Vitamins & Minerals (Pharmacies) - Guatemala

Revenue in the Vitamins & Minerals market is projected to reach US$41.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.73%, resulting in a market volume of US$57.88m 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$2.28 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 Guatemala is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as the country's unique local special circumstances.

Customer preferences: Customers in Guatemala are increasingly prioritizing their health and wellness, leading to a growing demand for vitamins and minerals. This trend is driven by several factors, including a growing awareness of the importance of preventive healthcare, an aging population seeking to maintain their health, and a rising middle class with disposable income to spend on self-care products. As a result, pharmacies in Guatemala are expanding their offerings of vitamins and minerals to cater to this growing demand.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Guatemala is the shift towards natural and organic products. Customers are becoming more conscious of the ingredients in the products they consume and are seeking out options that are free from artificial additives and chemicals. This trend is driving pharmacies to stock a wider range of natural and organic vitamins and minerals to meet the evolving preferences of their customers. Another trend in the market is the increasing popularity of personalized nutrition. Customers are looking for products that are tailored to their specific needs and preferences. This has led to the rise of customized vitamin and mineral supplements, where customers can choose the specific nutrients they require based on their individual health goals. Pharmacies in Guatemala are responding to this trend by offering personalized nutrition services and creating customized supplement plans for their customers.

Local special circumstances: Guatemala has a unique set of local special circumstances that are influencing the development of the Vitamins & Minerals (Pharmacies) market. The country has a high prevalence of malnutrition, especially among children and pregnant women. This has created a heightened awareness of the importance of proper nutrition and has led to increased demand for vitamins and minerals to address nutritional deficiencies. Additionally, Guatemala has a large indigenous population with traditional beliefs and practices related to health and wellness. Pharmacies in the country are adapting to these cultural preferences by offering traditional herbal remedies alongside vitamins and minerals.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in Guatemala is also supported by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, leading to an expansion of the middle class and increased disposable income. This has allowed more Guatemalans to prioritize their health and wellness, leading to higher demand for vitamins and minerals. Furthermore, the government has implemented policies to promote access to healthcare and improve public health outcomes, which has also contributed to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Guatemala is growing due to increasing customer preferences for health and wellness products, the trend towards natural and organic options, the popularity of personalized nutrition, as well as the country's unique local special circumstances and underlying macroeconomic factors.

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.