Vitamins & Minerals (Pharmacies) - Honduras

Revenue in the Vitamins & Minerals market is projected to reach US$52.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.60%, resulting in a market volume of US$69.40m 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$4.91 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 Honduras has experienced significant growth in recent years.

Customer preferences: Customers in Honduras have shown a growing interest in maintaining their health and well-being, leading to an increased demand for vitamins and minerals. As awareness about the importance of a balanced diet and nutrition has grown, more people are turning to pharmacies to purchase these supplements. Additionally, the aging population in Honduras has also contributed to the rise in demand for vitamins and minerals, as older individuals often require additional supplementation to support their health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Honduras is the increasing popularity of natural and organic supplements. Customers are becoming more conscious about the ingredients and manufacturing processes of the products they consume, and are therefore seeking out natural alternatives. This trend is in line with the global shift towards natural and organic products, reflecting a growing awareness of the potential health benefits associated with such supplements. Another trend in the market is the rise of online sales. With the increasing penetration of internet and smartphones in Honduras, more customers are opting to purchase vitamins and minerals online. This provides them with convenience and a wider range of options to choose from. Online platforms also often offer discounts and promotions, making them an attractive option for price-conscious consumers.

Local special circumstances: Honduras is a country with a high prevalence of vitamin and mineral deficiencies, particularly among certain population groups such as children and pregnant women. This has created a specific need for supplements in the market, as healthcare professionals often recommend these products to address these deficiencies. The government has also implemented various public health programs to tackle these deficiencies, further driving the demand for vitamins and minerals in the country.

Underlying macroeconomic factors: Honduras has experienced steady economic growth in recent years, which has contributed to an increase in disposable income. As people have more money to spend, they are more likely to invest in their health and well-being, including purchasing vitamins and minerals. Additionally, the country's healthcare system has also improved, with better access to healthcare services and increased health awareness. This has further fueled the demand for supplements in the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Honduras has witnessed significant growth due to customer preferences for maintaining health and well-being, the popularity of natural and organic supplements, the rise of online sales, the high prevalence of deficiencies in the population, and the country's improving 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.