Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in Saudi Arabia is experiencing significant growth due to changing customer preferences and trends in the market.
Customer preferences: Customers in Saudi Arabia are becoming increasingly health-conscious and are seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals in the country. Consumers are now more aware of the benefits of incorporating these supplements into their daily routines, leading to an increased preference for purchasing them from pharmacies. Pharmacies are seen as reliable sources of high-quality products, and customers feel more confident in the authenticity and safety of the vitamins and minerals they buy from these establishments.
Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Saudi Arabia is the rising popularity of natural and organic products. Consumers are increasingly opting for vitamins and minerals that are derived from natural sources and are free from artificial additives. This trend is driven by a growing awareness of the potential side effects of synthetic supplements and a desire for more sustainable and environmentally friendly options. Another trend in the market is the increasing focus on personalized nutrition. Customers are seeking vitamins and minerals that are tailored to their specific needs and health goals. This trend is driven by advancements in technology and the availability of personalized health assessments. Pharmacies in Saudi Arabia are responding to this demand by offering a wide range of specialized supplements that cater to different health concerns, such as immune support, bone health, and mental well-being.
Local special circumstances: Saudi Arabia has a young and rapidly growing population, with a high prevalence of lifestyle-related diseases such as obesity and diabetes. This has led to an increased awareness of the importance of preventive healthcare and the role that vitamins and minerals can play in supporting overall health. The government has also been actively promoting healthy lifestyles and preventive healthcare through various initiatives, which has further contributed to the growth of the Vitamins & Minerals (Pharmacies) market in the country.
Underlying macroeconomic factors: The growing economy and increasing disposable income in Saudi Arabia have also played a significant role in the development of the Vitamins & Minerals (Pharmacies) market. As people have more money to spend on their health and well-being, they are willing to invest in vitamins and minerals to maintain good health and prevent diseases. Additionally, the government's focus on diversifying the economy and reducing dependence on oil has led to increased investment in the healthcare sector, including pharmacies, which has further fueled the growth 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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