Vitamins & Minerals (Pharmacies) - Lithuania

Revenue in the Vitamins & Minerals market is projected to reach US$20.02m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.98%, resulting in a market volume of US$24.33m 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$7.44 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 Lithuania is experiencing steady growth due to increasing customer preferences for health and wellness products, as well as favorable local special circumstances and underlying macroeconomic factors.

Customer preferences: In Lithuania, there is a growing awareness among consumers about the importance of maintaining good health and preventing diseases. As a result, there is a strong demand for vitamins and minerals, which are seen as essential for overall well-being. Customers are becoming more proactive in taking care of their health and are seeking out products that can help them achieve their health goals. Additionally, the aging population in Lithuania is driving the demand for vitamins and minerals, as older individuals often require additional supplements to support their health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Lithuania is the increasing popularity of natural and organic products. Customers are becoming more conscious about the ingredients used in their supplements and are opting for products that are free from artificial additives and preservatives. This trend is driven by the overall shift towards healthier lifestyles and a desire for more sustainable and environmentally-friendly options. Another trend in the market is the rising popularity of personalized nutrition. Customers are seeking customized solutions that cater to their specific health needs and goals. This trend is supported by advancements in technology, which enable the collection of individual health data and the development of personalized supplement plans. Personalized nutrition is seen as a more effective approach to achieving optimal health outcomes, and customers are willing to invest in products that are tailored to their unique requirements.

Local special circumstances: Lithuania has a well-developed healthcare system and a high level of healthcare expenditure per capita. This provides a solid foundation for the growth of the Vitamins & Minerals (Pharmacies) market, as customers have access to quality healthcare services and are more likely to prioritize their health. Additionally, the presence of a large number of pharmacies in Lithuania makes it convenient for customers to purchase vitamins and minerals, further driving market growth.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Lithuania are contributing to the growth of the Vitamins & Minerals (Pharmacies) market. As consumers have more financial resources, they are able to allocate a larger portion of their budget towards health and wellness products. Additionally, the growing middle class in Lithuania is becoming more health-conscious and willing to invest in preventive healthcare measures, including vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Lithuania is experiencing growth due to increasing customer preferences for health and wellness products, the popularity of natural and organic products, the trend towards personalized nutrition, favorable local special circumstances, and underlying macroeconomic factors such as the well-developed healthcare system and increasing disposable income.

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.