Vitamins & Minerals (Pharmacies) - Guinea

Revenue in the Vitamins & Minerals market is projected to reach US$5.14m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.20%, resulting in a market volume of US$6.62m 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$0.35 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 Guinea is experiencing a steady growth due to several factors. Customer preferences for maintaining good health and preventing diseases have led to an increased demand for vitamins and minerals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market. Customer preferences for maintaining good health and preventing diseases have played a significant role in the growth of the Vitamins & Minerals (Pharmacies) market in Guinea. As people become more health-conscious and aware of the importance of nutrition, they are seeking ways to supplement their diet with essential vitamins and minerals. This trend is further fueled by the increasing prevalence of lifestyle diseases such as obesity, diabetes, and cardiovascular diseases. Consumers are turning to pharmacies as a convenient and reliable source for their nutritional needs. Trends in the market indicate a growing demand for a wide range of vitamins and minerals in Guinea. Multivitamins, vitamin C, vitamin D, and calcium supplements are among the most sought-after products. This can be attributed to the fact that these nutrients are essential for maintaining a strong immune system, promoting bone health, and supporting overall well-being. Additionally, there is a rising demand for specialized supplements targeting specific health concerns such as prenatal vitamins for pregnant women and vitamin B12 for vegetarians and vegans. Local special circumstances in Guinea also contribute to the development of the Vitamins & Minerals (Pharmacies) market. The country has a high prevalence of malnutrition, particularly among children and pregnant women. This has led to increased awareness and efforts to address nutritional deficiencies through the use of vitamins and minerals. Additionally, the lack of access to fresh produce and a balanced diet in some areas further drives the demand for supplements as a means of meeting nutritional needs. Underlying macroeconomic factors such as economic growth and urbanization have also played a role in the development of the Vitamins & Minerals (Pharmacies) market in Guinea. As the country's economy continues to grow, disposable incomes are increasing, allowing more people to afford nutritional supplements. Urbanization has also led to changes in lifestyle and dietary habits, with a greater emphasis on convenience and processed foods. This has created a need for supplementation to bridge the nutritional gap. In conclusion, the Vitamins & Minerals (Pharmacies) market in Guinea is experiencing growth due to customer preferences for maintaining good health and preventing diseases, as well as local special circumstances and underlying macroeconomic factors. The demand for a wide range of vitamins and minerals, driven by increasing health consciousness and lifestyle diseases, is fueling the market's development. Additionally, the high prevalence of malnutrition and the lack of access to fresh produce in some areas contribute to the demand for supplements. Economic growth and urbanization further support the market's growth by increasing disposable incomes and changing dietary habits.

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.