Vitamins & Minerals (Pharmacies) - Iceland

Revenue in the Vitamins & Minerals market is projected to reach US$971.60k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.03%, resulting in a market volume of US$1.18m 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$2.57 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 Iceland has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: Customers in Iceland have shown a growing interest in maintaining their health and well-being, leading to an increased demand for vitamins and minerals. With a greater emphasis on preventive healthcare, consumers are proactively seeking out products that can support their immune system, boost energy levels, and improve overall health. This shift in consumer behavior has contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Iceland.

Trends in the market: One of the notable trends in the Vitamins & Minerals (Pharmacies) market in Iceland is the increasing popularity of natural and organic products. Consumers are becoming more conscious of the ingredients in the products they consume and are opting for options that are free from artificial additives and preservatives. This trend aligns with the global movement towards clean and sustainable living, and it has influenced the product offerings in the market. Another trend in the market is the rising demand for personalized vitamins and minerals. Consumers are recognizing that their nutritional needs may vary, and they are seeking customized solutions that cater to their specific requirements. This has led to the emergence of personalized vitamin subscription services and the availability of tailored supplements in pharmacies, allowing customers to optimize their health and address individual deficiencies.

Local special circumstances: Iceland's unique geographical location and climate present certain challenges when it comes to sourcing vitamins and minerals. The country's remote location and limited agricultural resources make it more reliant on imports. This can affect the availability and pricing of certain products in the market. Additionally, the shorter daylight hours during the winter months in Iceland can contribute to a higher prevalence of vitamin D deficiencies among the population, leading to an increased demand for vitamin D supplements.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Iceland is also influenced by underlying macroeconomic factors. The country has experienced a stable economy in recent years, with a high standard of living and disposable income levels. This has allowed consumers to allocate a greater portion of their budget towards healthcare and wellness products, including vitamins and minerals. Furthermore, the government's focus on promoting a healthy lifestyle and preventive healthcare has also contributed to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Iceland is developing due to changing customer preferences, including a greater emphasis on health and wellness, the popularity of natural and organic products, and the demand for personalized solutions. The country's unique geographical circumstances and underlying macroeconomic factors also play a role in shaping the market. As consumers continue to prioritize their health, 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.

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.