Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - South Africa

South Africa

Revenue in the Vitamins & Minerals market is projected to reach €118.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.00%, resulting in a market volume of €150.60m by 2029.
In global comparison, most revenue will be generated in China (€4,093.00m in 2024).
In relation to total population figures, per person revenues of €1.93 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in South Africa has been experiencing significant growth in recent years.

Customer preferences: Customers in South Africa are increasingly becoming health-conscious and are seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as these products are seen as essential for maintaining good health. Additionally, there is a rising awareness about the benefits of preventive healthcare, which has further fueled the demand for vitamins and minerals.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in South Africa is the increasing popularity of natural and organic products. Consumers are becoming more conscious about the ingredients used in the products they consume and are opting for natural alternatives. This has led to a shift towards natural and organic vitamins and minerals, as they are perceived to be healthier and safer. Another trend in the market is the growing demand for personalized vitamins and minerals. Consumers are looking for products that are tailored to their specific needs and preferences. This has led to the emergence of customized vitamin and mineral formulations that cater to individual requirements. These personalized products offer a higher level of efficacy and are gaining popularity among health-conscious consumers.

Local special circumstances: South Africa has a high prevalence of vitamin and mineral deficiencies, particularly among vulnerable populations such as children and pregnant women. This has created a significant market for vitamins and minerals in the country, as these products are seen as essential for addressing these deficiencies. The government has also implemented various initiatives to address these deficiencies, which has further contributed to the growth of the market.

Underlying macroeconomic factors: South Africa has a growing middle class population with increasing disposable income. This has resulted in a higher purchasing power and a greater ability to spend on healthcare products, including vitamins and minerals. Additionally, the country has a well-established healthcare infrastructure, which has facilitated the distribution and availability of these products. In conclusion, the Vitamins & Minerals (Pharmacies) market in South Africa is experiencing growth due to customer preferences for health-conscious products, the increasing popularity of natural and organic products, the demand for personalized vitamins and minerals, the high prevalence of deficiencies in the population, and the underlying macroeconomic factors such as the growing middle class population and well-established healthcare infrastructure.

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.