Key regions: Japan, United Kingdom, Australia, Germany, Europe
The Vitamins & Minerals market in Portugal has been experiencing steady growth over the past few years. Customer preferences for health and wellness products, along with an increased awareness of the importance of vitamins and minerals in maintaining a balanced diet, have contributed to the growth of this market.
Customer preferences: Portuguese consumers are becoming more health-conscious and are actively seeking out products that can help them maintain their overall well-being. Vitamins and minerals are seen as essential components of a healthy diet, and consumers are incorporating them into their daily routines. The demand for natural and organic products is also on the rise, as consumers are becoming more concerned about the quality and source of the vitamins and minerals they consume.
Trends in the market: One of the key trends in the Vitamins & Minerals market in Portugal is the increasing popularity of personalized nutrition. Consumers are looking for products that are tailored to their specific needs and preferences. This has led to the development of customized vitamin and mineral supplements, which are gaining traction in the market. Additionally, there is a growing interest in innovative delivery formats, such as gummies and chewable tablets, which are more appealing to consumers, especially children.
Local special circumstances: Portugal has a high prevalence of vitamin D deficiency, especially during the winter months when sunlight exposure is limited. This has led to an increased demand for vitamin D supplements in the market. Additionally, the aging population in Portugal is driving the demand for vitamins and minerals that support bone health and cognitive function. As a result, there is a growing market for products targeted towards older adults.
Underlying macroeconomic factors: The growing economy in Portugal has contributed to the increased purchasing power of consumers, allowing them to spend more on health and wellness products. Additionally, the government's focus on promoting a healthy lifestyle and preventive healthcare has created a favorable environment for the Vitamins & Minerals market to thrive. The rise of e-commerce and online retail platforms has also made it easier for consumers to access a wide range of vitamins and minerals, further driving the growth of the market.In conclusion, the Vitamins & Minerals market in Portugal is experiencing growth due to customer preferences for health and wellness products, the increasing popularity of personalized nutrition, and the local special circumstances such as vitamin D deficiency and an aging population. The underlying macroeconomic factors, including a growing economy and government initiatives, have also contributed to the development of this market.
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.
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