Vitamins & Minerals (Pharmacies) - Serbia

Revenue in the Vitamins & Minerals market is projected to reach US$38.65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.49%, resulting in a market volume of US$50.51m 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$5.45 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.
For more information on the data displayed, use the info button next to the boxes.

Vitamin preparations
Mineral preparations (zinc, calcium, magnesium)
Cod liver oil

Prescription medicines
Homeopathic remedies
Probiotics and food products

The Vitamins & Minerals (Pharmacies) market in Serbia has been experiencing steady growth in recent years. Customer preferences for health and wellness products, along with an increased awareness of the importance of preventive healthcare, have contributed to the development of this market. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the trends in this market. Customer preferences in Serbia have shifted towards a greater focus on maintaining good health and preventing illness. As a result, there has been an increased demand for vitamins and minerals, as these products are seen as essential for supporting overall health and well-being. Consumers are becoming more proactive in taking care of their health, and are turning to pharmacies as a convenient and trusted source for their nutritional needs. Trends in the Vitamins & Minerals (Pharmacies) market in Serbia include a growing demand for natural and organic products. Consumers are becoming more conscious of the ingredients in the products they consume, and are seeking out options that are free from artificial additives and preservatives. This trend is in line with the global movement towards clean and sustainable living, and is driven by a desire for products that are perceived as healthier and more environmentally friendly. Another trend in the market is the increasing popularity of personalized nutrition. Consumers are recognizing that their nutritional needs may vary depending on factors such as age, gender, and lifestyle, and are seeking out products that are tailored to their specific needs. This has led to the development of a wide range of specialized vitamins and minerals targeted towards specific health concerns, such as bone health, immune support, and cognitive function. Local special circumstances in Serbia, such as a growing middle class and an aging population, have also contributed to the development of the Vitamins & Minerals (Pharmacies) market. As disposable incomes rise, consumers are willing to spend more on health and wellness products. The aging population is also driving demand, as older individuals are more likely to experience health issues that can be addressed through the use of vitamins and minerals. Underlying macroeconomic factors, such as stable economic growth and increasing healthcare expenditure, have created a favorable environment for the Vitamins & Minerals (Pharmacies) market in Serbia. As the economy continues to grow, consumers have more disposable income to spend on healthcare products. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has further contributed to the growth of this market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Serbia is developing due to changing customer preferences, including a focus on health and wellness, a demand for natural and organic products, and the popularity of personalized nutrition. Local special circumstances, such as a growing middle class and an aging population, have also played a role in shaping the market. Furthermore, underlying macroeconomic factors, including stable economic growth and increasing healthcare expenditure, have created a favorable environment for the growth of this 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.