Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Fiji

Fiji

Revenue in the Vitamins & Minerals market is projected to reach US$0.81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.53%, resulting in a market volume of US$1.06m by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$0.86 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Fiji is experiencing steady growth, driven by increasing customer preferences for health and wellness products, as well as local special circumstances that contribute to the demand for vitamins and minerals. Customer preferences in Fiji are shifting towards a more health-conscious lifestyle, with a growing awareness of the importance of vitamins and minerals in maintaining overall well-being. Consumers are becoming more proactive in taking care of their health and are actively seeking out products that can help them achieve their wellness goals. This trend is in line with the global market, where there is a growing demand for vitamins and minerals as consumers become more health-conscious. In addition to the general trend towards health and wellness, there are also some local special circumstances that contribute to the growth of the Vitamins & Minerals (Pharmacies) market in Fiji. The country has a high prevalence of certain health conditions, such as vitamin deficiencies, due to factors such as limited access to fresh produce and a traditional diet that may not provide adequate nutrition. As a result, there is a higher demand for vitamins and minerals to supplement the diet and address these deficiencies. The market is also influenced by underlying macroeconomic factors. Fiji has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As consumers have more purchasing power, they are able to afford and prioritize health and wellness products, including vitamins and minerals. This economic growth has also led to an expansion of the retail sector, including pharmacies, which has further contributed to the availability and accessibility of vitamins and minerals in the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Fiji is growing due to increasing customer preferences for health and wellness products, local special circumstances that contribute to the demand for vitamins and minerals, and underlying macroeconomic factors such as economic growth and increased consumer spending. As the market continues to develop, it is expected that the demand for vitamins and minerals will continue to rise, driven by a growing awareness of the importance of these products in maintaining overall health and well-being.

Methodology

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.