Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - Colombia

Colombia

Revenue in the Vitamins & Minerals market is projected to reach €53.41m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.04%, resulting in a market volume of €68.28m 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 €1.02 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Colombia has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards a greater focus on health and wellness. With an increasing awareness of the importance of maintaining a healthy lifestyle, consumers are seeking out products that can support their overall well-being. Vitamins and minerals are seen as essential components of a balanced diet, and consumers are turning to pharmacies to find the products they need. One trend in the market is the rising demand for natural and organic vitamins and minerals. Consumers are becoming more conscious of the ingredients in the products they consume and are seeking out options that are free from artificial additives and preservatives. Pharmacies are responding to this demand by offering a wider range of natural and organic products, including vitamins and minerals. Another trend in the market is the growing popularity of personalized nutrition. Consumers are increasingly interested in tailoring their vitamin and mineral intake to their specific needs and preferences. Pharmacies are capitalizing on this trend by offering personalized vitamin and mineral recommendations based on individual health goals and dietary requirements. This personalized approach is resonating with consumers and driving sales in the market. Local special circumstances in Colombia are also contributing to the growth of the Vitamins & Minerals (Pharmacies) market. The country has a growing middle class with increasing disposable income, which is driving consumer spending on health and wellness products. Additionally, the government has implemented policies and initiatives to promote healthy lifestyles, which has further increased awareness and demand for vitamins and minerals. Underlying macroeconomic factors are also playing a role in the development of the market. Colombia has experienced steady economic growth in recent years, which has led to an increase in consumer purchasing power. This has allowed more consumers to afford vitamins and minerals, contributing to the growth of the market. Additionally, the country has a well-developed healthcare system, which has made vitamins and minerals more accessible to consumers through pharmacies. In conclusion, the Vitamins & Minerals (Pharmacies) market in Colombia is developing due to shifting customer preferences towards health and wellness, the rising demand for natural and organic products, the popularity of personalized nutrition, local special circumstances such as a growing middle class and government initiatives, and underlying macroeconomic factors such as economic growth and a well-developed healthcare system.

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.