Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Croatia

Croatia

In Croatia, the revenue in the Vitamins & Minerals market market is projected to reach US$29.64m by 2024.
This market is expected to experience a growth rate of 5.86% annually, as per the CAGR for the period 2024-2029.
When compared globally, in China generates the highest revenue in this market, reaching US$5,328.00m in 2024.
In terms of per capita revenue, in Croatia generates US$7.44 units per person in 2024.
Croatia's growing health and wellness trend has led to an increased demand for 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 Croatia has been experiencing steady growth in recent years, driven by customer preferences for health and wellness products, as well as local special circumstances and underlying macroeconomic factors.Customer preferences in Croatia have shifted towards a more health-conscious lifestyle, leading to an increased demand for vitamins and minerals. Consumers are becoming more aware of the importance of maintaining a balanced diet and are actively seeking out products that can help them meet their nutritional needs. This trend is in line with the global market, where there is a growing focus on preventive healthcare and self-care.Trends in the market show that there is a strong demand for natural and organic vitamins and minerals in Croatia. Consumers are increasingly looking for products that are free from artificial ingredients and additives, and that are sourced from sustainable and ethical suppliers. This trend is driven by a growing awareness of the environmental impact of conventional farming methods and the desire to support local and small-scale producers.Local special circumstances also play a role in the development of the Vitamins & Minerals market in Croatia. The country has a strong tradition of herbal medicine and natural remedies, which has influenced consumer preferences for natural and plant-based products. Additionally, Croatia has a high rate of tourism, with visitors often seeking out local products and souvenirs. This presents an opportunity for local manufacturers to market their vitamins and minerals to both domestic and international tourists.Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have contributed to the growth of the Vitamins & Minerals market in Croatia. As the country's economy continues to improve, consumers have more purchasing power and are willing to spend on products that promote their health and well-being. This has created a favorable environment for manufacturers and retailers in the market.In conclusion, the Vitamins & Minerals market in Croatia is developing in response to customer preferences for health and wellness products, as well as local special circumstances and underlying macroeconomic factors. The demand for natural and organic products, driven by a growing awareness of the importance of a balanced diet, is a key trend in the market. Additionally, the country's tradition of herbal medicine and high rate of tourism contribute to the development of the market. Overall, the market is expected to continue growing as consumers prioritize their health and well-being.

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.