Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in CIS is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as the rising awareness of the importance of vitamins and minerals in maintaining good health.
Customer preferences: Customers in CIS countries are increasingly prioritizing their health and well-being, leading to a growing demand for vitamins and minerals. This shift in consumer behavior is driven by several factors, including a greater emphasis on preventive healthcare, a desire for natural and organic products, and an aging population that is more focused on maintaining good health.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in CIS is the rising popularity of multivitamin supplements. These products offer a convenient way for consumers to ensure they are getting a balanced intake of essential vitamins and minerals. Additionally, there is a growing demand for specialized supplements targeting specific health concerns, such as immune support, bone health, and cognitive function. Another trend in the market is the increasing availability of vitamins and minerals in different formats. While traditional pill and tablet forms remain popular, there is a growing demand for alternative formats such as gummies, powders, and liquid supplements. This allows customers to choose a format that suits their preferences and lifestyle.
Local special circumstances: The Vitamins & Minerals (Pharmacies) market in CIS is influenced by the region's unique cultural and economic factors. Traditional remedies and herbal supplements are still popular in some CIS countries, which can impact the demand for vitamin and mineral supplements. Additionally, the availability and accessibility of pharmacies in rural areas may vary, affecting the distribution and sales of these products.
Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in CIS is also influenced by macroeconomic factors such as GDP growth, disposable income levels, and healthcare expenditure. As the economies of CIS countries continue to develop, disposable incomes are rising, allowing consumers to allocate more of their budget towards healthcare and wellness products. Furthermore, increasing healthcare expenditure and government initiatives to promote preventive healthcare are driving the demand for vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in CIS is growing steadily due to increasing customer preferences for health and wellness products, the rising popularity of multivitamin supplements, and the availability of vitamins and minerals in different formats. The market is also influenced by local special circumstances, such as the popularity of traditional remedies and the accessibility of pharmacies in rural areas. Additionally, underlying macroeconomic factors such as GDP growth, disposable income levels, and healthcare expenditure play a significant role in driving the market's 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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