Vitamins & Minerals (Pharmacies) - Gambia

Revenue in the Vitamins & Minerals market is projected to reach US$653.50k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.29%, resulting in a market volume of US$929.20k 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$0.23 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 Gambia is experiencing steady growth and development.

Customer preferences: Customers in Gambia are increasingly becoming health-conscious and are seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals in the country. Consumers are looking for products that can help boost their immune system, improve their energy levels, and support their overall health. They are also becoming more aware of the benefits of preventive healthcare and are willing to invest in products that can help them maintain good health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Gambia is the rising popularity of natural and organic products. Consumers are becoming more conscious of the ingredients used in the products they consume and are opting for products that are free from artificial additives and preservatives. This trend is driven by the increasing awareness of the potential harmful effects of synthetic ingredients and the desire for products that are more sustainable and environmentally friendly. Another trend in the market is the growing demand for personalized vitamins and minerals. Consumers are looking for products that are tailored to their specific needs and preferences. This trend is driven by the increasing understanding of individual differences in nutrient requirements and the desire for products that can address specific health concerns. Personalized vitamins and minerals can help consumers optimize their nutritional intake and improve their overall health.

Local special circumstances: Gambia is a small country in West Africa with a population that is predominantly young. The country has a high prevalence of malnutrition, particularly among children and pregnant women. This has created a significant demand for vitamins and minerals to address nutritional deficiencies. The government and various non-governmental organizations have launched initiatives to improve nutrition in the country, which has further fueled the demand for vitamins and minerals.

Underlying macroeconomic factors: Gambia has experienced steady economic growth in recent years, which has contributed to the development of the Vitamins & Minerals (Pharmacies) market. The growing middle class in the country has more disposable income to spend on healthcare products, including vitamins and minerals. Additionally, the government has implemented policies to improve access to healthcare services, which has increased the demand for pharmaceutical products, including vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Gambia is developing due to the increasing health-consciousness of consumers, the rising popularity of natural and organic products, the demand for personalized vitamins and minerals, the high prevalence of malnutrition, and the country's steady economic growth. As the market continues to evolve, there will be opportunities for companies to cater to the specific needs and preferences of consumers in Gambia.

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.