Vitamins & Minerals (Pharmacies) - Ghana

Revenue in the Vitamins & Minerals market is projected to reach US$37.89m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.40%, resulting in a market volume of US$49.28m 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$1.09 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 Ghana has been experiencing significant growth in recent years. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market. Customer preferences in Ghana have shifted towards a more health-conscious lifestyle. As people become more aware of the importance of maintaining good health, the demand for vitamins and minerals has increased. Consumers are actively seeking out products that can help them improve their overall well-being and prevent common health issues. This has led to a growing demand for vitamins and minerals in pharmacies across the country. Trends in the market show that pharmacies in Ghana are expanding their product offerings to cater to the increasing demand for vitamins and minerals. Many pharmacies now have dedicated sections or shelves specifically for these products. This allows customers to easily find and purchase the vitamins and minerals they need. Additionally, pharmacies are also partnering with local and international brands to offer a wider range of options to consumers. Local special circumstances in Ghana have also played a role in the development of the Vitamins & Minerals (Pharmacies) market. The country has a high prevalence of vitamin and mineral deficiencies, particularly among children and pregnant women. This has created a need for accessible and affordable sources of these essential nutrients. Pharmacies have stepped in to fill this gap by offering a wide range of vitamins and minerals that are easily accessible to the general population. Underlying macroeconomic factors have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Ghana. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As people have more money to spend, they are willing to invest in their health and well-being. This has led to an increase in the demand for vitamins and minerals, as well as other health-related products. In conclusion, the Vitamins & Minerals (Pharmacies) market in Ghana is developing due to customer preferences for a health-conscious lifestyle, the expansion of product offerings in pharmacies, local special circumstances such as vitamin and mineral deficiencies, and underlying macroeconomic factors such as economic growth and increased disposable income. As these factors continue to drive the market, it is expected that the Vitamins & Minerals (Pharmacies) market in Ghana will continue to grow in the coming years.

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.