Vitamins & Minerals (Pharmacies) - Singapore

Revenue in the Vitamins & Minerals market is projected to reach US$156.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.79%, resulting in a market volume of US$188.20m 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$25.82 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 Singapore has been experiencing steady growth over the past few years.

Customer preferences: Customers in Singapore have shown a growing interest in maintaining a healthy lifestyle, which has led to an increased demand for vitamins and minerals. With the rise in awareness about the importance of nutrition and preventive healthcare, more people are looking to incorporate supplements into their daily routine. Additionally, the aging population in Singapore has also contributed to the growth of the market, as older adults often require additional vitamins and minerals to support their health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Singapore is the growing popularity of natural and organic supplements. Customers are becoming more conscious about the ingredients and sourcing of their supplements, and are opting for products that are free from artificial additives and preservatives. This trend aligns with the overall global shift towards natural and organic products, as consumers are increasingly concerned about their health and the environment. Another trend in the market is the increasing availability of personalized supplements. With advancements in technology, companies are now able to offer customized vitamin and mineral blends based on an individual's specific needs and health goals. This personalized approach appeals to customers who are looking for tailored solutions and are willing to invest in products that are specifically designed for their unique requirements.

Local special circumstances: Singapore is known for its strict regulations and high standards when it comes to product safety and quality. This has created a sense of trust among consumers, who are confident in the efficacy and reliability of the vitamins and minerals available in the market. The government's efforts to promote healthy living and preventive healthcare have also played a role in driving the demand for supplements in the country.

Underlying macroeconomic factors: The stable economic growth and increasing disposable income in Singapore have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As people have more purchasing power, they are willing to invest in their health and well-being. Additionally, the rise of e-commerce platforms has made it easier for customers to access a wide range of supplements, further fueling the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Singapore is experiencing steady growth due to the increasing customer preferences for a healthy lifestyle, the popularity of natural and organic supplements, the availability of personalized products, the trust in product safety and quality, and the underlying macroeconomic factors such as stable economic growth and increasing disposable income. As the demand for vitamins and minerals continues to rise, it is expected that the market will continue to expand in the coming years.

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.