Vitamins & Minerals (Pharmacies) - Israel

Revenue in the Vitamins & Minerals market is projected to reach US$289.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.96%, resulting in a market volume of US$368.40m 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$31.06 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 Israel is experiencing significant growth and development. Customer preferences in the market are shifting towards a more health-conscious lifestyle, with an increasing focus on preventive healthcare. Consumers are becoming more aware of the importance of maintaining a balanced diet and supplementing it with vitamins and minerals to support their overall well-being. This trend is driven by a growing interest in alternative medicine and natural remedies, as well as a desire to take a proactive approach to healthcare. As a result, there is a rising demand for vitamins and minerals in pharmacies across Israel. Trends in the market indicate a strong growth potential for the Vitamins & Minerals (Pharmacies) market in Israel. The market is expected to expand due to several factors. Firstly, the aging population in Israel is driving the demand for vitamins and minerals, as older individuals are more likely to require supplements to meet their nutritional needs. Additionally, the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases is fueling the demand for vitamins and minerals as part of disease management and prevention. Local special circumstances in Israel also contribute to the growth of the Vitamins & Minerals (Pharmacies) market. Israel has a well-developed healthcare system, with a high level of accessibility to pharmacies and healthcare professionals. This makes it easier for consumers to access vitamins and minerals and receive professional advice on their usage. Furthermore, the Israeli government has implemented policies to promote preventive healthcare, including initiatives to raise awareness about the importance of vitamins and minerals in maintaining good health. These factors create a favorable environment for the growth of the market. Underlying macroeconomic factors also play a role in the development of the Vitamins & Minerals (Pharmacies) market in Israel. The country has a strong economy, with a high GDP per capita and a growing middle class. This enables consumers to afford and prioritize their health, leading to increased spending on healthcare products such as vitamins and minerals. Additionally, Israel has a high level of innovation and research in the healthcare sector, which contributes to the development of new and improved vitamins and minerals products. In conclusion, the Vitamins & Minerals (Pharmacies) market in Israel is experiencing growth and development due to changing customer preferences, favorable local circumstances, and underlying macroeconomic factors. The market is expected to continue expanding as consumers become more health-conscious and the demand for preventive healthcare increases.

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.