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Vitamins & Minerals (Pharmacies) - Australia

Australia

Revenue in the Vitamins & Minerals market is projected to reach €0.73bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.51%, resulting in a market volume of €0.91bn by 2029.
In global comparison, most revenue will be generated in China (€4,051.00m in 2024).
In relation to total population figures, per person revenues of €27.28 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Australia has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater focus on health and wellness, leading to an increased demand for vitamins and minerals. Additionally, local special circumstances, such as the high prevalence of chronic diseases and an aging population, have also contributed to the growth of this market. Customer preferences in Australia have shifted towards a greater emphasis on health and wellness. As consumers become more health-conscious, there has been a growing interest in preventative healthcare and maintaining overall well-being. Vitamins and minerals play a crucial role in supporting the body's immune system, promoting healthy skin, and improving overall health. This has led to an increased demand for these products in the Australian market. Trends in the Vitamins & Minerals (Pharmacies) market in Australia include the rise of personalized nutrition and the popularity of natural and organic products. Personalized nutrition has gained traction as consumers seek tailored solutions to their specific health needs. This trend has led to the development of customized vitamin and mineral formulations that target specific health concerns. Additionally, there has been a growing preference for natural and organic products, as consumers become more conscious of the ingredients they are putting into their bodies. Local special circumstances in Australia have also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. Australia has a high prevalence of chronic diseases, such as obesity, diabetes, and cardiovascular disease. As a result, there is a greater emphasis on preventative healthcare and the importance of maintaining a healthy lifestyle. Vitamins and minerals are seen as a key component of a balanced diet and are often recommended by healthcare professionals to support overall health and wellbeing. Furthermore, Australia has an aging population, which has also contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As individuals age, their nutritional needs change, and there is a greater need for vitamins and minerals to support healthy aging. This demographic trend has created a significant market opportunity for products that cater to the specific needs of older adults. Underlying macroeconomic factors, such as rising disposable incomes and increasing healthcare expenditure, have also played a role in the growth of the Vitamins & Minerals (Pharmacies) market in Australia. As disposable incomes increase, consumers have more purchasing power to invest in their health and wellbeing. Additionally, the Australian government has been investing in healthcare infrastructure and promoting preventative healthcare measures, which has further fueled the demand for vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in Australia is experiencing significant growth due to shifting customer preferences towards health and wellness, local special circumstances such as the high prevalence of chronic diseases and an aging population, and underlying macroeconomic factors such as rising disposable incomes and increasing healthcare expenditure. This market is expected to continue to grow as consumers prioritize their health and wellbeing and seek out products that support their overall health.

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.