Vitamins & Minerals (Pharmacies) - Lesotho

Revenue in the Vitamins & Minerals market is projected to reach US$486.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.79%, resulting in a market volume of US$644.10k 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$0.21 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 Lesotho is experiencing significant growth due to several factors.

Customer preferences: Customers in Lesotho are increasingly becoming health-conscious and are seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals in the country. People are becoming more aware of the benefits of these supplements and are incorporating them into their daily routines. Additionally, with the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases, individuals are turning to vitamins and minerals as a way to support their health and prevent the onset of these conditions.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Lesotho is the rise in online sales. With the increasing availability of internet access and the convenience it offers, more customers are opting to purchase their vitamins and minerals online. This trend is driven by the ease of comparing prices and products, as well as the ability to have the products delivered directly to their doorstep. Online platforms also provide customers with a wider range of options, allowing them to choose from a variety of brands and formulations. Another trend in the market is the growing popularity of natural and organic vitamins and minerals. Customers are becoming more conscious of the ingredients in the products they consume and are seeking natural alternatives. This trend is driven by the belief that natural and organic supplements are safer and have fewer side effects compared to synthetic ones. As a result, pharmacies in Lesotho are expanding their product offerings to include a wider range of natural and organic vitamins and minerals to cater to this demand.

Local special circumstances: Lesotho has a high prevalence of HIV/AIDS, which has led to an increased demand for vitamins and minerals. People living with HIV/AIDS often have compromised immune systems and require additional nutritional support. Vitamins and minerals play a crucial role in boosting the immune system and improving overall health. As a result, pharmacies in Lesotho are stocking a variety of supplements specifically targeted towards individuals living with HIV/AIDS.

Underlying macroeconomic factors: Lesotho is experiencing steady economic growth, which has contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As disposable incomes increase, individuals have more purchasing power and are able to afford vitamins and minerals. Furthermore, the government of Lesotho has implemented policies to improve access to healthcare, which has resulted in an increase in the number of pharmacies across the country. This has made vitamins and minerals more accessible to the general population, further driving market growth. In conclusion, the Vitamins & Minerals (Pharmacies) market in Lesotho is growing due to the increasing health-consciousness of customers, the rise in online sales, the demand for natural and organic supplements, the high prevalence of HIV/AIDS, and the country's steady economic growth. These factors are driving the expansion of the market and are expected to continue driving growth in the future.

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.