Vitamins & Minerals (Pharmacies) - Vietnam

Revenue in the Vitamins & Minerals market is projected to reach US$89.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.88%, resulting in a market volume of US$119.30m 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$0.90 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 Vietnam has been experiencing steady growth in recent years. Customer preferences have shifted towards a more health-conscious lifestyle, leading to increased demand for vitamins and minerals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Vietnam have been influenced by a growing awareness of the importance of maintaining good health. As people become more conscious of the impact of their lifestyle choices on their overall well-being, they are seeking out products that can support their health and prevent illness. This has led to a rise in demand for vitamins and minerals, as these products are seen as a convenient and effective way to supplement one's diet and ensure adequate nutrient intake. Trends in the market indicate that consumers are increasingly looking for vitamins and minerals that are tailored to their specific needs. There is a growing demand for products that target specific health concerns, such as immune support, bone health, and energy boost. This trend is driven by a desire for personalized healthcare solutions and a focus on preventive measures. As a result, manufacturers are introducing a wider range of products with specialized formulations to meet these evolving customer preferences. Local special circumstances in Vietnam have also played a role in the development of the Vitamins & Minerals (Pharmacies) market. The country has a large population, with a significant portion of the population residing in urban areas. Urbanization has led to changes in lifestyle and dietary habits, with people becoming more reliant on processed and convenience foods. This has created a need for vitamin and mineral supplementation to compensate for potential nutrient deficiencies. Furthermore, the healthcare infrastructure in Vietnam has been improving, with a greater emphasis on preventive care. The government has implemented various initiatives to promote health and wellness, including campaigns and educational programs. These efforts have helped to raise awareness about the benefits of vitamins and minerals, driving demand in the market. The underlying macroeconomic factors in Vietnam have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. The country has experienced a period of sustained economic growth, resulting in an expanding middle class and increased disposable income. As a result, consumers have more purchasing power and are willing to spend on products that contribute to their health and well-being. This has created a favorable environment for the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Vietnam is developing due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. As people become more health-conscious and seek personalized healthcare solutions, the demand for vitamins and minerals continues to increase. The improving healthcare infrastructure and growing disposable income in Vietnam further contribute to the growth of the market.

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.