Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Nepal

Nepal

Revenue in the Vitamins & Minerals market is projected to reach US$63.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.49%, resulting in a market volume of US$87.32m 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$2.04 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: In Nepal, there is a growing awareness among consumers about the importance of maintaining good health and preventing diseases. As a result, there has been an increasing demand for vitamins and minerals supplements. Consumers are looking for products that can provide them with the necessary nutrients to support their overall health and well-being. They are also becoming more conscious about the quality and safety of the products they purchase, and are willing to pay a premium for trusted brands.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Nepal is the rising popularity of natural and organic supplements. Consumers are gravitating towards products that are made from natural ingredients and are free from artificial additives and preservatives. This trend is driven by the belief that natural supplements are safer and more effective than their synthetic counterparts. As a result, there has been a surge in the demand for herbal and Ayurvedic supplements in the market. Another trend in the market is the increasing availability of vitamins and minerals supplements in different formats. In addition to traditional tablets and capsules, manufacturers are now offering supplements in the form of gummies, powders, and liquids. This provides consumers with more options to choose from based on their preferences and convenience. The availability of these alternative formats has also made it easier for individuals who have difficulty swallowing pills to consume vitamins and minerals.

Local special circumstances: Nepal is a country with a rich tradition of herbal medicine and Ayurveda. The use of natural remedies and traditional healing practices is deeply ingrained in the culture. This has influenced consumer preferences in the Vitamins & Minerals (Pharmacies) market, with many individuals opting for herbal and Ayurvedic supplements over synthetic ones. The local knowledge and expertise in herbal medicine have also contributed to the development of a wide range of herbal supplements that cater to the specific health needs of the Nepalese population.

Underlying macroeconomic factors: The growing middle class in Nepal has played a significant role in driving the growth of the Vitamins & Minerals (Pharmacies) market. As disposable incomes rise, consumers are willing to spend more on their health and well-being. This has led to an increase in the demand for vitamins and minerals supplements, as individuals seek to maintain a healthy lifestyle. Additionally, the expanding pharmaceutical industry in Nepal has led to greater availability and accessibility of these products in the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Nepal is experiencing growth due to increasing customer awareness about health and wellness, the popularity of natural and organic supplements, the availability of supplements in different formats, the influence of local traditions and practices, and the growth of the middle class. These factors are driving the demand for vitamins and minerals supplements in the market and are expected to continue shaping its development in the future.

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.