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Vitamins & Minerals (Pharmacies) - Qatar

Qatar

Revenue in the Vitamins & Minerals market is projected to reach US$30.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.65%, resulting in a market volume of US$38.65m by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$11.25 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Qatar is experiencing steady growth and development due to several factors.

Customer preferences: Qatari consumers are increasingly becoming health-conscious and are recognizing the importance of maintaining a balanced diet and taking dietary supplements to support their overall well-being. As a result, there is a growing demand for vitamins and minerals in the country. Additionally, there is a rising awareness about the benefits of natural and organic products, leading to an increased preference for supplements derived from natural sources.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Qatar is the growing popularity of personalized nutrition. Consumers are seeking customized solutions that cater to their specific health needs and goals. This trend is driving the demand for specialized vitamins and minerals that target specific health concerns, such as immune support, bone health, and cognitive function. Pharmacies are responding to this trend by offering a wide range of personalized supplements and providing expert advice to customers. Another trend in the market is the increasing availability of online platforms for purchasing vitamins and minerals. Online pharmacies and e-commerce platforms have gained popularity among consumers due to their convenience and wide product selection. This trend has been further accelerated by the COVID-19 pandemic, as consumers turned to online shopping to meet their healthcare needs while minimizing physical contact.

Local special circumstances: Qatar has a high disposable income and a growing population, which contributes to the demand for vitamins and minerals. The country's healthcare system is well-developed, with a strong emphasis on preventive healthcare. This has created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market. Additionally, Qatar is home to a diverse population, including expatriates from different countries, who bring with them their own dietary preferences and supplement habits. This diversity further fuels the demand for a wide range of vitamins and minerals in the market.

Underlying macroeconomic factors: Qatar has a stable economy and a high standard of living, which allows consumers to prioritize their health and well-being. The government has also been actively promoting a healthy lifestyle through various initiatives and campaigns, which has created awareness and encouraged consumers to invest in their health. Furthermore, Qatar's strategic location as a hub for trade and commerce in the Middle East has facilitated the import of a wide range of vitamins and minerals from different parts of the world, ensuring a diverse product offering in the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Qatar is experiencing growth and development due to the increasing health-consciousness of consumers, the trend towards personalized nutrition, the availability of online platforms, the local special circumstances of a high disposable income and a diverse population, and underlying macroeconomic factors such as a stable economy and government initiatives promoting a healthy lifestyle.

Methodology

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.