Vitamins & Minerals (Pharmacies) - Zimbabwe

Revenue in the Vitamins & Minerals market is projected to reach US$11.42m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.95%, resulting in a market volume of US$13.86m 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$0.67 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 Zimbabwe has been experiencing significant growth in recent years. Customer preferences for health and wellness products have been driving this trend, as individuals become more conscious of the importance of maintaining a healthy lifestyle. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Zimbabwe have shifted towards a greater focus on health and wellness. With an increasing awareness of the benefits of vitamins and minerals, consumers are actively seeking out these products to support their overall well-being. This growing demand has led to a rise in the availability and variety of vitamins and minerals in pharmacies across the country. Trends in the market reflect the changing consumer preferences. There has been a notable increase in the demand for natural and organic vitamins and minerals. Customers are now more inclined to choose products that are free from artificial additives and chemicals. This trend is in line with the global movement towards clean and natural products. In addition to customer preferences, local special circumstances have played a role in the development of the Vitamins & Minerals (Pharmacies) market in Zimbabwe. The country has a high prevalence of vitamin and mineral deficiencies, particularly among vulnerable populations such as children and pregnant women. This has created a need for accessible and affordable supplements, which pharmacies have been able to fulfill. The presence of a well-established pharmacy network has also contributed to the growth of the market, as it provides a convenient distribution channel for vitamins and minerals. Underlying macroeconomic factors have further supported the growth of the market. Zimbabwe has experienced economic stability in recent years, with a steady increase in disposable income. This has allowed consumers to allocate a portion of their budget towards health and wellness products, including vitamins and minerals. Additionally, the government has implemented initiatives to promote a healthier population, which has created a favorable environment for the Vitamins & Minerals (Pharmacies) market to thrive. In conclusion, the Vitamins & Minerals (Pharmacies) market in Zimbabwe is developing due to customer preferences for health and wellness products, local special circumstances such as high prevalence of deficiencies, and underlying macroeconomic factors including economic stability and government initiatives. As these factors continue to drive the market, it is expected that the demand for vitamins and minerals in pharmacies will continue to grow in the coming years.

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.