Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Asia

Asia

Revenue in the Vitamins & Minerals market is projected to reach €10.92bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.08%, resulting in a market volume of €15.37bn by 2029.
In global comparison, most revenue will be generated in China (€4,093.00m in 2024).
In relation to total population figures, per person revenues of €2.40 are generated in 2024.

Key regions: United Kingdom, India, Canada, Germany, China

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Asia is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Asia are increasingly becoming health-conscious and are focusing on preventive healthcare. This has led to a growing demand for vitamins and minerals, as they are seen as essential for maintaining good health and preventing diseases. Additionally, there is a rising awareness about the benefits of vitamins and minerals in boosting immunity, which has become particularly important in the wake of the COVID-19 pandemic. As a result, customers are actively seeking out these products in pharmacies to support their overall well-being.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Asia is the increasing popularity of natural and organic products. Customers are becoming more conscious about the ingredients used in their supplements and are opting for products that are free from artificial additives and preservatives. This trend is driven by a desire for healthier and more sustainable options, as well as a growing mistrust in synthetic ingredients. As a result, pharmacies are expanding their range of natural and organic vitamins and minerals to cater to this demand. Another trend in the market is the growing popularity of personalized nutrition. Customers are seeking customized solutions that are tailored to their specific needs and health goals. This trend is driven by advancements in technology and the availability of genetic testing, which allows individuals to understand their unique nutritional requirements. Pharmacies are responding to this trend by offering personalized vitamin and mineral supplements, either through in-store consultations or online platforms. This allows customers to optimize their health and address specific deficiencies or health concerns.

Local special circumstances: In some Asian countries, such as China and Japan, there is a strong cultural emphasis on traditional medicine. Traditional Chinese medicine and Ayurveda, for example, have a long history and are still widely practiced today. As a result, there is a demand for vitamins and minerals that are aligned with these traditional healing practices. Pharmacies in these countries often stock a range of traditional herbal supplements, which are believed to promote overall well-being and balance in the body.

Underlying macroeconomic factors: The growing middle class in Asia is a key driver of the Vitamins & Minerals (Pharmacies) market. As disposable incomes rise, more people are able to afford healthcare products and are willing to invest in their well-being. Additionally, urbanization and a shift towards sedentary lifestyles have led to an increase in lifestyle-related diseases, such as obesity and diabetes. This has further fueled the demand for vitamins and minerals as a means of prevention and management. Furthermore, the aging population in Asia is also contributing to the growth of the market. As people age, their nutritional needs change and they may require additional vitamins and minerals to support their health. This demographic shift is driving the demand for supplements targeted towards the elderly population, such as calcium for bone health and omega-3 fatty acids for brain function. In conclusion, the Vitamins & Minerals (Pharmacies) market in Asia is witnessing growth due to changing customer preferences towards preventive healthcare, emerging trends such as natural and personalized nutrition, local special circumstances related to traditional medicine, and underlying macroeconomic factors such as the growing middle class and aging population. Pharmacies in Asia are adapting to these trends by expanding their product offerings and providing personalized solutions to cater to the diverse needs of their customers.

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.