Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - New Zealand

New Zealand

In New Zealand, the revenue in the Vitamins & Minerals market market reached US$131.40m in 2024.
It is projected that this market will experience an annual growth rate of 6.33% (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 revenues, each person in New Zealand generates US$24.93 in 2024.
Sales of vitamin and mineral supplements in New Zealand have been steadily increasing due to a growing health-conscious population.

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

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Analyst Opinion

The Vitamins & Minerals market in New Zealand is experiencing significant growth and development. Customer preferences for health and wellness products, along with the increasing awareness of the importance of nutrition, are driving this growth. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's expansion.Customer preferences in New Zealand are shifting towards a focus on health and wellness. Consumers are becoming more conscious of their dietary choices and are actively seeking out products that can improve their overall well-being. Vitamins and minerals play a crucial role in maintaining good health, and as a result, there is a growing demand for these products in the market. Customers are particularly interested in supplements that provide specific health benefits, such as immune support or improved cognitive function.Trends in the Vitamins & Minerals market in New Zealand reflect the global market. There is a rising interest in natural and organic products, with consumers preferring supplements that are derived from natural sources. This trend is driven by the belief that natural products are safer and more effective than their synthetic counterparts. As a result, manufacturers are focusing on developing and promoting natural and organic vitamin and mineral supplements to meet this demand.Another trend in the market is the increasing popularity of personalized nutrition. Customers are seeking products that are tailored to their specific nutritional needs and goals. This trend is fueled by advancements in technology, such as DNA testing and personalized nutrition apps, which allow individuals to better understand their unique dietary requirements. As a result, companies are developing personalized vitamin and mineral supplements that cater to individual needs, further driving market growth.Local special circumstances in New Zealand contribute to the development of the Vitamins & Minerals market. The country has a strong agricultural sector, with a focus on organic farming and sustainable practices. This allows for the production of high-quality, natural ingredients that can be used in the manufacturing of vitamin and mineral supplements. Additionally, New Zealand has a well-established reputation for producing clean and pure products, which further enhances consumer trust and demand for locally sourced supplements.Underlying macroeconomic factors also play a role in the growth of the Vitamins & Minerals market in New Zealand. The country has a stable economy and a high standard of living, which allows consumers to prioritize their health and well-being. Additionally, the government has implemented policies and initiatives to promote healthy lifestyles and nutrition, further driving the demand for vitamin and mineral supplements.In conclusion, the Vitamins & Minerals market in New Zealand is experiencing growth and development due to customer preferences for health and wellness products, global market trends, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and seek personalized nutrition solutions, the market is expected to continue its upward trajectory.

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.