Vitamins & Minerals (Pharmacies) - Dominican Republic

Revenue in the Vitamins & Minerals market is projected to reach US$61.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.13%, resulting in a market volume of US$82.29m 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$5.34 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.
For more information on the data displayed, use the info button next to the boxes.

Vitamin preparations
Mineral preparations (zinc, calcium, magnesium)
Cod liver oil

Prescription medicines
Homeopathic remedies
Probiotics and food products

The Vitamins & Minerals (Pharmacies) market in Dominican Republic is experiencing significant growth and development.

Customer preferences: Customers in Dominican Republic are increasingly conscious about their health and well-being, leading to a growing demand for vitamins and minerals. This trend is driven by a desire to prevent illness and maintain a healthy lifestyle. Consumers are becoming more proactive in taking care of their health, and are turning to vitamins and minerals as a way to supplement their diet and ensure they are getting the necessary nutrients.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Dominican Republic is the increasing popularity of natural and organic products. Consumers are becoming more aware of the potential harmful effects of synthetic ingredients, and are seeking out products that are made from natural sources. This trend is also driven by a growing interest in sustainability and environmental consciousness. As a result, there is a rising demand for vitamins and minerals that are derived from organic sources, such as fruits, vegetables, and herbs. Another trend in the market is the growing popularity of personalized nutrition. Customers are looking for products that are tailored to their specific needs and health goals. This has led to an increase in the availability of vitamins and minerals that are formulated for specific age groups, genders, and health conditions. Customers are also seeking out products that are free from allergens and other potential irritants.

Local special circumstances: The Vitamins & Minerals (Pharmacies) market in Dominican Republic is also influenced by local cultural and dietary habits. The country has a rich culinary tradition that includes a variety of fruits and vegetables, many of which are rich in vitamins and minerals. This has led to a higher awareness of the importance of these nutrients in the local population. Additionally, the country has a high prevalence of certain health conditions, such as vitamin deficiencies, which has further fueled the demand for vitamins and minerals.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in Dominican Republic is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more people to afford vitamins and minerals as part of their daily routine. Additionally, the country has a well-developed healthcare system, which has contributed to a greater awareness of the importance of preventive healthcare and the role that vitamins and minerals play in maintaining good health. In conclusion, the Vitamins & Minerals (Pharmacies) market in Dominican Republic is developing due to customer preferences for health and wellness, the popularity of natural and organic products, and the demand for personalized nutrition. Local cultural and dietary habits, as well as favorable macroeconomic factors, are also contributing to the growth of 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.

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.