Vitamins & Minerals (Pharmacies) - Bangladesh

Revenue in the Vitamins & Minerals market is projected to reach US$405.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.18%, resulting in a market volume of US$600.20m 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$2.32 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 Bangladesh is experiencing significant growth and development.

Customer preferences: Customers in Bangladesh are increasingly becoming health-conscious and are paying more attention to their overall well-being. This has led to a growing demand for vitamins and minerals, as people are looking for ways to supplement their diet and improve their health. Additionally, with the rise of social media and the internet, customers are becoming more aware of the benefits of vitamins and minerals, and are actively seeking out products that can help them achieve their health goals.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Bangladesh is the increasing availability of a wide range of products. Pharmacies are now stocking a variety of vitamins and minerals, catering to different customer needs and preferences. This trend is driven by the growing demand for specific vitamins and minerals, such as Vitamin C, Vitamin D, and Calcium, which are known for their health benefits. Additionally, there is a growing trend of customers opting for natural and organic vitamins and minerals, as they are perceived to be healthier and safer. Another trend in the market is the growing popularity of multi-vitamins and multi-mineral supplements. These products offer a convenient way for customers to ensure that they are getting all the necessary nutrients in their diet. They are particularly popular among busy individuals who may not have the time or resources to consume a balanced diet. This trend is also driven by the increasing awareness of the importance of micronutrients in maintaining good health.

Local special circumstances: One of the unique aspects of the Vitamins & Minerals (Pharmacies) market in Bangladesh is the presence of traditional medicine practices. Traditional medicine, such as Ayurveda and Unani, has a long history in Bangladesh and is still widely practiced today. This has created a demand for traditional herbal supplements and remedies, which are believed to have various health benefits. Pharmacies in Bangladesh often stock a range of traditional herbal supplements alongside conventional vitamins and minerals to cater to this demand.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Bangladesh is also influenced by several macroeconomic factors. Firstly, the country's improving economic conditions have led to an increase in disposable income, allowing more people to afford vitamins and minerals. Additionally, the rising middle class in Bangladesh is becoming more health-conscious and willing to spend on products that promote wellness. Lastly, the government's focus on healthcare and wellness initiatives has further contributed to the growth of the market, as it has created awareness and encouraged the use of vitamins and minerals for preventive healthcare.

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.