Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Belgium

Belgium

In Belgium, the revenue in the Vitamins & Minerals market market reached US$119.50m in 2024.
This market is projected to experience an annual growth rate of 4.40% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries, in China generates the highest revenue in this market, with US$5,328.00m in 2024.
Taking into account the total population of Belgium, the per person revenues in 2024 amount to US$10.20.
The demand for vitamins and minerals in the OTC Pharmaceuticals market in Belgium is driven by the country's health-conscious population and high awareness about the importance of nutritional supplements.

Key regions: Japan, United Kingdom, Australia, Germany, Europe

Market

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Analyst Opinion

The Vitamins & Minerals market in Belgium has been experiencing steady growth in recent years, driven by changing customer preferences and a growing awareness of the importance of maintaining a healthy lifestyle. Customer preferences in the Vitamins & Minerals market in Belgium have been shifting towards natural and organic products. Consumers are increasingly looking for products that are free from artificial additives and preservatives, and that are sourced from sustainable and environmentally friendly practices. This trend is in line with the global movement towards healthier and more sustainable lifestyles, and is driven by a growing concern for personal health and the environment.In addition to natural and organic products, there is also a growing demand for personalized vitamins and minerals. Consumers are looking for products that are tailored to their specific needs and health goals, and are willing to pay a premium for these personalized products. This trend is driven by advancements in technology and the increasing availability of personalized health data, which allows consumers to track and monitor their health and make more informed decisions about their vitamin and mineral intake.Another trend in the Vitamins & Minerals market in Belgium is the rise of online sales. With the increasing popularity of e-commerce platforms, more and more consumers are opting to purchase their vitamins and minerals online. This trend is driven by the convenience and accessibility of online shopping, as well as the ability to compare prices and read customer reviews. Online sales also offer a wider range of products and brands, allowing consumers to find the vitamins and minerals that best suit their needs.Local special circumstances in Belgium also contribute to the development of the Vitamins & Minerals market. Belgium has a strong tradition of health and wellness, with a high level of health consciousness among its population. The country is known for its high-quality food and beverages, and consumers are willing to invest in products that promote their health and well-being. Additionally, Belgium has a well-developed retail infrastructure, with a wide range of supermarkets, pharmacies, and health food stores that cater to the needs of health-conscious consumers.Underlying macroeconomic factors also play a role in the development of the Vitamins & Minerals market in Belgium. The country has a stable economy and a high standard of living, which allows consumers to prioritize their health and well-being. Additionally, the government has implemented policies to promote a healthy lifestyle, such as the introduction of a sugar tax and the promotion of physical activity. These factors create a favorable environment for the growth of the Vitamins & Minerals market in Belgium.In conclusion, the Vitamins & Minerals market in Belgium is developing in response to changing customer preferences, including a shift towards natural and organic products, a demand for personalized vitamins and minerals, and the rise of online sales. Local special circumstances, such as a strong tradition of health and wellness, and a well-developed retail infrastructure, further contribute to the growth of the market. Underlying macroeconomic factors, including a stable economy and government policies promoting a healthy lifestyle, also play a role in the development of the market.

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.