Vitamins & Minerals (Pharmacies) - Sri Lanka

Revenue in the Vitamins & Minerals market is projected to reach US$26.79m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.86%, resulting in a market volume of US$37.33m 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$1.22 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 Sri Lanka is experiencing steady growth due to increasing customer preferences for preventive healthcare and a growing awareness of the importance of maintaining a healthy lifestyle.

Customer preferences: Customers in Sri Lanka are becoming more health-conscious and are actively seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as they are seen as essential supplements to support a healthy diet. Additionally, with the rise in non-communicable diseases such as diabetes and cardiovascular diseases, customers are increasingly turning to vitamins and minerals to manage these conditions and prevent further health complications.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Sri Lanka is the increasing popularity of natural and organic products. Customers are becoming more discerning about the ingredients in the products they consume and are opting for natural alternatives to synthetic vitamins and minerals. This trend is driven by a desire for products that are perceived as safer and more sustainable. Another trend in the market is the growing demand for personalized nutrition. Customers are seeking customized vitamin and mineral supplements that are tailored to their specific needs and health goals. This trend is fueled by advancements in technology and the availability of genetic testing, which allows individuals to identify their specific nutritional deficiencies and address them with targeted supplements.

Local special circumstances: Sri Lanka has a rich tradition of Ayurveda, a traditional system of medicine that emphasizes the use of natural remedies and holistic approaches to health. This cultural background has influenced the preferences of customers in Sri Lanka, who often prefer natural and herbal supplements over synthetic alternatives. This preference for natural products has created opportunities for local manufacturers of Ayurvedic supplements and has also attracted international brands that cater to this demand.

Underlying macroeconomic factors: The growing middle class in Sri Lanka is a key driver of the Vitamins & Minerals (Pharmacies) market. As disposable incomes rise, more individuals are able to afford to invest in their health and wellbeing. Additionally, the increasing urbanization and changing lifestyles in Sri Lanka have led to a shift towards convenience and preventive healthcare. This has resulted in a higher demand for vitamins and minerals, which can be easily purchased from pharmacies. Furthermore, the government of Sri Lanka has been actively promoting healthcare and wellness initiatives, which has created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market. The government's focus on preventive healthcare and the implementation of policies to regulate the quality and safety of healthcare products have instilled confidence in customers and encouraged them to incorporate vitamins and minerals into their daily routines. In conclusion, the Vitamins & Minerals (Pharmacies) market in Sri Lanka is witnessing growth due to increasing customer preferences for preventive healthcare, the popularity of natural and organic products, and the demand for personalized nutrition. The local cultural background and the government's focus on healthcare and wellness initiatives are also contributing factors to the market's development.

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.