Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Ireland

Ireland

In Ireland, the revenue generated in the Vitamins & Minerals market market amounts to US$41.67m in 2024.
This market is projected to experience an annual growth rate of 4.94% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, with US$5,328.00m in 2024.
In terms of per person revenues, in Ireland generates US$8.19 per capita in 2024.
Ireland's growing health-conscious population is driving a surge in demand for vitamins and minerals in the OTC pharmaceutical market.

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

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Analyst Opinion

The Vitamins & Minerals market in Ireland is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Ireland are increasingly conscious about their health and well-being, leading to a growing demand for vitamins and minerals. They are becoming more aware of the importance of a balanced diet and are actively seeking products that can supplement their nutritional needs. This has resulted in a shift towards natural and organic products that are perceived to be healthier and safer. Additionally, there is a growing interest in personalized nutrition, with consumers seeking customized vitamin and mineral supplements based on their specific needs and goals.

Trends in the market: One of the major trends in the Vitamins & Minerals market in Ireland is the rise of online retail. With the increasing popularity of e-commerce platforms, consumers are now able to conveniently purchase vitamins and minerals online, from the comfort of their homes. This has led to an expansion of the market, as online retailers offer a wide range of products and provide detailed information about their benefits and usage. Furthermore, social media influencers and health bloggers have played a significant role in influencing consumer choices, as they promote the benefits of various vitamins and minerals through their platforms.

Local special circumstances: Ireland has a high prevalence of vitamin D deficiency due to its geographical location and limited sunlight exposure. This has created a specific demand for vitamin D supplements among the population. Additionally, the aging population in Ireland has led to an increased focus on health and wellness, driving the demand for vitamins and minerals targeted towards older adults. Furthermore, the growing interest in sports and fitness has resulted in a demand for supplements that can enhance performance and aid in recovery.

Underlying macroeconomic factors: The growing economy in Ireland has contributed to the development of the Vitamins & Minerals market. With increasing disposable incomes, consumers are more willing to spend on health and wellness products, including vitamins and minerals. Moreover, the government's focus on promoting a healthy lifestyle and preventive healthcare has created a favorable environment for the market to thrive. Additionally, the presence of multinational companies in Ireland has led to the availability of a wide range of international vitamin and mineral brands in the market, catering to diverse consumer preferences.In conclusion, the Vitamins & Minerals market in Ireland is witnessing growth driven by changing customer preferences, emerging trends, and local special circumstances. Consumers are increasingly seeking natural and personalized products, while online retail and social media influencers play a significant role in shaping consumer choices. The specific demand for vitamin D supplements and products targeting older adults reflect the local special circumstances in Ireland. The growing economy and government initiatives promoting a healthy lifestyle further support 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.