Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - Thailand

Thailand

In Thailand, the revenue generated in the Vitamins & Minerals market market is projected to reach €0.36bn in 2024.
It is anticipated that this market will experience an annual growth rate of 5.48% (CAGR 2024-2029).
When compared to other countries worldwide, in China leads the pack with a revenue of €4,941.00m in 2024.
Moreover, in Thailand, the per person revenue in the Vitamins & Minerals market market is estimated to be €5.07 in 2024.
The demand for vitamins and minerals in Thailand's OTC Pharmaceuticals market has seen a significant increase due to the growing health-consciousness among consumers.

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

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Analyst Opinion

The Vitamins & Minerals market in Thailand is experiencing steady growth due to increasing customer preferences for health and wellness products.

Customer preferences: Customers in Thailand are becoming more health-conscious and are actively seeking out products that promote overall well-being. This includes a growing demand for vitamins and minerals as people look to supplement their diets with essential nutrients. Additionally, there is a rising awareness of the importance of preventive healthcare, leading to an increased interest in products that support immune health and boost energy levels.

Trends in the market: One major trend in the Vitamins & Minerals market in Thailand is the growing popularity of natural and organic products. Consumers are increasingly opting for products that are free from artificial additives and chemicals, and instead prefer those that are made from natural ingredients. This trend is driven by the belief that natural products are healthier and safer for consumption.Another trend in the market is the rise of personalized nutrition. Customers are looking for products that cater to their specific health needs and goals. This has led to an increase in the availability of customized vitamin and mineral supplements that are tailored to individual requirements. Companies are leveraging technology to provide personalized recommendations based on factors such as age, gender, and lifestyle.

Local special circumstances: Thailand has a strong tradition of herbal medicine and natural remedies. This cultural preference for traditional medicine has influenced the Vitamins & Minerals market, with a demand for products that incorporate traditional herbs and ingredients. Manufacturers are incorporating local herbs such as turmeric and ginger into their products to cater to this preference.

Underlying macroeconomic factors: Thailand's growing middle class and rising disposable incomes are contributing to the growth of the Vitamins & Minerals market. As people have more purchasing power, they are willing to spend on products that promote their health and well-being. Additionally, the increasing urbanization and hectic lifestyles in Thailand have led to a greater need for convenient and easily accessible health products, driving the demand for vitamins and minerals.In conclusion, the Vitamins & Minerals market in Thailand is witnessing growth due to the increasing customer preferences for health and wellness products. The demand for natural and organic products, personalized nutrition, and products with traditional ingredients are driving the market. The country's growing middle class and rising disposable incomes, along with urbanization and hectic lifestyles, are underlying macroeconomic factors contributing to the market's development.

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.