Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in China has been experiencing significant growth in recent years.
Customer preferences: Chinese consumers are becoming increasingly health-conscious, leading to a higher demand for vitamins and minerals. With rising incomes and a growing middle class, more people are able to afford these products. Additionally, an aging population is also contributing to the increased demand, as older individuals often require additional vitamins and minerals to maintain their health.
Trends in the market: One major trend in the Vitamins & Minerals (Pharmacies) market in China is the shift towards natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic vitamins and minerals, and are seeking out products that are derived from natural sources. This trend is in line with the global movement towards healthier and more sustainable lifestyles. Another trend in the market is the growing popularity of online sales channels. E-commerce platforms have made it easier for consumers to access a wide range of vitamins and minerals, and have also increased price transparency. This has led to increased competition among retailers, driving down prices and making these products more affordable for a larger portion of the population.
Local special circumstances: China has a large population and a vast territory, which presents unique challenges for the distribution of vitamins and minerals. In order to reach consumers in remote areas, companies need to have an extensive distribution network. This can be a barrier to entry for new players in the market, as it requires significant investment in logistics and infrastructure.
Underlying macroeconomic factors: China's economy has been growing at a rapid pace, and this has had a positive impact on the Vitamins & Minerals (Pharmacies) market. As incomes rise and the middle class expands, more people are able to afford these products. Additionally, the government has been promoting healthy lifestyles and preventive healthcare, which has further fueled the demand for vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in China is experiencing strong growth due to increasing customer preferences for healthier lifestyles, the shift towards natural and organic products, the rise of e-commerce platforms, and the government's focus on preventive healthcare. However, companies entering the market need to consider the challenges of distribution in a vast and diverse country like China.
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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