Key regions: United Kingdom, India, Canada, Germany, China
The Vitamins & Minerals (Pharmacies) market in Southeast Asia is experiencing steady growth due to increasing customer preferences for preventive healthcare, rising awareness about the benefits of vitamins and minerals, and the presence of local special circumstances that drive demand. Customer preferences in Southeast Asia are shifting towards preventive healthcare, with consumers becoming more conscious about maintaining their overall health and well-being. As a result, there is a growing demand for vitamins and minerals that can help support immune function, boost energy levels, and improve overall health. Additionally, the aging population in the region is also driving the demand for vitamins and minerals that can address age-related health concerns. Trends in the market show that there is a growing interest in natural and organic vitamins and minerals. Consumers are increasingly seeking products that are free from artificial additives and are derived from natural sources. This trend is driven by the growing awareness about the potential health risks associated with synthetic ingredients and the desire for more sustainable and environmentally friendly products. Local special circumstances in Southeast Asia, such as the prevalence of vitamin and mineral deficiencies in certain countries, also contribute to the growth of the market. For example, countries like Indonesia and the Philippines have high rates of vitamin D deficiency due to limited sun exposure, leading to an increased demand for vitamin D supplements. Similarly, countries like Thailand and Malaysia have a high prevalence of iron deficiency anemia, driving the demand for iron supplements. Underlying macroeconomic factors, such as rising disposable incomes and urbanization, also play a role in the development of the Vitamins & Minerals (Pharmacies) market in Southeast Asia. As economies in the region continue to grow, consumers have more purchasing power to spend on healthcare products, including vitamins and minerals. Urbanization also leads to changing lifestyles and dietary habits, creating a greater need for nutritional supplements to fill the gaps in nutrient intake. In conclusion, the Vitamins & Minerals (Pharmacies) market in Southeast Asia is growing due to customer preferences for preventive healthcare, the trend towards natural and organic products, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and aware of the benefits of vitamins and minerals, the market is expected to continue its positive growth trajectory in the region.
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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