Vitamins & Minerals (Pharmacies) - New Zealand

Revenue in the Vitamins & Minerals market is projected to reach US$85.14m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.01%, resulting in a market volume of US$108.70m 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$16.16 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 New Zealand is experiencing steady growth due to changing customer preferences and an increasing focus on health and wellness.

Customer preferences: In recent years, there has been a growing awareness among consumers in New Zealand about the importance of maintaining a healthy lifestyle. This has led to a shift in customer preferences towards preventive healthcare and the use of vitamins and minerals to support overall well-being. Consumers are increasingly seeking out products that can help boost their immune system, improve energy levels, and support mental health. As a result, the demand for vitamins and minerals in pharmacies has been on the rise.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in New Zealand is the increasing popularity of natural and organic products. Consumers are becoming more conscious about the ingredients in the products they consume and are actively seeking out options that are free from artificial additives and preservatives. This has led to a rise in the demand for natural and organic vitamins and minerals, which are perceived to be healthier and more sustainable. Another trend in the market is the growing preference for personalized nutrition. Consumers are looking for products that are tailored to their specific needs and health goals. This has led to the emergence of personalized vitamin and mineral supplements, where customers can take a quiz or consult with a healthcare professional to determine the right combination of nutrients for their individual needs. This customization trend has gained traction in New Zealand, as consumers are increasingly seeking personalized solutions for their health and wellness.

Local special circumstances: New Zealand has a unique advantage when it comes to the Vitamins & Minerals (Pharmacies) market. The country is known for its clean and green image, which has created a strong demand for natural and organic products. Consumers in New Zealand are willing to pay a premium for products that are made from locally sourced ingredients and produced in an environmentally friendly manner. This has led to the growth of local brands that focus on sustainable and ethical practices, catering to the preferences of conscious consumers.

Underlying macroeconomic factors: The Vitamins & Minerals (Pharmacies) market in New Zealand is also influenced by underlying macroeconomic factors. The country has a stable economy and a high standard of living, which allows consumers to allocate a significant portion of their budget towards health and wellness products. Additionally, the aging population in New Zealand is driving the demand for vitamins and minerals, as older individuals are more likely to prioritize their health and invest in supplements to support their overall well-being. In conclusion, the Vitamins & Minerals (Pharmacies) market in New Zealand is experiencing growth due to changing customer preferences towards preventive healthcare, the increasing popularity of natural and organic products, the demand for personalized nutrition, and the unique local special circumstances. These trends, coupled with the stable economy and aging population, are driving the market forward and creating opportunities for both local and international brands in the country.

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.