Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Burundi

Burundi

Revenue in the Vitamins & Minerals market is projected to reach US$1.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.66%, resulting in a market volume of US$1.14m by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$0.07 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Burundi is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as the country's local special circumstances and underlying macroeconomic factors. Customer preferences in Burundi are shifting towards a greater focus on health and wellness. Consumers are becoming more aware of the importance of maintaining a healthy lifestyle and are actively seeking products that can support their well-being. As a result, the demand for vitamins and minerals in pharmacies has been on the rise. Customers are looking for products that can address specific health concerns and improve their overall health. Trends in the market show that there is a growing demand for natural and organic vitamins and minerals. Consumers are increasingly concerned about the potential side effects of synthetic supplements and are opting for natural alternatives. This trend is driving the growth of organic and natural vitamin and mineral products in the market. Local special circumstances in Burundi also contribute to the development of the Vitamins & Minerals (Pharmacies) market. The country has a high prevalence of malnutrition and vitamin deficiencies, particularly among children and pregnant women. This has created a strong demand for vitamins and minerals to address these health issues. Pharmacies play a crucial role in providing access to these essential nutrients, making them an important distribution channel for vitamins and minerals in Burundi. Furthermore, Burundi's underlying macroeconomic factors contribute to the growth of the market. The country's economy has been steadily improving, leading 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. Additionally, the government's focus on healthcare and nutrition has led to increased awareness and support for the use of vitamins and minerals as preventive measures against diseases. In conclusion, the Vitamins & Minerals (Pharmacies) market in Burundi is developing due to changing customer preferences towards health and wellness, the local special circumstances of high malnutrition rates, and the underlying macroeconomic factors of a growing economy and government support for healthcare. As the demand for vitamins and minerals continues to rise, pharmacies in Burundi have the opportunity to meet the needs of consumers and contribute to the improvement of public health in the country.

Methodology

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.