Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Hong Kong

Hong Kong

Revenue in the Vitamins & Minerals market is projected to reach US$176.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.63%, resulting in a market volume of US$220.70m 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$23.47 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Hong Kong has been experiencing steady growth in recent years. Customer preferences for health and wellness products, along with local special circumstances and underlying macroeconomic factors, have contributed to this trend. Customer preferences in Hong Kong have shifted towards a greater emphasis on health and wellness. As people become more health-conscious, there has been an increased demand for vitamins and minerals to supplement their diets. This trend is not unique to Hong Kong, as it is seen in many other countries around the world. The global market for vitamins and minerals has been growing steadily, and Hong Kong is no exception. In addition to the global trend towards health and wellness, there are also local special circumstances that have contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Hong Kong. One such circumstance is the aging population. Hong Kong has one of the highest life expectancies in the world, and as the population ages, there is a greater need for health products to support healthy aging. This includes vitamins and minerals that can help prevent age-related diseases and maintain overall health. Another local special circumstance is the high population density in Hong Kong. With limited space and a fast-paced lifestyle, many people in Hong Kong rely on pharmacies for their healthcare needs. Pharmacies are easily accessible and provide a convenient option for purchasing vitamins and minerals. This has contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Hong Kong. Underlying macroeconomic factors have also played a role in the development of the Vitamins & Minerals (Pharmacies) market in Hong Kong. The strong economy and high disposable income levels in Hong Kong have allowed consumers to spend more on health and wellness products. As people have more disposable income, they are willing to invest in their health and purchase vitamins and minerals to support their well-being. In conclusion, the Vitamins & Minerals (Pharmacies) market in Hong Kong is developing due to customer preferences for health and wellness products, local special circumstances such as an aging population and high population density, and underlying macroeconomic factors including a strong economy and high disposable income levels. As these trends continue, the market is expected to grow further in the coming years.

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.