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Vitamins & Minerals (Pharmacies) - Malta

Malta

Revenue in the Vitamins & Minerals market is projected to reach US$2.97m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.55%, resulting in a market volume of US$3.71m 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$5.54 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Malta has been experiencing significant growth in recent years.

Customer preferences: Customers in Malta have shown a growing interest in maintaining their health and well-being, resulting in an increased demand for vitamins and minerals. This trend can be attributed to several factors, including a greater awareness of the importance of nutrition, an aging population, and an increasing focus on preventive healthcare.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Malta is the rising popularity of natural and organic supplements. Customers are increasingly seeking products that are free from artificial additives and are made from natural ingredients. This trend is driven by a growing concern for the environment and a desire for more sustainable and ethical products. Another trend in the market is the growing demand for personalized supplements. Customers are looking for products that are tailored to their specific needs and preferences. This trend is fueled by advancements in technology and the availability of personalized health data, which allows customers to identify their individual nutritional needs and choose supplements accordingly.

Local special circumstances: Malta is known for its warm climate and sunny weather, which results in a high prevalence of vitamin D deficiency among its population. This has led to an increased demand for vitamin D supplements in the country. Additionally, Malta has a large elderly population, which has contributed to the demand for supplements that support bone health and overall well-being.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Malta can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in increased disposable income and a higher standard of living. This has allowed consumers to allocate more of their budget towards health and wellness products, including vitamins and minerals. Furthermore, the government in Malta has implemented policies to promote a healthy lifestyle and preventive healthcare, which has further contributed to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Malta is developing due to customer preferences for natural and personalized supplements, local special circumstances such as vitamin D deficiency and an aging population, and underlying macroeconomic factors such as economic growth and government policies. As the market continues to grow, it is expected that new trends and opportunities will emerge, providing further growth potential for the industry.

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.