Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Europe

Europe

In Europe, the Vitamins & Minerals market market is projected to generate a revenue of €4.75bn in 2024.
According to forecasts, the market is expected to experience an annual growth rate of 6.01% (CAGR 2024-2029).
When compared to other countries globally, in China leads the pack with a revenue of €4,941.00m in 2024.
Taking into account the total population figures, the per person revenue in Europe is estimated to be €5.63 in 2024.
In Germany, the demand for vitamin supplements has increased due to the rising health-consciousness among the population.

Key regions: Canada, United Kingdom, India, Europe, Brazil

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Analyst Opinion

The Vitamins & Minerals market in Europe is experiencing significant growth and development. Customer preferences for health and wellness products, along with increasing awareness about the importance of nutrition, are driving the demand for vitamins and minerals in the region. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's growth.Customer preferences in Europe are shifting towards healthier lifestyles, leading to a greater demand for vitamins and minerals. Consumers are becoming more conscious about their health and are actively seeking products that can support their well-being. This trend is driven by factors such as an aging population, increasing healthcare costs, and a growing focus on preventive healthcare. As a result, there is a growing demand for supplements that can provide essential nutrients and support overall health.Trends in the Vitamins & Minerals market in Europe include the rise of personalized nutrition and the increasing popularity of natural and organic products. Personalized nutrition is gaining traction as consumers seek customized solutions that cater to their specific nutritional needs. This trend is supported by advancements in technology, such as wearable devices and mobile apps, which allow individuals to track their nutrient intake and receive personalized recommendations.The market is also witnessing a growing preference for natural and organic products. Consumers are becoming more conscious about the ingredients in their food and supplements, and are opting for products that are free from artificial additives and preservatives. This trend is driven by concerns about the potential health risks associated with synthetic ingredients, as well as a desire to support sustainable and environmentally-friendly practices.Local special circumstances in Europe, such as strict regulations and varying dietary habits across countries, can impact the Vitamins & Minerals market. The European Union has stringent regulations in place for the labeling and safety of dietary supplements, which can pose challenges for manufacturers and importers. Additionally, dietary habits and cultural preferences can vary across countries, influencing the demand for specific types of vitamins and minerals.Underlying macroeconomic factors, such as economic growth and disposable income levels, play a significant role in the development of the Vitamins & Minerals market in Europe. As economies grow and disposable incomes rise, consumers have more purchasing power to spend on health and wellness products. This drives the demand for vitamins and minerals, as consumers prioritize their health and well-being.In conclusion, the Vitamins & Minerals market in Europe is experiencing growth and development due to customer preferences for health and wellness products, the rise of personalized nutrition, the popularity of natural and organic products, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize their health and well-being, the market is expected to expand further in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.