Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in Canada has been experiencing steady growth in recent years.
Customer preferences: Customers in Canada have shown a growing interest in maintaining their health and well-being, which has led to an increased demand for vitamins and minerals. They are becoming more conscious of the importance of a balanced diet and are actively seeking ways to supplement their nutritional intake. Additionally, the aging population in Canada has contributed to the demand for vitamins and minerals as older individuals often require additional supplements to support their health.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Canada is the growing popularity of natural and organic products. Customers are increasingly seeking products made from natural ingredients and free from artificial additives. This trend is driven by a desire for healthier and more sustainable options. As a result, pharmacies in Canada are expanding their offerings to include a wider range of natural and organic vitamins and minerals. Another trend in the market is the rise of personalized nutrition. Customers are now looking for products that are tailored to their specific needs and preferences. This has led to an increase in the availability of personalized vitamin and mineral supplements in pharmacies across Canada. Customers can now easily find products that are designed to address their individual health concerns and goals.
Local special circumstances: Canada has a highly regulated pharmaceutical industry, which ensures the safety and quality of vitamins and minerals sold in pharmacies. This regulatory environment has created a sense of trust among customers, who feel confident in purchasing their supplements from pharmacies. Additionally, the presence of trained pharmacists in these establishments provides customers with the reassurance that they are receiving accurate and reliable information about the products.
Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Canada can also be attributed to the overall growth of the healthcare industry in the country. As healthcare becomes increasingly important to Canadians, there is a greater emphasis on preventive care and maintaining good health. This has led to an increased demand for vitamins and minerals as part of a holistic approach to wellness. In conclusion, the Vitamins & Minerals (Pharmacies) market in Canada is experiencing growth due to customer preferences for natural and organic products, the rise of personalized nutrition, the trust in the regulated pharmaceutical industry, and the overall growth of the healthcare sector. As customers continue to prioritize their health and well-being, the market is expected to continue its upward trajectory.
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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