Vitamins & Minerals (Pharmacies) - Haiti

Revenue in the Vitamins & Minerals market is projected to reach US$8.69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.21%, resulting in a market volume of US$10.68m 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$0.73 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 Haiti has been experiencing steady growth in recent years. Customer preferences in the market are driven by a growing awareness of the importance of maintaining good health and preventing diseases. Haitian consumers are increasingly seeking out vitamins and minerals to supplement their diets and improve their overall well-being. This trend is in line with global market trends, as people around the world are becoming more health-conscious and are actively looking for ways to enhance their health through nutrition. In the Vitamins & Minerals (Pharmacies) market, there are several trends that are shaping the industry in Haiti. Firstly, there is a growing demand for natural and organic products. Consumers are becoming more discerning about the ingredients in the products they consume and are seeking out natural alternatives to synthetic vitamins and minerals. This trend is driven by a desire for healthier and more sustainable options. Another trend in the market is the increasing popularity of personalized nutrition. Consumers are looking for products that are tailored to their specific needs and preferences. This trend is driven by advancements in technology that allow for personalized health assessments and recommendations. As a result, there is a growing demand for vitamins and minerals that are customized to meet individual nutritional needs. In addition to these global trends, there are also local special circumstances that are influencing the Vitamins & Minerals (Pharmacies) market in Haiti. One such circumstance is the prevalence of malnutrition in the country. Haiti has a high rate of malnutrition, particularly among children. As a result, there is a greater need for vitamins and minerals to address nutritional deficiencies and support healthy growth and development. Underlying macroeconomic factors are also playing a role in the development of the Vitamins & Minerals (Pharmacies) market in Haiti. The country has experienced economic growth in recent years, which has led to an increase in disposable income. This has allowed more consumers to afford vitamins and minerals, driving demand in the market. Additionally, the government has implemented policies to promote the use of vitamins and minerals as a means of improving public health, further contributing to market growth. In conclusion, the Vitamins & Minerals (Pharmacies) market in Haiti is developing in response to customer preferences for natural and personalized nutrition. The market is also influenced by local special circumstances, such as the prevalence of malnutrition, and underlying macroeconomic factors, including economic growth and government policies.

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.