Vitamins & Minerals (Pharmacies) - NAFTA

NAFTA

Highlights

Revenue in the Vitamins & Minerals market is projected to reach US$3.94bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.53%, resulting in a market volume of US$4.92bn 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$7.72 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals (Pharmacies) market in NAFTA has been experiencing significant growth in recent years, driven by shifting customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the NAFTA region have shown a growing interest in maintaining their health and well-being, leading to an increased demand for vitamins and minerals. As awareness about the benefits of these supplements grows, consumers are becoming more proactive in taking care of their health and are seeking out products that can support their overall wellness. This has resulted in a higher demand for vitamins and minerals in pharmacies across the NAFTA region.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in NAFTA is the rising popularity of natural and organic supplements. Customers are increasingly opting for products that are made from natural ingredients and free from artificial additives. This trend is driven by a growing awareness of the potential health risks associated with synthetic ingredients and a desire for more sustainable and environmentally friendly options. As a result, pharmacies in the NAFTA region are stocking a wider range of natural and organic vitamins and minerals to meet this demand. Another trend in the market is the increasing focus on personalized nutrition. Customers are looking for products that are tailored to their specific needs and preferences. This has led to the development of customized vitamin and mineral formulations that address individual health concerns, such as immune support, energy boost, or stress relief. Pharmacies in the NAFTA region are offering personalized consultations and recommendations to help customers find the right supplements for their unique requirements.

Local special circumstances: The Vitamins & Minerals (Pharmacies) market in NAFTA is also influenced by local special circumstances. For example, the aging population in the region has created a higher demand for supplements that support joint health, cognitive function, and overall vitality. Pharmacies are catering to this demographic by stocking a wide range of vitamins and minerals that address these specific needs. Furthermore, the increasing prevalence of chronic diseases, such as obesity and diabetes, has also contributed to the growth of the market. Customers are seeking out supplements that can help manage these conditions and improve their overall health. Pharmacies are responding to this demand by offering specialized products and services to support customers in their health journey.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in NAFTA is also influenced by underlying macroeconomic factors. The region's stable economic growth and rising disposable incomes have allowed consumers to allocate more of their budget towards health and wellness products. This has resulted in increased spending on vitamins and minerals in pharmacies. Additionally, the COVID-19 pandemic has further accelerated the growth of the market. The pandemic has heightened awareness about the importance of maintaining a strong immune system and overall health. As a result, customers are turning to vitamins and minerals to support their immune function and overall well-being. Pharmacies have seen a surge in demand for these products, leading to increased sales and market growth. In conclusion, the Vitamins & Minerals (Pharmacies) market in NAFTA is experiencing significant growth due to shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers become more health-conscious and seek out personalized solutions, pharmacies in the NAFTA region are adapting to meet these demands by offering a wider range of natural and organic supplements, personalized consultations, and specialized products. The market is expected to continue growing as the importance of health and wellness remains a priority for consumers.

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.