Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Cyprus has been experiencing steady growth in recent years.
Customer preferences: Customers in Cyprus are increasingly becoming health-conscious and are taking proactive measures to maintain their overall well-being. This has led to a growing demand for vitamins and minerals supplements, as people are seeking to bridge the nutritional gaps in their diets. Additionally, there is a rising awareness about the benefits of preventive healthcare, which has further fueled the demand for these products.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Cyprus is the shift towards natural and organic supplements. Consumers are becoming more conscious about the ingredients and sourcing of the products they consume, and are opting for products that are free from artificial additives and preservatives. This trend is in line with the global movement towards clean and natural products. Another trend in the market is the increasing popularity of personalized supplements. Customers are looking for products that are tailored to their specific needs and health goals. This has led to the emergence of companies offering customized vitamin and mineral blends based on individual requirements. This trend is driven by the growing interest in personalized healthcare and the desire for targeted solutions.
Local special circumstances: Cyprus has a high proportion of elderly population, which has contributed to the demand for vitamins and minerals supplements. As people age, their nutritional needs change and they may require additional supplementation to maintain their health. This demographic factor has created a niche market for products that cater specifically to the needs of older adults. Furthermore, the tourism industry in Cyprus plays a significant role in driving the Vitamins & Minerals (Pharmacies) market. The country attracts a large number of tourists, many of whom are health-conscious and seek to maintain their well-being while on vacation. Pharmacies in popular tourist areas cater to this demand by offering a wide range of vitamins and minerals supplements.
Underlying macroeconomic factors: The overall economic stability and rising disposable income in Cyprus have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As people have more purchasing power, they are willing to spend on products that promote their health and well-being. Additionally, the increasing prevalence of chronic diseases, such as obesity and diabetes, has created a need for preventive healthcare, leading to higher demand for vitamins and minerals supplements. In conclusion, the Vitamins & Minerals (Pharmacies) market in Cyprus is driven by customer preferences for health-conscious products, including natural and personalized supplements. The local special circumstances, such as the aging population and the influence of tourism, further contribute to the market growth. The underlying macroeconomic factors, including economic stability and rising disposable income, also play a significant role in driving the market.
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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