Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Thailand

Thailand

Revenue in the Vitamins & Minerals market is projected to reach US$318.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.91%, resulting in a market volume of US$386.30m 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$4.44 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 Thailand has been experiencing significant growth in recent years.

Customer preferences: Thai consumers are becoming increasingly health-conscious and are actively seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as people are looking for convenient and accessible ways to supplement their diets with essential nutrients. Additionally, with the rise of social media and influencers promoting healthy lifestyles, there is a growing awareness and interest in preventive healthcare among the population.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Thailand is the shift towards natural and organic products. Consumers are becoming more conscious about the ingredients in the products they consume and are opting for natural alternatives. This has led to an increase in the demand for vitamins and minerals derived from natural sources, such as plant-based supplements. Another trend in the market is the growing popularity of personalized nutrition. People are increasingly seeking customized solutions that cater to their individual needs and preferences. This has led to the emergence of personalized vitamin and mineral supplements, where consumers can choose specific nutrients based on their unique requirements.

Local special circumstances: Thailand is known for its traditional medicine practices, such as herbal remedies and traditional Thai massage. This cultural heritage has influenced consumer preferences in the Vitamins & Minerals (Pharmacies) market, with many Thai consumers preferring natural and traditional remedies over synthetic alternatives. This has created opportunities for companies that offer natural and herbal-based vitamins and minerals.

Underlying macroeconomic factors: Thailand's growing middle class and rising disposable incomes have contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As people have more money to spend on healthcare and wellness products, the demand for vitamins and minerals has increased. Additionally, the aging population in Thailand has also played a role in driving the market growth, as older individuals tend to be more concerned about their health and well-being. In conclusion, the Vitamins & Minerals (Pharmacies) market in Thailand is experiencing growth due to the increasing health-consciousness among consumers, the shift towards natural and organic products, the demand for personalized nutrition, the preference for traditional remedies, and the country's favorable macroeconomic factors.

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.