance of maintaining a balanced diet and taking supplements to support their overall well-being. This trend is driven by various factors such as increasing disposable income, a growing aging population, and a greater emphasis on preventive healthcare. Trends in the market indicate a strong demand for vitamins and minerals in the Baltics. Consumers are increasingly seeking natural and organic products, as well as those that are free from artificial additives and preservatives. This preference for clean-label products is driving the growth of the vitamins and minerals market, as consumers are willing to pay a premium for products that they perceive as healthier and more sustainable. Additionally, there is a growing interest in personalized nutrition, with consumers looking for supplements that are tailored to their specific needs and health goals. Local special circumstances in the Baltics also contribute to the development of the vitamins and minerals market. The region has a high prevalence of vitamin D deficiency, particularly during the winter months when sunlight exposure is limited. This has led to an increased demand for vitamin D supplements, as consumers seek to maintain optimal levels of this essential nutrient. Furthermore, the Baltics have a strong pharmacy sector, with pharmacies being a trusted source of healthcare products and advice. Pharmacies often stock a wide range of vitamins and minerals, making them easily accessible to consumers. Underlying macroeconomic factors also play a role in the growth of the vitamins and minerals market in the Baltics. The region has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending power. This has allowed consumers to prioritize their health and invest in products that support their well-being. Additionally, the Baltics have a well-developed healthcare system, which provides a favorable environment for the sale of vitamins and minerals through pharmacies. In conclusion, the Vitamins & Minerals (Pharmacies) market in the Baltics is expanding due to changing customer preferences, a focus on health and wellness, and the availability of a wide range of products through pharmacies. The market is driven by trends such as the demand for natural and organic products, personalized nutrition, and the need to address specific deficiencies. Local special circumstances, such as the prevalence of vitamin D deficiency, further contribute to the growth of the market. Overall, the vitamins and minerals market in the Baltics is expected to continue its upward trajectory in the coming years.
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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