Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Worldwide

Worldwide

The revenue generated in the Vitamins & Minerals market market worldwide in 2024 amounts to a staggering €29.61bn.
According to projections, the market is expected to experience an annual growth rate of 6.93% between 2024 and 2029 (CAGR 2024-2029).
When comparing revenue on a global scale, it is evident that the highest amount is generated in China, reaching €4,941.00m in 2024.
To put this into perspective, in 2024, the per person revenue in the Vitamins & Minerals market market worldwide stands at €3.82.
This figure is calculated by dividing the total revenue by the global population.
Despite being a global market, the demand for vitamins and minerals in the OTC Pharmaceuticals market varies significantly across countries, with the United States leading the way in terms of consumption.

Key regions: Canada, United Kingdom, India, Europe, Brazil

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Analyst Opinion

The Vitamins & Minerals market in Worldwide is experiencing steady growth due to increasing customer preferences for health and wellness products.

Customer preferences: Consumers worldwide are becoming more health-conscious and are actively seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as they are essential for maintaining good health. In addition, the rising trend of preventive healthcare has further fueled the demand for these products. Customers are increasingly looking for natural and organic sources of vitamins and minerals, as they perceive them to be healthier and more beneficial than synthetic alternatives.

Trends in the market: One of the key trends in the vitamins and minerals market is the growing popularity of dietary supplements. These supplements provide a convenient and easy way for customers to meet their daily nutritional requirements. They are available in various forms such as tablets, capsules, powders, and liquids, catering to the diverse needs and preferences of consumers. Moreover, the market is witnessing a shift towards personalized nutrition, with companies offering customized vitamin and mineral blends tailored to individual needs.

Local special circumstances: Different regions have their own unique factors influencing the vitamins and minerals market. In developed countries, where the healthcare infrastructure is well-established, there is a higher awareness and adoption of vitamins and minerals as part of a healthy lifestyle. On the other hand, in developing countries, where there may be limited access to healthcare facilities, the market is driven by the need to address nutritional deficiencies and improve overall health outcomes.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the vitamins and minerals market worldwide. Rising disposable incomes, particularly in emerging economies, have increased consumers' purchasing power and their ability to spend on health and wellness products. Additionally, the aging population in many countries has created a growing demand for vitamins and minerals, as older individuals often require additional nutritional support. Furthermore, increasing urbanization and changing lifestyles have led to a rise in sedentary habits and unhealthy eating patterns, driving the need for nutritional supplements.In conclusion, the Vitamins & Minerals market in Worldwide is witnessing growth due to increasing customer preferences for health and wellness products. The growing demand for vitamins and minerals is driven by the rising trend of preventive healthcare and the need for nutritional support. The market is also influenced by local factors and underlying macroeconomic factors such as rising disposable incomes and changing lifestyles. As consumers continue to prioritize their health, the vitamins and minerals market is expected to experience sustained growth in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.