Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Kuwait

Kuwait

Revenue in the Vitamins & Minerals market is projected to reach US$46.73m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.90%, resulting in a market volume of US$54.46m 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$10.74 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Kuwait has been experiencing significant growth in recent years. Customer preferences have shifted towards a more health-conscious lifestyle, leading to increased demand for vitamins and minerals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market. Customer preferences in Kuwait have evolved to prioritize health and wellness. As people become more aware of the importance of maintaining a balanced diet and taking care of their overall well-being, the demand for vitamins and minerals has surged. Consumers are actively seeking products that can support their immune system, boost energy levels, and improve their overall health. This trend is not unique to Kuwait but is observed worldwide as people become more health-conscious. The market is also influenced by local special circumstances. Kuwait has a high prevalence of chronic diseases, such as diabetes and cardiovascular diseases. As a result, individuals are increasingly turning to vitamins and minerals as a way to manage and prevent these health conditions. Pharmacies in Kuwait play a crucial role in meeting the growing demand for these products, as they provide a convenient and trusted source for customers to access vitamins and minerals. Underlying macroeconomic factors have also contributed to the development of the Vitamins & Minerals (Pharmacies) market in Kuwait. The country has a high per capita income, which enables consumers to afford these products. Additionally, the government has been actively promoting a healthy lifestyle and investing in healthcare infrastructure. This has further fueled the demand for vitamins and minerals, as individuals are encouraged to take proactive measures to maintain their health. In conclusion, the Vitamins & Minerals (Pharmacies) market in Kuwait is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As people become more health-conscious and seek ways to manage and prevent chronic diseases, the demand for these products has increased. Pharmacies in Kuwait are well-positioned to meet this demand and play a crucial role in providing convenient access to vitamins and minerals. With a high per capita income and government support, the market is expected to continue to grow in the coming years.

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.