Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Spain

Spain

In Spain, the revenue generated in the Vitamins & Minerals market market in 2024 amounts to €293.50.
It is projected that this market will experience an annual growth rate of 5.56% (CAGR 2024-2029).
When compared to other countries worldwide, in China generates the highest revenue in this market, reaching €4,890.00 in 2024.
Taking into account the total population figures, in Spain, each person generates revenues of €6.18 in 2024.
Spain's growing health consciousness has led to a surge in demand for vitamins and minerals in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Vitamins & Minerals market in Spain has been experiencing steady growth in recent years, driven by changing customer preferences and increasing awareness about the importance of a healthy lifestyle.

Customer preferences: In Spain, there has been a growing trend towards preventive healthcare, with consumers becoming more conscious about their overall well-being. This has led to an increased demand for vitamins and minerals, as people are looking for ways to supplement their diets and ensure they are getting the necessary nutrients. Additionally, there is a rising interest in natural and organic products, with consumers seeking out vitamins and minerals that are derived from natural sources.

Trends in the market: One of the key trends in the Vitamins & Minerals market in Spain is the focus on personalized nutrition. Consumers are becoming more aware of their individual nutritional needs and are looking for products that cater to their specific requirements. This has led to the development of customized vitamin and mineral supplements, which are tailored to meet the unique needs of each consumer. Another trend is the increasing popularity of functional foods and beverages that are fortified with vitamins and minerals. These products offer convenience and provide an easy way for consumers to incorporate essential nutrients into their daily diets.

Local special circumstances: Spain has a Mediterranean diet, which is known for its emphasis on fresh fruits, vegetables, and olive oil. This diet is naturally rich in vitamins and minerals, which may contribute to the lower demand for supplements compared to other countries. However, there is still a significant market for vitamins and minerals in Spain, as consumers look to supplement their diets and address specific health concerns. Additionally, Spain has a large aging population, which has contributed to the increased demand for vitamins and minerals to support healthy aging.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals market in Spain can also be attributed to favorable macroeconomic factors. Spain has experienced a period of economic recovery in recent years, with increasing disposable incomes and consumer confidence. This has led to a greater willingness to spend on health and wellness products, including vitamins and minerals. Additionally, the country has a well-developed retail infrastructure, with a wide range of distribution channels available for vitamins and minerals, including pharmacies, supermarkets, and online platforms.In conclusion, the Vitamins & Minerals market in Spain is growing due to changing customer preferences, including a focus on preventive healthcare and personalized nutrition. The market is also influenced by local special circumstances, such as the Mediterranean diet and the aging population. Favorable macroeconomic factors, including economic recovery and a well-developed retail infrastructure, have further contributed to the growth of the market.

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.