Key regions: Europe, China, France, Germany, South Korea
The Vitamins & Minerals (Pharmacies) market in Vietnam has been experiencing steady 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 the market. Customer preferences in Vietnam have been influenced by a growing awareness of the importance of maintaining good health. As people become more conscious of the impact of their lifestyle choices on their overall well-being, they are seeking out products that can support their health and prevent illness. This has led to a rise in demand for vitamins and minerals, as these products are seen as a convenient and effective way to supplement one's diet and ensure adequate nutrient intake. Trends in the market indicate that consumers are increasingly looking for vitamins and minerals that are tailored to their specific needs. There is a growing demand for products that target specific health concerns, such as immune support, bone health, and energy boost. This trend is driven by a desire for personalized healthcare solutions and a focus on preventive measures. As a result, manufacturers are introducing a wider range of products with specialized formulations to meet these evolving customer preferences. Local special circumstances in Vietnam have also played a role in the development of the Vitamins & Minerals (Pharmacies) market. The country has a large population, with a significant portion of the population residing in urban areas. Urbanization has led to changes in lifestyle and dietary habits, with people becoming more reliant on processed and convenience foods. This has created a need for vitamin and mineral supplementation to compensate for potential nutrient deficiencies. Furthermore, the healthcare infrastructure in Vietnam has been improving, with a greater emphasis on preventive care. The government has implemented various initiatives to promote health and wellness, including campaigns and educational programs. These efforts have helped to raise awareness about the benefits of vitamins and minerals, driving demand in the market. The underlying macroeconomic factors in Vietnam have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. The country has experienced a period of sustained economic growth, resulting in an expanding middle class and increased disposable income. As a result, consumers have more purchasing power and are willing to spend on products that contribute to their health and well-being. This has created a favorable environment for the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Vietnam is developing due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. As people become more health-conscious and seek personalized healthcare solutions, the demand for vitamins and minerals continues to increase. The improving healthcare infrastructure and growing disposable income in Vietnam further contribute to 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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