Market Insights Health Pharmacies OTC Products

Vitamins & Minerals (Pharmacies) - India

India

Revenue in the Vitamins & Minerals market is projected to reach €1.75bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.65%, resulting in a market volume of €2.53bn 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 €1.21 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in India is witnessing significant growth and development in recent years.

Customer preferences: Indian consumers are becoming increasingly health-conscious and are prioritizing their well-being. This has led to a growing demand for vitamins and minerals, as people are seeking ways to supplement their diets and improve their overall health. Additionally, with the rising prevalence of lifestyle diseases such as diabetes and obesity, there is a greater awareness of the importance of preventive healthcare, which includes the consumption of vitamins and minerals.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in India is the increasing popularity of natural and organic products. Consumers are now more inclined towards natural and plant-based supplements, as they perceive them to be safer and more beneficial for their health. This trend is driven by the growing awareness of the potential side effects of synthetic supplements and the desire for clean and sustainable products. Another trend in the market is the rise of personalized nutrition. With advancements in technology and the availability of genetic testing, consumers are now able to identify their specific nutritional needs and tailor their supplement intake accordingly. This trend is driven by the desire for personalized and targeted solutions that address individual health concerns.

Local special circumstances: India has a large population, which presents a significant market opportunity for the Vitamins & Minerals (Pharmacies) industry. The country's middle class is expanding, leading to increased disposable income and higher spending power. This has resulted in a greater willingness to invest in health and wellness products, including vitamins and minerals. Furthermore, India has a strong tradition of Ayurveda and natural medicine. This cultural inclination towards holistic healthcare has contributed to the demand for natural and plant-based supplements in the country. Ayurvedic formulations that incorporate vitamins and minerals are particularly popular among Indian consumers.

Underlying macroeconomic factors: The growth of the Vitamins & Minerals (Pharmacies) market in India is supported by several macroeconomic factors. The country's GDP growth, urbanization, and increasing healthcare expenditure are key drivers of market expansion. Additionally, the government's focus on healthcare and wellness initiatives, such as the promotion of Ayurveda and traditional medicine, has further boosted the demand for vitamins and minerals. In conclusion, the Vitamins & Minerals (Pharmacies) market in India is experiencing significant growth due to changing customer preferences, including a preference for natural and organic products and personalized nutrition. The country's large population, increasing disposable income, and cultural inclination towards holistic healthcare are also contributing to the market's development. These trends are supported by favorable macroeconomic factors, such as GDP growth and government initiatives. Overall, the Vitamins & Minerals (Pharmacies) market in India presents a promising opportunity for both domestic and international players in the industry.

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.