Vitamins & Minerals (Pharmacies) - Namibia

Revenue in the Vitamins & Minerals market is projected to reach US$1.15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.54%, resulting in a market volume of US$1.43m 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$0.43 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 Namibia has been experiencing significant growth in recent years, driven by various factors. Customer preferences in the market have shifted towards a greater focus on health and wellness, leading to increased demand for vitamins and minerals. Consumers are becoming more conscious of the importance of maintaining a healthy lifestyle and are actively seeking products that can support their overall well-being. This trend is not unique to Namibia, but is seen worldwide as people become more health-conscious and proactive in managing their health. Trends in the market indicate a growing demand for natural and organic products. Consumers are increasingly opting for vitamins and minerals that are derived from natural sources, as they perceive them to be safer and more beneficial for their health. This has led to a rise in the availability of organic supplements in pharmacies across Namibia, catering to the preferences of health-conscious consumers. Another trend in the market is the increasing popularity of personalized nutrition. Consumers are seeking customized solutions that meet their specific nutritional needs and goals. This has led to the emergence of personalized vitamin and mineral blends, where individuals can choose the specific nutrients they require based on their unique requirements. This trend is driven by advancements in technology and the ability to analyze individual health data, allowing consumers to take a more proactive approach to their health. Local special circumstances in Namibia also play a role in the development of the Vitamins & Minerals (Pharmacies) market. Namibia has a growing middle class population, which has led to an increase in disposable income and purchasing power. As a result, consumers are able to afford and prioritize their health, leading to increased spending on vitamins and minerals. Additionally, Namibia has a high prevalence of certain health conditions, such as vitamin and mineral deficiencies. This has created a demand for supplements that can address these specific health concerns, driving the growth of the market. Pharmacies in Namibia have recognized this demand and have expanded their offerings to cater to the specific needs of the local population. Underlying macroeconomic factors, such as population growth and urbanization, also contribute to the development of the Vitamins & Minerals (Pharmacies) market in Namibia. As the population continues to grow and more people move to urban areas, the demand for healthcare products, including vitamins and minerals, is expected to increase. This presents opportunities for pharmacies to expand their product offerings and cater to the evolving needs of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Namibia is developing due to changing customer preferences, including a focus on health and wellness, the popularity of natural and organic products, and the demand for personalized nutrition. Local special circumstances, such as a growing middle class population and a high prevalence of health conditions, further drive the growth of the market. Underlying macroeconomic factors, such as population growth and urbanization, also contribute to the development of the market.

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.