Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in G20 is experiencing significant growth due to several factors. Customer preferences for natural and organic products, increasing health consciousness, and the rising prevalence of chronic diseases are driving the demand for vitamins and minerals in pharmacies. Additionally, local special circumstances and underlying macroeconomic factors contribute to the development of the market.
Customer preferences: Customers in the G20 countries are increasingly seeking natural and organic products, including vitamins and minerals. This preference can be attributed to the growing awareness of the potential health benefits of these products and the desire to avoid synthetic additives. As a result, pharmacies are expanding their offerings of natural and organic vitamins and minerals to cater to this demand.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in G20 is the rising health consciousness among consumers. As people become more aware of the importance of maintaining a healthy lifestyle, they are actively seeking ways to improve their overall well-being. This includes the consumption of vitamins and minerals to supplement their diet and support their immune system. Pharmacies are capitalizing on this trend by offering a wide range of vitamin and mineral supplements to cater to different health needs. Another trend in the market is the increasing prevalence of chronic diseases. Conditions such as obesity, diabetes, and cardiovascular diseases are becoming more common in the G20 countries. As a result, there is a growing demand for vitamins and minerals that can help manage these conditions and improve overall health. Pharmacies are responding to this trend by stocking a variety of specialized supplements targeted towards specific health concerns.
Local special circumstances: Each country in the G20 has its own unique set of circumstances that influence the development of the Vitamins & Minerals (Pharmacies) market. For example, in countries with aging populations, there is a higher demand for vitamins and minerals that support bone health and cognitive function. On the other hand, countries with high levels of air pollution may see an increased demand for supplements that boost respiratory health.
Underlying macroeconomic factors: The Vitamins & Minerals (Pharmacies) market in G20 is also influenced by underlying macroeconomic factors. Economic growth and increasing disposable incomes play a significant role in driving the demand for vitamins and minerals. As people have more purchasing power, they are more likely to invest in their health and well-being. Additionally, government initiatives to promote healthcare and preventive medicine can also contribute to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in G20 is experiencing growth due to customer preferences for natural and organic products, increasing health consciousness, and the rising prevalence of chronic diseases. Local special circumstances and underlying macroeconomic factors further contribute to the development of the market. Pharmacies are adapting to these trends by expanding their offerings and catering to the specific needs of their customers.
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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