Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Slovakia has been experiencing steady growth in recent years. Customer preferences for health and wellness products, coupled with local special circumstances and underlying macroeconomic factors, have contributed to the development of this market. Customer preferences in Slovakia have shifted towards a greater focus on health and wellness. As consumers become more health-conscious, there is a growing demand for vitamins and minerals to supplement their diets. This trend is not unique to Slovakia, as it can be observed in many other countries worldwide. The increasing awareness of the importance of a balanced diet and the role of vitamins and minerals in maintaining good health has led to a higher demand for these products. In addition to customer preferences, there are also local special circumstances that have influenced the development of the Vitamins & Minerals (Pharmacies) market in Slovakia. The country has a well-established healthcare system and a high level of trust in pharmacies. Consumers often rely on pharmacies for their healthcare needs, including vitamins and minerals. Pharmacies in Slovakia have capitalized on this trust by expanding their product offerings in the Vitamins & Minerals category, making it easily accessible to consumers. Underlying macroeconomic factors have also played a role in the growth of the Vitamins & Minerals (Pharmacies) market in Slovakia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As consumers have more money to spend, they are more likely to invest in their health and well-being, including purchasing vitamins and minerals. Furthermore, the aging population in Slovakia has contributed to the growth of this market. As people age, they often require additional vitamins and minerals to support their health, leading to an increased demand for these products. Overall, the Vitamins & Minerals (Pharmacies) market in Slovakia is developing due to customer preferences for health and wellness products, local special circumstances such as trust in pharmacies, and underlying macroeconomic factors such as economic growth and an aging population. As these trends continue, it is likely that the market will continue to grow 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.
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