Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Eastern Asia

Eastern Asia

In Eastern Asia, the revenue in the Vitamins & Minerals market market for the year 2024 amounts to US$7.43bn.
It is projected to experience an annual growth rate of 7.77% (CAGR 2024-2029).
When compared to other countries worldwide, in China generates the highest revenue in this market, reaching US$5,328.00m in 2024.
In terms of per capita revenues, each person in Eastern Asia generates US$4.55 in 2024.
In Eastern Asia, the demand for vitamins and minerals in the OTC Pharmaceuticals market is driven by a strong focus on preventative healthcare and traditional medicine practices.

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

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Analyst Opinion

The Vitamins & Minerals market in Eastern Asia is experiencing steady growth and development driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Eastern Asia are shifting towards a healthier lifestyle, with an increasing focus on preventive healthcare. Consumers are becoming more aware of the importance of vitamins and minerals in maintaining good health and are actively seeking out products that can fulfill their nutritional needs. This has led to a growing demand for vitamins and minerals supplements in the region.Trends in the market indicate a rise in the popularity of natural and organic products. Consumers in Eastern Asia are becoming more conscious of the ingredients used in their supplements and are opting for products that are free from artificial additives and preservatives. This trend is driven by a desire for clean and sustainable products that align with their values of health and wellness.Another emerging trend in the Vitamins & Minerals market in Eastern Asia is the increasing demand for personalized nutrition. Consumers are looking for products that cater to their specific health needs and goals. This trend is driven by advancements in technology and the availability of personalized health data, allowing individuals to make informed choices about their nutritional intake.Local special circumstances play a significant role in the development of the Vitamins & Minerals market in Eastern Asia. In countries like China, for example, there is a growing middle class with higher disposable income and an increasing awareness of health and wellness. This has led to an increase in consumer spending on vitamins and minerals supplements. Additionally, the aging population in countries like Japan and South Korea has created a demand for products that support healthy aging and address age-related health concerns.Underlying macroeconomic factors also contribute to the growth of the Vitamins & Minerals market in Eastern Asia. The region's strong economic growth, urbanization, and rising disposable incomes have resulted in an expanding middle class with greater purchasing power. This has created a larger consumer base for vitamins and minerals supplements. Furthermore, the increasing prevalence of chronic diseases and the rising healthcare costs have prompted individuals to take a proactive approach towards their health, driving the demand for preventive healthcare products.In conclusion, the Vitamins & Minerals market in Eastern Asia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards a healthier lifestyle, the rise of natural and organic products, the demand for personalized nutrition, and the region's strong economic growth are all contributing to the expansion of the market. As the awareness of the importance of vitamins and minerals in maintaining good health continues to grow, the market is expected to further thrive 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.