Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Iran is experiencing significant growth due to various factors.
Customer preferences: In recent years, there has been a growing awareness among Iranian consumers about the importance of maintaining good health and well-being. As a result, there has been an increased demand for vitamins and minerals supplements to supplement their diets and ensure they are getting the necessary nutrients. With the rise in chronic diseases and lifestyle-related health issues, consumers are turning to pharmacies as a convenient and trusted source for their vitamin and mineral needs.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Iran is the increasing availability and variety of products. Pharmacies are expanding their product offerings to cater to the diverse needs of consumers. This includes a wide range of vitamins and minerals supplements, including multivitamins, single nutrient supplements, and specialized formulations for specific health concerns. Additionally, there is a growing trend towards natural and organic supplements, as consumers are becoming more conscious about the ingredients and sourcing of the products they consume. Another trend in the market is the rise of e-commerce. With the increasing penetration of smartphones and internet access in Iran, more consumers are turning to online platforms to purchase their vitamins and minerals supplements. This offers convenience and a wider selection of products, as well as the ability to compare prices and read customer reviews. Pharmacies are adapting to this trend by establishing their online presence and offering home delivery services to cater to the changing consumer behavior.
Local special circumstances: Iran has a large and growing population, which presents a significant market opportunity for the Vitamins & Minerals (Pharmacies) market. The country has a relatively young population, with a high proportion of individuals in their reproductive years. This demographic profile creates a strong demand for prenatal vitamins and supplements for women who are planning to conceive or are pregnant. Additionally, there is a growing aging population in Iran, which is driving the demand for vitamins and minerals supplements targeted towards older adults to support healthy aging.
Underlying macroeconomic factors: The Iranian economy has been experiencing steady growth in recent years, which has contributed to the increasing purchasing power of consumers. As disposable incomes rise, consumers are more willing to spend on healthcare products, including vitamins and minerals supplements. Additionally, the government has been implementing policies to promote a healthy lifestyle and preventive healthcare, which has further fueled the demand for such products. In conclusion, the Vitamins & Minerals (Pharmacies) market in Iran is witnessing significant growth due to customer preferences for maintaining good health, the availability of a wide range of products, the rise of e-commerce, the local special circumstances of a large and growing population, and the underlying macroeconomic factors of economic growth and government initiatives. This presents a favorable market environment for pharmacies and manufacturers in Iran to capitalize on the growing demand for vitamins and minerals supplements.
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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