Vitamins & Minerals (Pharmacies) - Norway

Revenue in the Vitamins & Minerals market is projected to reach US$5.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.20%, resulting in a market volume of US$6.12m 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$0.95 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 Norway is experiencing steady growth due to changing customer preferences and increasing health consciousness among the population.

Customer preferences: Customers in Norway are increasingly concerned about their health and well-being, leading to a growing demand for vitamins and minerals. The trend towards preventive healthcare is driving the demand for these products as consumers seek to maintain their overall health and prevent illnesses. Additionally, the aging population in Norway is also contributing to the growth of the market, as older individuals are more likely to require supplements to support their nutritional needs.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Norway is the shift towards natural and organic products. Consumers are becoming more conscious about the ingredients in their supplements and are opting for products that are free from artificial additives and preservatives. This trend is in line with the overall shift towards natural and organic products in the health and wellness industry. Another trend in the market is the increasing popularity of personalized supplements. Customers are looking for products that are tailored to their specific needs and preferences. This has led to the emergence of companies offering personalized vitamin and mineral supplements based on individual health profiles and genetic testing. This trend is driven by the growing awareness of the importance of personalized nutrition and the desire for targeted health solutions.

Local special circumstances: Norway has a strong healthcare system and a high standard of living, which has contributed to the growth of the Vitamins & Minerals (Pharmacies) market. The country has a well-regulated pharmaceutical industry, ensuring that consumers have access to safe and reliable products. Furthermore, the government has implemented policies to promote healthy lifestyles and preventive healthcare, which has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Norway is also influenced by underlying macroeconomic factors. The country has a stable economy, with high disposable incomes and a strong purchasing power. This enables consumers to spend more on healthcare and wellness products, including vitamins and minerals. Additionally, the increasing focus on health and wellness globally has also had an impact on the market, as Norwegian consumers are influenced by global trends and seek to adopt healthier lifestyles. In conclusion, the Vitamins & Minerals (Pharmacies) market in Norway is experiencing growth due to changing customer preferences, including a focus on preventive healthcare and personalized nutrition. The market is also influenced by local special circumstances, such as a well-regulated healthcare system and government policies promoting healthy lifestyles. Underlying macroeconomic factors, such as a stable economy and high disposable incomes, further contribute 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.

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.