Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Canada

Canada

In Canada, the revenue generated in the Vitamins & Minerals market market in 2024 amounts to US$0.99bn.
It is projected that the market will experience an annual growth rate of 4.94% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$5,328.00m in 2024.
In terms of per capita revenue, in 2024, each person in Canada generates US$25.33.
This indicates the level of market penetration within the population.
In Canada, there is a growing trend towards natural and organic vitamins and minerals in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Vitamins & Minerals market in Canada has been experiencing steady growth in recent years, driven by changing customer preferences and increasing awareness about health and wellness. Customer preferences in the Vitamins & Minerals market in Canada are shifting towards natural and organic products. Consumers are becoming more conscious about the ingredients in their supplements and are seeking products that are free from artificial additives and preservatives. This trend is driven by a growing interest in clean and healthy living, as well as a desire for sustainable and environmentally-friendly options. As a result, there is a rising demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs.Trends in the market indicate a growing interest in personalized nutrition. Consumers are increasingly looking for products that are tailored to their individual needs and preferences. This has led to the emergence of customized vitamin and mineral supplements, which are formulated based on an individual's specific nutritional requirements. This trend is driven by advancements in technology, such as DNA testing and personalized health tracking devices, which enable consumers to better understand their unique nutritional needs.Another trend in the Vitamins & Minerals market in Canada is the increasing popularity of functional foods and beverages. Consumers are seeking products that not only provide essential vitamins and minerals, but also offer additional health benefits. This has led to the development of fortified foods and beverages that are enriched with vitamins, minerals, and other bioactive compounds. Functional foods and beverages are particularly popular among health-conscious consumers who are looking for convenient ways to improve their overall well-being.Local special circumstances in Canada, such as the country's aging population, have also contributed to the growth of the Vitamins & Minerals market. As the population ages, there is a greater emphasis on preventive healthcare and maintaining good health. This has led to an increased demand for vitamins and minerals that can support healthy aging and address age-related health concerns, such as bone health, cognitive function, and immune support.Underlying macroeconomic factors, such as rising disposable incomes and increasing healthcare expenditure, have also played a role in driving the growth of the Vitamins & Minerals market in Canada. As consumers have more disposable income, they are able to spend more on health and wellness products, including vitamins and minerals. Additionally, increased healthcare expenditure has led to greater awareness about the importance of preventive healthcare and the role that vitamins and minerals play in maintaining good health.Overall, the Vitamins & Minerals market in Canada is experiencing growth due to changing customer preferences, increasing interest in personalized nutrition, the popularity of functional foods and beverages, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize their health and wellness, the demand for vitamins and minerals is expected to continue to rise in Canada.

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.