Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in Kenya has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards a greater focus on health and wellness. As consumers become more aware of the importance of maintaining a healthy lifestyle, there has been an increased demand for vitamins and minerals to supplement their diets. Additionally, with the rise of social media and influencers promoting the benefits of certain vitamins and minerals, consumers are more inclined to incorporate these products into their daily routines. One of the key trends in the market is the growing popularity of natural and organic products. Consumers are increasingly seeking out vitamins and minerals that are derived from natural sources and free from artificial additives. This trend is driven by a desire for products that are perceived to be healthier and more environmentally friendly. Another trend in the market is the rise of personalized nutrition. With advancements in technology, consumers now have access to personalized health assessments and recommendations. This has led to an increased demand for customized vitamin and mineral supplements that are tailored to individual needs and deficiencies. The local special circumstance that has contributed to the growth of the Vitamins & Minerals (Pharmacies) market in Kenya is the increasing urbanization and changing lifestyle patterns. As more people move to cities and adopt sedentary lifestyles, there is a greater need for supplements to compensate for the lack of nutrients in their diets. Additionally, the fast-paced nature of urban life has led to an increased reliance on convenience foods, which are often lacking in essential vitamins and minerals. Underlying macroeconomic factors that have influenced the development of the market include the growing middle class and increasing disposable incomes. As more Kenyans have the means to afford vitamins and minerals, the market has expanded. Furthermore, the government's efforts to improve healthcare access and promote preventive care have also contributed to the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Kenya is experiencing growth due to changing customer preferences, including a focus on health and wellness, the popularity of natural and organic products, and the rise of personalized nutrition. The local special circumstance of urbanization and changing lifestyle patterns has also played a role in driving demand. Additionally, underlying macroeconomic factors such as the growing middle class and increasing disposable incomes have contributed to the development of 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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