Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Hungary has been experiencing steady growth in recent years. Customer preferences in the market have shifted towards a greater focus on health and wellness, leading to increased demand for vitamins and minerals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Hungary have been influenced by a growing awareness of the importance of maintaining good health. As people become more health-conscious, there has been an increased interest in preventive healthcare and the use of vitamins and minerals to support overall well-being. This shift in customer preferences has driven the demand for these products in the market. Trends in the Vitamins & Minerals (Pharmacies) market in Hungary have also been shaped by global and regional market developments. The rising prevalence of chronic diseases, such as cardiovascular diseases and diabetes, has led to a greater emphasis on preventive healthcare. Vitamins and minerals are seen as essential supplements to support a healthy lifestyle and reduce the risk of these diseases. This trend has been further fueled by the increasing availability and accessibility of these products in pharmacies. Local special circumstances in Hungary have also played a role in the development of the Vitamins & Minerals (Pharmacies) market. The country has a well-established healthcare system, with pharmacies serving as a key distribution channel for over-the-counter medications and supplements. Pharmacies in Hungary are trusted by consumers and provide a convenient and reliable source for vitamins and minerals. This has contributed to the growth of the market, as consumers prefer to purchase these products from a trusted source. Underlying macroeconomic factors have also influenced the development of the Vitamins & Minerals (Pharmacies) market in Hungary. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As people have more discretionary income, they are willing to spend more on health and wellness products, including vitamins and minerals. This has created a favorable market environment for the growth of the Vitamins & Minerals (Pharmacies) market. Overall, the Vitamins & Minerals (Pharmacies) market in Hungary is developing due to shifting customer preferences towards health and wellness, global and regional market trends, local special circumstances, and underlying macroeconomic factors. As the demand for preventive healthcare continues to rise, the market is expected to further expand in the coming years.
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.
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