Vitamins & Minerals (Pharmacies) - Ireland

Revenue in the Vitamins & Minerals market is projected to reach US$20.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.78%, resulting in a market volume of US$25.09m 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$4.09 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 Ireland has been experiencing steady growth in recent years.

Customer preferences: Customers in Ireland are increasingly focused on maintaining their health and well-being, leading to a growing demand for vitamins and minerals. This trend can be attributed to several factors, including an aging population, rising healthcare costs, and a greater emphasis on preventive healthcare. As people become more aware of the importance of nutrition in overall health, they are turning to vitamins and minerals as a way to supplement their diets and address specific health concerns.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Ireland is the increasing popularity of natural and organic products. Consumers are becoming more conscious of the ingredients in the products they consume and are seeking out options that are free from artificial additives and preservatives. This trend is driving the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. Another trend in the market is the growing popularity of personalized nutrition. As people become more aware of their individual nutritional needs, they are seeking out products that are tailored to their specific requirements. This has led to the development of personalized vitamin and mineral supplements, which are formulated based on an individual's age, gender, and health goals.

Local special circumstances: Ireland has a strong tradition of using natural remedies and herbal supplements for health and wellness. This cultural preference for natural products has influenced the Vitamins & Minerals (Pharmacies) market, with consumers in Ireland showing a preference for vitamins and minerals derived from natural sources. Additionally, the country's agricultural industry provides a rich source of natural ingredients, further supporting the demand for natural and organic products.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Ireland can also be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased disposable income and a higher standard of living. This has allowed consumers to prioritize their health and well-being, leading to an increased demand for vitamins and minerals. Furthermore, the Irish government has implemented various initiatives to promote a healthy lifestyle and preventive healthcare. These initiatives, coupled with a strong healthcare system, have contributed to the growing awareness and demand for vitamins and minerals in the country. In conclusion, the Vitamins & Minerals (Pharmacies) market in Ireland is experiencing growth due to increasing customer preferences for natural and personalized products, as well as the country's cultural preference for natural remedies. The underlying macroeconomic factors, such as economic growth and government initiatives, have also contributed to the market's development.

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.