Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in Burkina Faso is experiencing significant growth and development.
Customer preferences: In Burkina Faso, there is a growing awareness and interest in maintaining good health and preventing diseases. As a result, there is an increasing demand for vitamins and minerals to supplement the diet and support overall well-being. Customers are looking for products that are affordable, easily accessible, and of good quality. They are also becoming more conscious of the importance of natural and organic ingredients in their supplements.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Burkina Faso is the rising popularity of multivitamin supplements. These products offer a convenient way for customers to get a wide range of essential nutrients in one package. Additionally, there is a growing demand for specific vitamins and minerals, such as vitamin C, vitamin D, and iron, which are known to support immune health and combat nutritional deficiencies. Another trend in the market is the increasing availability of fortified foods and beverages. Companies are fortifying staple foods like flour, rice, and cooking oil with essential vitamins and minerals to address the widespread micronutrient deficiencies in the population. This approach allows for a broader reach and accessibility to these nutrients, especially in rural areas where access to pharmacies may be limited.
Local special circumstances: Burkina Faso is a landlocked country with limited agricultural resources and a high poverty rate. This poses challenges in terms of food security and nutrition. Many people in the country struggle to obtain a balanced diet that provides all the necessary vitamins and minerals. As a result, the demand for supplements is higher in Burkina Faso compared to some other countries in the region.
Underlying macroeconomic factors: The economic growth in Burkina Faso has led to an increase in disposable income, allowing more people to afford vitamins and mineral supplements. Additionally, the government has implemented policies and programs to address malnutrition and improve healthcare services, which has further contributed to the growth of the market. The presence of multinational pharmaceutical companies in the country has also helped in expanding the availability and accessibility of vitamins and minerals in pharmacies. In conclusion, the Vitamins & Minerals (Pharmacies) market in Burkina Faso is developing due to the increasing customer preferences for health and wellness products, the rising popularity of multivitamin supplements, the availability of fortified foods, and the local special circumstances of food insecurity and malnutrition. The underlying macroeconomic factors, such as economic growth and government initiatives, have also played a significant role in driving the market growth.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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