Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Lebanon

Lebanon

Revenue in the Vitamins & Minerals market is projected to reach US$13.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.29%, resulting in a market volume of US$16.78m by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$2.61 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Lebanon has been experiencing significant growth in recent years. Customer preferences for health and wellness products have been a major driving force behind this trend. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Lebanon have shifted towards a greater focus on health and wellness. As people become more conscious of the importance of maintaining a healthy lifestyle, the demand for vitamins and minerals has increased. Consumers are seeking products that can help them improve their overall well-being and prevent health issues. This has led to a rise in the consumption of vitamins and minerals, particularly those that target specific health concerns such as immune support, bone health, and cognitive function. The market has also been influenced by local special circumstances. Lebanon has a well-established healthcare system, with a large number of pharmacies across the country. Pharmacies play a key role in the distribution of vitamins and minerals, making these products easily accessible to consumers. Additionally, the country has a high literacy rate, which means that consumers are well-informed about the benefits of vitamins and minerals and are more likely to incorporate them into their daily routine. Underlying macroeconomic factors have also played a role in the development of the Vitamins & Minerals (Pharmacies) market in Lebanon. The country has a growing middle class with increasing disposable income, which has allowed consumers to spend more on health and wellness products. Furthermore, Lebanon has a relatively stable economy compared to some other countries in the region, which has boosted consumer confidence and encouraged spending on non-essential items such as vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Lebanon is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As people become more health-conscious and seek products to improve their overall well-being, the demand for vitamins and minerals has increased. The accessibility of these products through pharmacies, coupled with the country's stable economy and growing middle class, has further contributed to the market's development.

Methodology

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.