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Vitamins & Minerals (Pharmacies) - Central & Western Europe

Central & Western Europe

Revenue in the Vitamins & Minerals market is projected to reach US$2.21bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.52%, resulting in a market volume of US$2.74bn by 2028.
In global comparison, most revenue will be generated in China (US$4,414.00m in 2024).
In relation to total population figures, per person revenues of US$6.60 are generated in 2024.

Key regions: Europe, China, France, Germany, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Central & Western Europe is witnessing significant growth and development. Customer preferences in the market are shifting towards a more health-conscious lifestyle, leading to an increased demand for vitamins and minerals. Consumers are becoming more aware of the importance of maintaining a balanced diet and are seeking supplements to fill any nutritional gaps. Additionally, an aging population in the region is driving the demand for vitamins and minerals as older individuals often require additional nutritional support. Trends in the market include the rise of personalized nutrition, where consumers are seeking customized vitamin and mineral combinations based on their individual needs. This trend is driven by advancements in technology and the availability of genetic testing, allowing individuals to better understand their unique nutritional requirements. Furthermore, there is a growing interest in natural and organic products, with consumers preferring supplements derived from natural sources. Local special circumstances in Central & Western Europe also contribute to the development of the Vitamins & Minerals (Pharmacies) market. The region has a well-established healthcare system, with a strong emphasis on preventive healthcare. This focus on health and wellness encourages consumers to proactively seek out vitamins and minerals to support their overall well-being. Additionally, the region has a high number of pharmacies, making vitamins and minerals easily accessible to consumers. Underlying macroeconomic factors further drive the growth of the market. Central & Western Europe has a stable economy, with a relatively high disposable income among consumers. This allows individuals to afford and prioritize their health and wellness needs, including the purchase of vitamins and minerals. Moreover, the region has a strong regulatory framework in place, ensuring the safety and quality of vitamins and minerals sold in pharmacies. In conclusion, the Vitamins & Minerals (Pharmacies) market in Central & Western Europe is experiencing growth due to shifting customer preferences towards a health-conscious lifestyle, the rise of personalized nutrition, the demand for natural and organic products, local special circumstances such as a well-established healthcare system and a high number of pharmacies, and underlying macroeconomic factors such as a stable economy and strong regulatory framework.

Methodology

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.