Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Latvia is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as the local special circumstances in the country.
Customer preferences: Customers in Latvia are becoming more health-conscious and are actively seeking out vitamins and minerals to supplement their diets. This is driven by a growing awareness of the importance of preventive healthcare and a desire to maintain a healthy lifestyle. Additionally, there is a rising demand for natural and organic products, as consumers are becoming more concerned about the potential side effects of synthetic vitamins and minerals.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Latvia is the increasing popularity of personalized supplements. Customers are looking for products that are tailored to their specific needs and preferences, such as vitamins and minerals that address specific health concerns or support certain lifestyle choices. This trend is driven by advancements in technology and the availability of personalized health assessments, which allow customers to identify their specific nutritional needs. Another trend in the market is the growing popularity of online sales channels. Customers are increasingly turning to online platforms to purchase their vitamins and minerals, as it offers convenience and a wider range of product options. This trend is also influenced by the COVID-19 pandemic, which has accelerated the shift towards e-commerce across various industries.
Local special circumstances: Latvia has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies play a crucial role in the distribution of vitamins and minerals, as they are easily accessible to customers and provide expert advice on health-related matters. This local infrastructure supports the growth of the Vitamins & Minerals (Pharmacies) market in Latvia.
Underlying macroeconomic factors: The growing demand for vitamins and minerals in Latvia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, customers have more purchasing power and are willing to spend on health and wellness products. Additionally, the aging population in Latvia is driving the demand for vitamins and minerals, as older individuals seek to maintain their health and well-being. In conclusion, the Vitamins & Minerals (Pharmacies) market in Latvia is developing due to increasing customer preferences for health and wellness products, the growing popularity of personalized supplements, the rise of online sales channels, the local infrastructure of pharmacies, and underlying macroeconomic factors such as economic growth and an aging population.
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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