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Vitamins & Minerals (Pharmacies) - Southern Asia

Southern Asia

Revenue in the Vitamins & Minerals market is projected to reach US$2.44bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.42%, resulting in a market volume of US$3.49bn by 2029.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$1.27 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Southern Asia is experiencing significant growth and development due to several key factors. Customer preferences in the region are shifting towards a more health-conscious lifestyle, with a growing awareness of the importance of vitamins and minerals in maintaining overall well-being. As a result, there is an increasing demand for these products in Southern Asia. Trends in the market indicate a rising popularity of natural and organic vitamins and minerals. Consumers are becoming more conscious of the ingredients in the products they consume and are actively seeking out options that are free from artificial additives and preservatives. This trend is driven by the growing preference for a holistic approach to health and wellness. Another trend in the market is the increasing availability of personalized vitamin and mineral supplements. With advancements in technology, it has become easier for consumers to access personalized health solutions. This includes the ability to tailor supplements to individual needs and preferences, based on factors such as age, gender, and specific health concerns. This trend is driven by the desire for targeted and effective health solutions. Local special circumstances in Southern Asia also contribute to the growth of the Vitamins & Minerals (Pharmacies) market. The region has a large population, with a significant portion of the population being young and increasingly health-conscious. This demographic trend fuels the demand for vitamins and minerals, as younger consumers are more likely to prioritize preventive healthcare and overall well-being. Underlying macroeconomic factors also play a role in the development of the market. Southern Asia is experiencing economic growth, which has led to an increase in disposable income. As a result, consumers have more purchasing power and are able to afford vitamins and minerals as part of their daily routine. Additionally, the region is witnessing urbanization and a shift towards a more sedentary lifestyle, leading to a greater need for dietary supplements to compensate for potential nutrient deficiencies. In conclusion, the Vitamins & Minerals (Pharmacies) market in Southern Asia is experiencing growth and development due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to prioritize health and wellness, the demand for vitamins and minerals is expected to further increase.

Methodology

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.