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Vitamins & Minerals (Pharmacies) - Denmark

Denmark

Revenue in the Vitamins & Minerals market is projected to reach US$11.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.67%, resulting in a market volume of US$13.84m 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$1.87 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Denmark is experiencing significant growth due to changing customer preferences and increasing awareness about the importance of maintaining good health.

Customer preferences: In recent years, there has been a growing trend among Danish consumers towards adopting a healthier lifestyle. This has led to an increased demand for vitamins and minerals, as people are becoming more conscious of their nutritional intake and the impact it has on their overall well-being. Additionally, the aging population in Denmark is also contributing to the rising demand for vitamins and minerals, as older individuals often require additional supplements to maintain their health.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Denmark is the shift towards natural and organic products. Consumers are becoming more aware of the potential side effects of synthetic supplements and are seeking alternatives that are derived from natural sources. This has led to an increase in the availability of organic vitamins and minerals in pharmacies across the country. Another trend in the market is the rise of personalized nutrition. With advancements in technology, it is now possible for individuals to get personalized recommendations for their nutritional needs based on their specific health goals and genetic makeup. This has led to the development of customized vitamin and mineral supplements that cater to the unique needs of each individual.

Local special circumstances: Denmark has a strong healthcare system that emphasizes preventive care and wellness. This has created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market, as the government and healthcare professionals actively promote the use of supplements to support overall health and well-being. Additionally, pharmacies in Denmark are well-regulated and trusted sources for purchasing vitamins and minerals, which further boosts consumer confidence in the market.

Underlying macroeconomic factors: The growing demand for vitamins and minerals in Denmark is also influenced by macroeconomic factors such as increasing disposable income and rising healthcare costs. As people have more disposable income, they are willing to invest in their health and are more likely to purchase supplements to support their well-being. Additionally, rising healthcare costs have led individuals to take a proactive approach towards their health, leading to an increased demand for preventive healthcare products like vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Denmark is experiencing growth due to changing customer preferences, including a shift towards natural and organic products, as well as the rise of personalized nutrition. The strong healthcare system and favorable regulatory environment in Denmark also contribute to the market's development. Additionally, macroeconomic factors such as increasing disposable income and rising healthcare costs further drive the demand for vitamins and minerals in the country.

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.