Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - NAFTA

NAFTA

In NAFTA, the revenue generated in the Vitamins & Minerals market market is projected to reach US$5.90bn by the year 2024.
It is anticipated that the market will experience an annual growth rate of 4.61% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of US$5,328.00m in 2024.
Calculated on a per capita basis, each person in NAFTA is expected to generate revenue of US$11.55 in 2024.
Canada's growing aging population is driving the demand for vitamins and minerals in the OTC pharmaceuticals market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals market in NAFTA is experiencing significant growth and development.

Customer preferences: Customers in the NAFTA region are increasingly becoming health-conscious and are actively seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals supplements. Consumers are looking for products that can provide them with the necessary nutrients to support their health goals, such as boosting immunity, improving energy levels, and enhancing cognitive function. They are also seeking products that are convenient and easy to incorporate into their daily routines.

Trends in the market: One of the key trends in the Vitamins & Minerals market in NAFTA is the increasing popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic vitamins and minerals and are opting for natural alternatives. They are looking for products that are made from high-quality, organic ingredients and are free from artificial additives and preservatives. This trend is driving the growth of natural and organic vitamin and mineral supplements in the market.Another trend in the market is the rise of personalized nutrition. Consumers are recognizing that their nutritional needs are unique and are seeking customized solutions. This has led to the emergence of personalized vitamin and mineral supplements that are tailored to individual needs. Companies are leveraging technology and data to create personalized formulas based on factors such as age, gender, lifestyle, and specific health concerns. This trend is expected to continue driving growth in the Vitamins & Minerals market in NAFTA.

Local special circumstances: The Vitamins & Minerals market in NAFTA is also influenced by local dietary habits and cultural preferences. For example, in the United States, there is a strong emphasis on fitness and wellness, leading to a high demand for sports nutrition products that contain vitamins and minerals. In Mexico, traditional herbal remedies are popular, and consumers are increasingly looking for supplements that incorporate traditional ingredients. These local preferences and cultural factors play a role in shaping the product offerings and marketing strategies of companies operating in the Vitamins & Minerals market in NAFTA.

Underlying macroeconomic factors: The Vitamins & Minerals market in NAFTA is also influenced by macroeconomic factors such as disposable income and healthcare expenditure. As the economies in the NAFTA region continue to grow, consumers have more disposable income to spend on health and wellness products, including vitamins and minerals supplements. Additionally, increasing healthcare expenditure and rising healthcare costs are driving consumers to take a proactive approach to their health, leading to a higher demand for preventive healthcare products like vitamins and minerals supplements.In conclusion, the Vitamins & Minerals market in NAFTA is experiencing growth and development due to factors such as increasing health-consciousness, the popularity of natural and organic products, the rise of personalized nutrition, local dietary habits and cultural preferences, and underlying macroeconomic factors such as disposable income and healthcare expenditure.

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.