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Vitamins & Minerals (Pharmacies) - Spain

Spain

Revenue in the Vitamins & Minerals market is projected to reach €242.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.92%, resulting in a market volume of €294.20m 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 €5.11 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in Spain is experiencing steady growth due to changing customer preferences and increasing awareness about health and wellness.

Customer preferences: Customers in Spain are becoming more health-conscious and are actively seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as people are looking for natural and effective ways to support their immune system, boost their energy levels, and maintain a healthy lifestyle. Additionally, with the aging population in Spain, there is an increased focus on preventive healthcare, which has further fueled the demand for vitamins and minerals.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in Spain is the growing popularity of natural and organic products. Consumers are increasingly looking for products that are free from artificial additives and are made from natural ingredients. This trend is driven by the belief that natural products are healthier and safer for consumption. As a result, there has been a surge in the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs. Another trend in the market is the rising popularity of personalized nutrition. Consumers are recognizing that their nutritional needs are unique and are seeking products that are tailored to their specific requirements. This has led to the emergence of personalized vitamin and mineral supplements, which are formulated based on an individual's age, gender, lifestyle, and health goals. These personalized products are gaining traction among consumers who are looking for targeted solutions to address their specific health concerns.

Local special circumstances: Spain has a well-established pharmacy network, with pharmacies being the primary distribution channel for vitamins and minerals. Pharmacies in Spain are trusted sources of healthcare advice and products, and customers often rely on the expertise of pharmacists when making purchasing decisions. This has created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market in the country.

Underlying macroeconomic factors: The growing Vitamins & Minerals (Pharmacies) market in Spain is also influenced by several macroeconomic factors. The improving economy and rising disposable incomes have made it easier for consumers to afford and prioritize their health and wellness needs. Additionally, the increasing aging population and the rising prevalence of chronic diseases have contributed to the demand for vitamins and minerals as part of preventive healthcare. Furthermore, the government's focus on promoting a healthy lifestyle and preventive healthcare has also played a role in driving the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in Spain is witnessing growth due to changing customer preferences, including a focus on natural and personalized products. The well-established pharmacy network and favorable macroeconomic factors further contribute to the market's development.

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.