Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Taiwan

Taiwan

Revenue in the Vitamins & Minerals market is projected to reach US$262.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.12%, resulting in a market volume of US$320.80m 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$10.94 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Taiwan has been experiencing steady growth in recent years.

Customer preferences: Taiwanese consumers have become increasingly health-conscious, leading to a growing demand for vitamins and minerals. Many people are looking for ways to improve their overall health and well-being, and taking supplements is seen as an effective way to achieve this. Additionally, the aging population in Taiwan has also contributed to the increased demand for vitamins and minerals, as older individuals often require additional nutrients to support their health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Taiwan is the rising popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic supplements and are opting for natural alternatives. This has led to an increase in the availability of natural and organic vitamins and minerals in pharmacies across the country. Another trend in the market is the growing popularity of personalized supplements. Consumers are increasingly seeking products that are tailored to their specific health needs and goals. This has led to the emergence of personalized supplement brands that offer customized formulations based on individual requirements. These brands often use advanced technology and testing methods to determine the most suitable combination of vitamins and minerals for each customer.

Local special circumstances: Taiwan has a well-developed healthcare system and strong regulations in place for the sale of vitamins and minerals. This has helped to build consumer trust in the quality and safety of these products. Additionally, pharmacies in Taiwan are highly accessible, with many located in convenient locations such as shopping malls and residential areas. This makes it easy for consumers to purchase vitamins and minerals as part of their regular shopping routine.

Underlying macroeconomic factors: Taiwan has a stable economy and a high standard of living, which has contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As disposable incomes have increased, consumers have more purchasing power to spend on healthcare products, including vitamins and minerals. The government has also implemented various health promotion campaigns, which have raised awareness about the importance of preventive healthcare and the role of vitamins and minerals in maintaining good health. These factors have all played a significant role in driving the growth of the market in Taiwan.

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.