Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Greece

Greece

Revenue in the Vitamins & Minerals market is projected to reach US$82.56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.45%, resulting in a market volume of US$97.84m 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$8.01 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Greece has been experiencing steady growth in recent years. Customer preferences for health and wellness products, along with local special circumstances, have contributed to this trend. Additionally, underlying macroeconomic factors have played a role in shaping the market. Customer preferences in Greece have shifted towards a greater emphasis on health and wellness. As consumers become more health-conscious, they are seeking out products that can support their overall well-being. Vitamins and minerals are seen as essential components of a healthy lifestyle, and consumers are increasingly turning to pharmacies as a convenient and trusted source for these products. This preference for health and wellness products is not unique to Greece, but is a global trend that has been driving the growth of the Vitamins & Minerals market worldwide. In addition to customer preferences, there are also local special circumstances that have influenced the development of the Vitamins & Minerals market in Greece. The country has a well-established pharmacy sector, with a large number of pharmacies spread across the country. This extensive network of pharmacies provides easy access for consumers to purchase vitamins and minerals. Furthermore, pharmacies in Greece often have knowledgeable staff who can provide advice and recommendations to customers, further enhancing the appeal of purchasing these products from pharmacies. Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals market in Greece. The country has experienced economic challenges in recent years, with a prolonged recession and financial crisis. During times of economic uncertainty, consumers tend to prioritize their health and well-being, leading to increased demand for vitamins and minerals. Additionally, the affordability of these products compared to other healthcare options makes them an attractive choice for consumers. Overall, the Vitamins & Minerals (Pharmacies) market in Greece is developing due to customer preferences for health and wellness products, local special circumstances such as the extensive pharmacy network, and underlying macroeconomic factors. As consumers continue to prioritize their health and well-being, the demand for vitamins and minerals is expected to remain strong in Greece. The pharmacy sector will continue to play a key role in meeting this demand by providing convenient access and expert advice to consumers.

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.