Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in BRICS is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in BRICS countries are increasingly becoming health-conscious and are seeking preventive measures to maintain their well-being. This has led to a growing demand for vitamins and minerals, as they are seen as essential for maintaining good health and preventing diseases. Additionally, with the rise in disposable income, customers are more willing to spend on healthcare products, including vitamins and minerals.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in BRICS is the growing popularity of natural and organic supplements. Customers are becoming more conscious about the ingredients and manufacturing processes of the products they consume. They are opting for supplements that are free from artificial additives and are made from natural sources. This trend is driven by the increasing awareness of the potential side effects of synthetic supplements and the desire for a more sustainable lifestyle. Another trend in the market is the rising demand for personalized vitamins and minerals. Customers are seeking products that are tailored to their specific needs and health goals. This trend is driven by advancements in technology and the availability of personalized health assessments. Customers can now easily access information about their nutritional needs and deficiencies, and accordingly, choose supplements that address their specific requirements.
Local special circumstances: In Brazil, the Vitamins & Minerals (Pharmacies) market is driven by the country's large population and growing middle class. The increasing urbanization and higher disposable income have led to a rise in health-consciousness among consumers. Additionally, the country's tropical climate and diverse agriculture make it a suitable environment for the production of natural supplements. In Russia, the market is influenced by the government's focus on promoting a healthy lifestyle. The government has implemented various initiatives to encourage citizens to adopt healthier habits, including the consumption of vitamins and minerals. This has resulted in increased awareness and demand for such products. In India, the market is driven by the country's traditional Ayurvedic medicine system, which emphasizes the use of natural remedies and herbs. Customers in India have a preference for supplements that are derived from natural sources and have been used in traditional medicine for centuries. This has created a unique market for herbal and Ayurvedic supplements.
Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in BRICS is also influenced by underlying macroeconomic factors. The increasing disposable income, urbanization, and expanding middle class in these countries have led to a higher demand for healthcare products, including vitamins and minerals. Additionally, the growing awareness of the importance of preventive healthcare and the desire for a healthier lifestyle are driving the market growth. In conclusion, the Vitamins & Minerals (Pharmacies) market in BRICS is witnessing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customers are becoming more health-conscious and are seeking preventive measures to maintain their well-being. The market is characterized by the growing popularity of natural and organic supplements, as well as the demand for personalized vitamins and minerals. Local special circumstances, such as Brazil's large population and tropical climate, Russia's government initiatives, and India's traditional medicine system, further contribute to the growth of the market. The underlying macroeconomic factors, including increasing disposable income and urbanization, also play a significant role in driving the market growth.
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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