Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Mexico

Mexico

Revenue in the Vitamins & Minerals market is projected to reach US$172.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.17%, resulting in a market volume of US$222.30m 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$1.34 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Mexican consumers have shown a growing interest in maintaining good health and wellness, which has driven the demand for vitamins and minerals. With increasing awareness about the importance of a balanced diet and the role of vitamins and minerals in supporting overall health, consumers are seeking out these products to supplement their daily nutritional intake.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Mexico is the rising popularity of natural and organic products. Consumers are becoming more conscious about the ingredients used in the products they consume and are opting for natural alternatives. This has led to an increase in the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. Another trend in the market is the growing focus on specific health concerns. Consumers are looking for vitamins and minerals that target specific health issues, such as immune support, bone health, and cognitive function. This trend is driving the development of specialized products that cater to these specific needs.

Local special circumstances: Mexico has a large population with a high prevalence of chronic diseases, such as obesity and diabetes. This has created a significant market for vitamins and minerals that support overall health and help manage these conditions. In addition, Mexico has a strong pharmaceutical industry, with a wide network of pharmacies across the country. This makes it convenient for consumers to access vitamins and minerals through these channels.

Underlying macroeconomic factors: The growing middle class in Mexico has contributed to the increasing demand for vitamins and minerals. As disposable incomes rise, consumers are willing to spend more on products that promote their health and well-being. Additionally, the aging population in Mexico is also driving the demand for vitamins and minerals, as older adults often require additional nutritional support. In conclusion, the Vitamins & Minerals (Pharmacies) market in Mexico is experiencing growth due to the increasing focus on health and wellness among consumers. The demand for natural and specialized products, along with the convenience of accessing these products through pharmacies, has contributed to the market's development. The growing middle class and aging population in Mexico are also important factors driving the demand for vitamins and minerals.

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.