Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in G7 is experiencing significant growth due to several key factors. Customer preferences for natural and organic products, increasing awareness about health and wellness, and the growing aging population are driving the demand for vitamins and minerals in pharmacies across G7 countries. Additionally, local special circumstances such as regulatory frameworks and cultural attitudes towards healthcare play a role in shaping the market trends.
Customer preferences: Customers in G7 countries are increasingly seeking natural and organic products in various sectors, including healthcare. This preference for natural ingredients extends to the vitamins and minerals market, as consumers are becoming more conscious about the potential side effects of synthetic supplements. They are looking for products that are sourced from natural ingredients and have minimal additives. This shift in customer preferences is driving the demand for vitamins and minerals in pharmacies that offer a wide range of natural and organic options.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in G7 is the increasing popularity of personalized nutrition. Customers are seeking customized vitamin and mineral supplements that are tailored to their specific needs and health goals. This trend is driven by advancements in technology and the availability of genetic testing kits that provide insights into an individual's nutritional needs. Pharmacies are responding to this trend by offering personalized vitamin and mineral formulations, either through partnerships with genetic testing companies or by employing in-house nutritionists. Another trend in the market is the rise of online pharmacies. With the convenience of online shopping and the increasing trust in e-commerce platforms, customers are turning to online pharmacies for their vitamin and mineral needs. Online pharmacies offer a wide range of products, competitive prices, and home delivery options, making it easier for customers to access their desired supplements. This trend is particularly prominent among younger consumers who are tech-savvy and prefer the convenience of online shopping.
Local special circumstances: Regulatory frameworks and cultural attitudes towards healthcare vary across G7 countries, influencing the Vitamins & Minerals (Pharmacies) market. Some countries have stricter regulations on the sale and marketing of supplements, requiring pharmacies to meet specific quality standards and obtain necessary certifications. These regulations ensure that customers have access to safe and effective products. Additionally, cultural attitudes towards healthcare and preventive medicine also play a role in shaping the market. In some countries, there is a strong emphasis on natural remedies and traditional medicine, leading to a higher demand for herbal supplements in pharmacies.
Underlying macroeconomic factors: The growing aging population in G7 countries is a significant macroeconomic factor driving the demand for vitamins and minerals in pharmacies. As people age, their nutritional needs change, and they may require additional supplements to support their overall health and wellbeing. The aging population also contributes to the increased prevalence of chronic diseases, such as osteoporosis and cardiovascular conditions, which further drive the demand for specific vitamins and minerals. Furthermore, the increasing awareness about health and wellness is fueling the demand for vitamins and minerals in pharmacies. Consumers are becoming more proactive about their health, seeking preventive measures to maintain optimal wellbeing. Vitamins and minerals are seen as essential components of a healthy lifestyle, leading to increased sales in pharmacies. In conclusion, the Vitamins & Minerals (Pharmacies) market in G7 is experiencing growth due to customer preferences for natural and organic products, increasing awareness about health and wellness, and the growing aging population. The market is also influenced by local special circumstances such as regulatory frameworks and cultural attitudes towards healthcare. These factors, along with underlying macroeconomic factors, contribute to the development and trends in the market.
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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