Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Latvia

Latvia

In Latvia, the revenue in the Vitamins & Minerals market market in 2024 amounts to US$9.92m.
It is projected to experience an annual growth rate of 8.37% (CAGR 2024-2029).
Comparatively, in China generates the highest revenue in the global market, reaching US$5,328.00m in 2024.
When considering the population, the per person revenue in Latvia for the same year is US$5.48.
Despite the small size of the market, Latvia's growing health-conscious population is driving 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 Latvia is experiencing steady growth due to increasing customer preferences for health and wellness products.

Customer preferences: Customers in Latvia are becoming more health-conscious and are actively seeking out products that promote overall well-being. There is a growing awareness of the importance of vitamins and minerals in maintaining good health, and consumers are looking for products that can help them meet their nutritional needs. This has led to a rise in demand for vitamins and minerals supplements in the market.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Latvia is the growing popularity of natural and organic products. Consumers are increasingly concerned about the ingredients used in their supplements and are looking for products that are free from artificial additives and preservatives. This has led to a rise in the demand for natural and organic vitamins and minerals supplements.Another trend in the market is the increasing focus on personalized nutrition. Customers are looking for products that are tailored to their specific needs and preferences. This has led to the emergence of customized vitamins and minerals supplements that are designed to meet individual nutritional requirements. This trend is driven by advancements in technology and the availability of personalized nutrition testing services.

Local special circumstances: Latvia has a well-developed healthcare system and a high level of health literacy among its population. The government has also been actively promoting healthy lifestyles and preventive healthcare, which has further contributed to the growth of the Vitamins & Minerals market. Additionally, the country has a strong tradition of using natural remedies and herbal supplements, which has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: The growing Vitamins & Minerals market in Latvia is also influenced by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has increased disposable incomes and consumer spending power. This has allowed consumers to prioritize their health and wellness needs, including the purchase of vitamins and minerals supplements. The market is also benefiting from favorable demographic trends, such as an aging population that is more concerned about maintaining good health and an increasing number of young adults who are adopting healthier lifestyles.

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.