Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Nordics is experiencing steady growth due to increasing customer preferences for preventive healthcare, rising awareness about the importance of vitamins and minerals, and the presence of local special circumstances. Customer preferences in the Nordics have shifted towards preventive healthcare, with individuals becoming more conscious about maintaining their overall health and well-being. This has led to an increased demand for vitamins and minerals, as they are seen as essential components of a healthy lifestyle. Customers are actively seeking out products that can help them boost their immune system, improve their energy levels, and support their overall health. Pharmacies in the region have responded to this demand by expanding their range of vitamins and minerals and providing personalized advice to customers. One of the key trends in the Vitamins & Minerals (Pharmacies) market in the Nordics is the growing popularity of natural and organic products. Customers in the region are increasingly seeking out products that are free from artificial additives and are made from natural ingredients. This trend is driven by a general preference for a healthy and sustainable lifestyle, as well as a growing awareness of the potential health risks associated with synthetic ingredients. Pharmacies in the region have capitalized on this trend by stocking a wide range of natural and organic vitamins and minerals. Another trend in the market is the rising demand for personalized vitamins and minerals. Customers in the Nordics are increasingly looking for products that are tailored to their specific needs and health goals. This trend is driven by a growing interest in personalized healthcare and a desire to optimize individual health outcomes. Pharmacies in the region have responded to this demand by offering personalized consultations and customized vitamin and mineral blends. Local special circumstances in the Nordics, such as the long and dark winters, have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. The lack of sunlight during the winter months can lead to vitamin D deficiency, which is a common health concern in the region. Pharmacies in the Nordics have recognized this special circumstance and have focused on promoting vitamin D supplements to address this issue. Additionally, the high prevalence of vegetarian and vegan diets in the region has created a demand for plant-based vitamins and minerals, which pharmacies have responded to by expanding their range of vegetarian and vegan-friendly products. Underlying macroeconomic factors, such as the stable economy and high disposable income in the Nordics, have also played a role in the growth of the Vitamins & Minerals (Pharmacies) market. The region has a strong welfare system and a high standard of living, which allows individuals to prioritize their health and well-being. The availability of affordable and high-quality healthcare services, including pharmacy services, has further contributed to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in the Nordics is experiencing steady growth due to increasing customer preferences for preventive healthcare, rising awareness about the importance of vitamins and minerals, and the presence of local special circumstances. The market is characterized by a shift towards natural and organic products, a demand for personalized vitamins and minerals, and a focus on addressing specific health concerns. The stable economy and high disposable income in the region have also contributed to the growth 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.
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