Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Northern Europe has been experiencing steady growth in recent years. Customer preferences for natural and organic products, as well as a growing awareness of the importance of health and wellness, have contributed to this trend. Additionally, local special circumstances and underlying macroeconomic factors have also played a role in the development of this market. Customer preferences in Northern Europe have shifted towards natural and organic products in recent years. Consumers are becoming more conscious of the ingredients in the products they consume and are seeking out healthier alternatives. This has led to an increased demand for vitamins and minerals that are derived from natural sources. Furthermore, there is a growing awareness of the importance of health and wellness, which has also contributed to the growth of the market. Consumers are increasingly taking a proactive approach to their health and are turning to vitamins and minerals to supplement their diets. Trends in the market indicate that Northern Europe has a strong demand for vitamins and minerals. Countries in this region have a high level of disposable income, which allows consumers to invest in their health and well-being. Additionally, the aging population in Northern Europe has also contributed to the growth of the market. As people age, they often require additional vitamins and minerals to support their overall health. This has created a lucrative market for pharmacies selling these products. Local special circumstances in Northern Europe have also influenced the development of the Vitamins & Minerals (Pharmacies) market. The region has a well-established healthcare system, which includes a strong network of pharmacies. This makes it convenient for consumers to purchase vitamins and minerals from their local pharmacy. Additionally, there is a high level of trust in the quality and safety of products sold in pharmacies, which further drives demand. Underlying macroeconomic factors have also played a role in the growth of the market. Northern Europe has a stable economy, which has allowed consumers to have a higher level of disposable income. This has made it easier for consumers to invest in their health and wellness, including purchasing vitamins and minerals. Furthermore, the region has a strong focus on preventive healthcare, which has led to an increased demand for these products. In conclusion, the Vitamins & Minerals (Pharmacies) market in Northern Europe is experiencing growth due to customer preferences for natural and organic products, a growing awareness of the importance of health and wellness, local special circumstances, and underlying macroeconomic factors. As these trends continue, the market is expected to further expand in the coming years.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
