Vitamins & Minerals (Pharmacies) - Philippines

Revenue in the Vitamins & Minerals market is projected to reach US$461.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.20%, resulting in a market volume of US$623.30m 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$3.87 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 the Philippines has been experiencing significant growth in recent years. Customer preferences for vitamins and minerals have shifted towards natural and organic products, as consumers become more health-conscious and aware of the benefits of these products. This trend is not unique to the Philippines, but is seen worldwide as consumers seek out products that are perceived to be healthier and more sustainable. As a result, pharmacies in the Philippines have been expanding their offerings of natural and organic vitamins and minerals to meet this growing demand. In addition to natural and organic products, there is also a rising demand for specialized vitamins and minerals targeting specific health concerns. This includes vitamins and minerals for immune support, bone health, and cognitive function, among others. Pharmacies in the Philippines have been quick to respond to this demand by stocking a wide range of specialized products to cater to the diverse needs of their customers. Another trend in the market is the increasing popularity of online pharmacies. With the rise of e-commerce, more and more consumers are turning to online platforms to purchase their vitamins and minerals. This is especially true during the COVID-19 pandemic, where online shopping has become the preferred method of purchasing goods. Pharmacies in the Philippines have recognized this trend and have been investing in their online presence to capture a larger share of the market. Local special circumstances in the Philippines also contribute to the growth of the Vitamins & Minerals (Pharmacies) market. The country has a large population of health-conscious individuals who prioritize their well-being. This has created a favorable environment for the growth of the vitamins and minerals market, as consumers are willing to spend on products that support their health and wellness goals. Underlying macroeconomic factors, such as a growing middle class and increasing disposable incomes, have also played a role in the development of the market. As more Filipinos have the financial means to prioritize their health, the demand for vitamins and minerals has increased. This trend is expected to continue as the economy of the Philippines continues to grow and more people have access to healthcare and wellness products. Overall, the Vitamins & Minerals (Pharmacies) market in the Philippines is developing in response to customer preferences for natural and specialized products, the rise of online pharmacies, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, pharmacies in the Philippines will need to adapt to these trends and cater to the changing needs and preferences of their customers.

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.