Vitamins & Minerals (Pharmacies) - Senegal

Revenue in the Vitamins & Minerals market is projected to reach US$8.26m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.43%, resulting in a market volume of US$11.82m 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$0.45 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 Senegal has been experiencing significant growth in recent years.

Customer preferences: Senegal has a growing middle class population and an increasing awareness of the importance of health and wellness. As a result, there is a rising demand for vitamins and minerals among consumers. Many people are now looking to improve their overall health and prevent diseases by incorporating these supplements into their daily routines. Additionally, the aging population in Senegal has also contributed to the increased demand for vitamins and minerals, as older individuals often require additional nutritional support.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Senegal is the shift towards natural and organic products. Consumers are becoming more conscious about the ingredients in the supplements they consume and are seeking products that are free from artificial additives and preservatives. This trend is in line with the global movement towards clean and healthy living. Another trend in the market is the growing popularity of personalized nutrition. Consumers are increasingly seeking customized solutions that address their specific health needs and goals. This has led to the emergence of personalized vitamin and mineral supplements that are tailored to individual requirements. These personalized products are often formulated based on factors such as age, gender, and specific health conditions.

Local special circumstances: Senegal has a diverse population with varying dietary habits and nutritional needs. This diversity has created opportunities for market players to cater to specific dietary requirements. For example, there is a growing demand for vitamins and minerals that are suitable for individuals following vegetarian or vegan diets. Additionally, there is also a demand for supplements that are fortified with specific nutrients that may be lacking in the local diet.

Underlying macroeconomic factors: Senegal has been experiencing steady economic growth in recent years, which has contributed to the increasing disposable incomes of its population. As a result, consumers are now able to afford a wider range of products, including vitamins and minerals. The government of Senegal has also been investing in the healthcare sector, which has improved access to healthcare services and created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Senegal is growing due to the rising awareness of health and wellness, the demand for natural and organic products, the popularity of personalized nutrition, the diverse dietary habits of the population, and the positive macroeconomic factors. As the market continues to evolve, it is expected that there will be further innovations and product offerings to cater to the specific needs and preferences of Senegalese consumers.

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.