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Vitamins & Minerals (Pharmacies) - Ukraine

Ukraine

Revenue in the Vitamins & Minerals market is projected to reach US$106.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.61%, resulting in a market volume of US$153.10m 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$2.80 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 Ukraine has been experiencing steady growth in recent years. Customer preferences in the market have been shifting towards a greater focus on health and wellness. With increasing awareness about the importance of maintaining a healthy lifestyle, consumers in Ukraine are seeking out products that can support their overall well-being. Vitamins and minerals have become popular choices for consumers looking to supplement their diets and address specific health concerns. Additionally, the aging population in Ukraine has contributed to the growing demand for vitamins and minerals, as older individuals often require additional nutritional support. Trends in the market indicate a rising interest in natural and organic products. Consumers are becoming more conscious about the ingredients they consume and are opting for products that are perceived as being more natural and sustainable. This trend is reflected in the increased demand for vitamins and minerals derived from natural sources, such as plant-based supplements. Local special circumstances in Ukraine have also influenced the development of the Vitamins & Minerals (Pharmacies) market. The country has a well-established network of pharmacies, which serve as convenient distribution channels for these products. Pharmacies are trusted sources of healthcare information and advice, making them ideal locations for consumers to purchase vitamins and minerals. Furthermore, the affordability of these products in Ukraine has made them accessible to a wider range of consumers. Underlying macroeconomic factors have played a role in the growth of the Vitamins & Minerals (Pharmacies) market in Ukraine. The country's improving economy has led to an increase in disposable income, allowing consumers to allocate more of their budget towards health and wellness products. Additionally, the government has implemented policies to promote a healthier lifestyle and preventive healthcare, which has further contributed to the demand for vitamins and minerals. Overall, the Vitamins & Minerals (Pharmacies) market in Ukraine is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As consumers prioritize their health and well-being, the demand for these products is expected to continue growing. The market is likely to see further innovation and diversification as manufacturers cater to the evolving needs and preferences of Ukrainian consumers.

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.