Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - India

India

In India, the revenue generated in the Vitamins & Minerals market market is estimated to be US$2.63bn in 2024.
It is projected to experience an annual growth rate of 7.41% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, amounting to US$5,328.00m in 2024.
In terms of per person revenues, India's figure stands at US$1.83 in 2024.
India's growing middle class 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 India is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in India are increasingly becoming health-conscious and are seeking products that promote overall well-being. They are more aware of the importance of vitamins and minerals in maintaining good health and are actively incorporating them into their daily routines. This shift in customer preferences has led to a growing demand for vitamins and minerals in the Indian market.

Trends in the market: One of the key trends in the Vitamins & Minerals market in India is the rising popularity of natural and organic products. Consumers are becoming more conscious of the ingredients used in the products they consume and are opting for natural alternatives. This has led to an increase in the demand for natural vitamins and minerals derived from organic sources.Another trend observed in the market is the growing popularity of personalized nutrition. Consumers are looking for customized solutions that cater to their specific nutritional needs. This has given rise to the development of personalized vitamin and mineral supplements that are tailored to individual requirements.

Local special circumstances: India has a large vegetarian and vegan population, which has a significant impact on the Vitamins & Minerals market. Vegetarians and vegans often have limited dietary sources of certain vitamins and minerals, such as vitamin B12 and iron. As a result, there is a higher demand for plant-based supplements that provide these nutrients.Furthermore, India has a high prevalence of micronutrient deficiencies, especially in rural areas. This has led to increased government initiatives and public awareness campaigns to address these deficiencies. As a result, there is a growing demand for affordable and accessible vitamin and mineral supplements in the market.

Underlying macroeconomic factors: India's growing middle-class population and rising disposable incomes have played a crucial role in the growth of the Vitamins & Minerals market. As people have more purchasing power, they are willing to spend on products that enhance their health and well-being.Additionally, the increasing urbanization and changing lifestyles in India have led to a rise in health-consciousness among consumers. They are actively seeking ways to maintain a healthy lifestyle and are willing to invest in products that support their goals.In conclusion, the Vitamins & Minerals market in India is witnessing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for natural and organic products, personalized nutrition, and plant-based supplements is on the rise. The large vegetarian and vegan population, as well as the high prevalence of micronutrient deficiencies, further contribute to the growth of the market. With India's growing middle-class population and increasing disposable incomes, the market is expected to continue its upward trajectory 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.