Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Brazil

Brazil

Revenue in the Vitamins & Minerals market is projected to reach €0.81bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.12%, resulting in a market volume of €1.09bn 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 €3.73 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Brazil is experiencing significant growth and development.

Customer preferences: Brazilian consumers are increasingly becoming health-conscious and are placing a greater emphasis 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 illnesses. Additionally, there is a rising awareness about the benefits of natural and organic products, which has further fueled the demand for vitamins and minerals derived from natural sources.

Trends in the market: One of the major trends in the Vitamins & Minerals (Pharmacies) market in Brazil is the increasing popularity of multivitamins. These products offer a convenient way for consumers to meet their daily nutritional needs, as they contain a combination of different vitamins and minerals. Multivitamins are particularly appealing to busy individuals who may not have the time or inclination to consume a variety of nutrient-rich foods. Another trend in the market is the growing demand for specialized vitamins and minerals. As consumers become more educated about their health needs, they are seeking out products that target specific health concerns. For example, there is a growing demand for vitamins and minerals that support immune health, bone health, and cognitive function. This trend is driven by an aging population and an increased focus on overall well-being.

Local special circumstances: Brazil has a large population, which provides a significant customer base for the Vitamins & Minerals (Pharmacies) market. Additionally, the country has a well-established healthcare system, which includes a network of pharmacies that serve as convenient points of purchase for vitamins and minerals. The presence of pharmacies in both urban and rural areas ensures accessibility to these products for consumers across the country.

Underlying macroeconomic factors: Brazil's economy has been steadily recovering from a recession, which has had a positive impact on consumer spending. As disposable incomes increase, consumers have more purchasing power and are able to afford vitamins and minerals as part of their wellness routine. Furthermore, the government's efforts to promote preventive healthcare and wellness initiatives have created a favorable environment for the Vitamins & Minerals (Pharmacies) market to thrive. In conclusion, the Vitamins & Minerals (Pharmacies) market in Brazil is experiencing growth and development due to customer preferences for preventive healthcare, the popularity of multivitamins, and the demand for specialized vitamins and minerals. The presence of a large population and a well-established healthcare system, coupled with the country's recovering economy, are contributing to the market's success.

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.