Vitamins & Minerals (Pharmacies) - Chile

Revenue in the Vitamins & Minerals market is projected to reach US$31.73m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.68%, resulting in a market volume of US$41.82m 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$1.61 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 Chile has been witnessing significant growth in recent years.

Customer preferences: Customers in Chile have shown a growing interest in maintaining a healthy lifestyle, which has led to an increased demand for vitamins and minerals. They are becoming more aware of the importance of taking supplements to fill the nutritional gaps in their diets. Additionally, the aging population in Chile has also contributed to the rising demand for vitamins and minerals, as older individuals tend to have a higher need for these supplements.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Chile is the growing popularity of natural and organic supplements. Customers are increasingly seeking products that are free from artificial additives and preservatives. They are also looking for supplements that are derived from natural sources, such as fruits, vegetables, and herbs. This trend is driven by the rising awareness of the potential health benefits of natural products and the desire to lead a more sustainable lifestyle. Another trend in the market is the increasing availability of personalized vitamins and minerals. Customers are looking for supplements that are tailored to their specific needs and health goals. This trend is driven by advancements in technology, such as DNA testing and personalized nutrition apps, which allow individuals to identify their unique nutritional needs and find supplements that address those needs.

Local special circumstances: Chile has a well-developed healthcare system, which includes a large number of pharmacies that offer a wide range of vitamins and minerals. This makes it convenient for customers to access these products and contributes to the growth of the market. Additionally, the government in Chile has implemented regulations to ensure the safety and quality of dietary supplements, which further boosts customer confidence in purchasing these products.

Underlying macroeconomic factors: Chile has experienced steady economic growth in recent years, which has led to an increase in disposable income. This has allowed consumers to spend more on health and wellness products, including vitamins and minerals. Furthermore, the country has a strong pharmaceutical industry, which supports the development and distribution of vitamins and minerals. The stable political environment and favorable business climate in Chile also attract international companies to invest in the market, further driving its growth. In conclusion, the Vitamins & Minerals (Pharmacies) market in Chile is witnessing significant growth due to customer preferences for maintaining a healthy lifestyle, the growing popularity of natural and organic supplements, the availability of personalized vitamins and minerals, the well-developed healthcare system, and the country's strong economy and favorable business climate.

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.