Vitamins & Minerals (Pharmacies) - Nigeria

Revenue in the Vitamins & Minerals market is projected to reach US$382.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.42%, resulting in a market volume of US$627.30m 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$1.67 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 Nigeria is experiencing significant growth due to several factors.

Customer preferences: Nigerian consumers are becoming increasingly health-conscious and are seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals in the country. Consumers are looking for products that can help them address specific health concerns and improve their immune system. Additionally, there is a trend towards natural and organic products, as consumers are becoming more aware of the potential side effects of synthetic ingredients.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Nigeria is the rise of e-commerce. With the increasing penetration of smartphones and internet access, more consumers are opting to purchase vitamins and minerals online. This trend is driven by the convenience and wide range of products available online. E-commerce platforms also provide consumers with the opportunity to compare prices and read reviews, which helps them make informed purchasing decisions. Another trend in the market is the growing popularity of personalized nutrition. Consumers are seeking customized solutions that cater to their specific health needs and goals. This has led to the emergence of personalized vitamin and mineral supplements that are tailored to individual requirements. These products are gaining traction among health-conscious consumers who are looking for targeted solutions to address their unique health concerns.

Local special circumstances: Nigeria has a large population, which presents a significant market opportunity for the Vitamins & Minerals (Pharmacies) industry. The country's growing middle class is increasingly willing to spend on health and wellness products, including vitamins and minerals. Additionally, the Nigerian government has been actively promoting healthcare and wellness initiatives, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady economic growth, which has had a positive impact on consumer spending. As disposable incomes rise, consumers are allocating a larger portion of their budget towards health and wellness products. Furthermore, the country's healthcare infrastructure has been improving, leading to increased access to healthcare services and information. This has also contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Nigeria. In conclusion, the Vitamins & Minerals (Pharmacies) market in Nigeria is witnessing significant growth due to the increasing health-consciousness among consumers, the rise of e-commerce, the demand for personalized nutrition, the country's large population, and the improving macroeconomic factors. As the market continues to evolve, it is essential for companies to understand and cater to the specific preferences and needs of Nigerian consumers to capitalize on the opportunities in this growing 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.