Vitamins & Minerals (Pharmacies) - Ecuador

Revenue in the Vitamins & Minerals market is projected to reach US$25.24m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.59%, resulting in a market volume of US$30.10m 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$1.37 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 Ecuador has been experiencing significant growth in recent years.

Customer preferences: Customers in Ecuador have shown a growing interest in maintaining their health and well-being, leading to an increased demand for vitamins and minerals. This trend is driven by a number of factors, including a growing awareness of the importance of a healthy lifestyle and the desire to prevent illness and disease. Additionally, the aging population in Ecuador has also contributed to the increased demand for vitamins and minerals, as older individuals often require additional nutritional support.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Ecuador is the shift towards natural and organic products. Customers are increasingly seeking out vitamins and minerals that are derived from natural sources and free from artificial additives. This trend is driven by a desire for products that are perceived as healthier and more sustainable. As a result, many pharmacies in Ecuador are expanding their range of natural and organic vitamins and minerals to meet this growing demand. Another trend in the market is the increasing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their vitamins and minerals, due to the convenience and accessibility that these platforms offer. Online pharmacies often have a wider range of products available, allowing customers to easily compare different brands and prices. This trend has been further accelerated by the COVID-19 pandemic, as customers have sought to limit their exposure to crowded public spaces.

Local special circumstances: One of the unique aspects of the Vitamins & Minerals (Pharmacies) market in Ecuador is the strong influence of traditional medicine. Many customers in Ecuador have a long-standing belief in the healing properties of natural remedies, and this has influenced their preferences when it comes to vitamins and minerals. Traditional herbal remedies are often seen as a more holistic and natural approach to health, and many customers in Ecuador prefer to use these remedies alongside or instead of conventional vitamins and minerals.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in Ecuador can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has led to an increase in disposable income. This has allowed customers to spend more on health and wellness products, including vitamins and minerals. Additionally, the government in Ecuador has implemented various initiatives to promote a healthy lifestyle and prevent illness. These initiatives have included public health campaigns and the introduction of policies that support the availability and affordability of vitamins and minerals. This has further fueled the growth of the market, as customers are encouraged to prioritize their health and well-being. In conclusion, the Vitamins & Minerals (Pharmacies) market in Ecuador is experiencing significant growth due to customer preferences for natural and organic products, the increasing popularity of online pharmacies, the influence of traditional medicine, and underlying macroeconomic factors such as economic growth and government initiatives. This trend is expected to continue in the coming years as customers in Ecuador prioritize their health and well-being.

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.