Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Uruguay

Uruguay

Revenue in the Vitamins & Minerals market is projected to reach US$32.48m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.39%, resulting in a market volume of US$40.26m 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$9.49 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 Uruguay has been experiencing steady growth in recent years.

Customer preferences: Uruguayan consumers are becoming increasingly health-conscious and are seeking ways to improve their overall well-being. As a result, there has been a growing demand for vitamins and minerals, which are seen as essential supplements to support a healthy lifestyle. Customers are particularly interested in products that are natural, organic, and free from artificial additives. They are also looking for vitamins and minerals that are easy to consume and have a pleasant taste.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Uruguay is the increasing popularity of multivitamin supplements. These products offer a convenient way for consumers to meet their daily nutritional needs in a single dose. Multivitamins are especially appealing to busy individuals who may not have the time or inclination to plan and prepare balanced meals every day. Additionally, there is a growing awareness of the importance of specific vitamins and minerals for targeted health benefits, such as immune support, bone health, and cognitive function. As a result, there is a rising demand for specialized vitamin and mineral supplements that cater to these specific needs.

Local special circumstances: Uruguay has a well-developed healthcare system, with a strong emphasis on preventive care. The government has implemented various initiatives to promote healthy lifestyles and encourage citizens to take proactive steps towards maintaining their health. This focus on preventive healthcare has contributed to the growing interest in vitamins and minerals as part of a comprehensive approach to wellness. Additionally, there is a high level of trust in pharmacies as a reliable source of healthcare products and advice. Consumers often turn to pharmacists for guidance on selecting the right vitamins and minerals for their individual needs.

Underlying macroeconomic factors: Uruguay has experienced stable economic growth in recent years, which has positively impacted consumer spending power. As disposable incomes have increased, consumers are more willing to invest in their health and well-being. Additionally, the aging population in Uruguay has contributed to the growing demand for vitamins and minerals. Older adults are more likely to require additional nutritional support to maintain their health and vitality. The overall positive economic climate, coupled with the aging population, has created a favorable market environment for the Vitamins & Minerals (Pharmacies) market in Uruguay. In conclusion, the Vitamins & Minerals (Pharmacies) market in Uruguay is developing due to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing health-consciousness of consumers, the popularity of multivitamin supplements, the emphasis on preventive healthcare, and the stable economic growth in Uruguay are all contributing to the growth of this market. As the demand for vitamins and minerals continues to rise, pharmacies in Uruguay have the opportunity to meet the evolving needs of their customers and play a vital role in promoting overall health and well-being.

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.