Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Mongolia

Mongolia

In Mongolia, the revenue in the Vitamins & Minerals market market reached US$9.61m in 2024.
It is projected to experience an annual growth rate of 12.24% (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 capita figures, in Mongolia generates revenues of US$2.75 per person in 2024.
The demand for vitamins and minerals in Mongolia is steadily increasing, driven by a growing health-conscious population.

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

Market

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Analyst Opinion

The Vitamins & Minerals market in Mongolia has been experiencing significant growth in recent years. Customer preferences have shifted towards a more health-conscious lifestyle, leading to an increased demand for dietary supplements. This trend is not unique to Mongolia, as the global market for vitamins and minerals has also been expanding.

Customer preferences: Customers in Mongolia are becoming more aware of the importance of maintaining a healthy lifestyle. As a result, there has been a growing interest in dietary supplements, including vitamins and minerals. Consumers are seeking products that can help support their overall well-being and address specific health concerns. This shift in customer preferences is driven by various factors, including increased access to information and a desire for preventive healthcare.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Mongolia is the rise in demand for natural and organic products. Consumers are increasingly looking for supplements that are made from natural ingredients and free from artificial additives. This trend is in line with the global movement towards clean and transparent labeling in the food and beverage industry.Another trend in the market is the growing popularity of personalized nutrition. Consumers are seeking customized solutions that cater to their individual needs and preferences. This trend is driven by advancements in technology, such as DNA testing and wearable devices, that enable individuals to track their health and receive personalized recommendations.

Local special circumstances: Mongolia is a landlocked country with a harsh climate and limited agricultural resources. As a result, the availability of fresh produce and nutrient-rich foods may be limited, especially during the long winter months. This could contribute to a higher demand for vitamins and minerals as consumers look for alternative ways to meet their nutritional needs.

Underlying macroeconomic factors: The growing Vitamins & Minerals market in Mongolia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As people have more money to spend, they are willing to invest in their health and well-being, including purchasing dietary supplements.In conclusion, the Vitamins & Minerals market in Mongolia is developing due to changing customer preferences towards a more health-conscious lifestyle. The demand for natural and personalized products is on the rise, driven by increased access to information and a desire for preventive healthcare. Additionally, the harsh climate and limited agricultural resources in Mongolia may contribute to a higher demand for vitamins and minerals. Overall, the market is benefiting from favorable macroeconomic factors, such as steady economic growth and increased disposable income.

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.