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Vitamins & Minerals (Pharmacies) - United States

United States

Revenue in the Vitamins & Minerals market is projected to reach €2.72bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.32%, resulting in a market volume of €3.36bn 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 €7.97 are generated in 2024.

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

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Analyst Opinion

The Vitamins & Minerals (Pharmacies) market in United States has been experiencing steady growth in recent years.

Customer preferences: Consumers in the United States have become increasingly health-conscious in recent years, leading to a growing demand for vitamins and minerals. Many Americans are taking proactive steps to improve their overall health and wellness, including incorporating dietary supplements into their daily routines. This trend is driven by a desire to prevent illness, boost immune function, and maintain optimal health. Additionally, an aging population in the United States has contributed to the increased demand for vitamins and minerals, as older adults often require additional supplementation to meet their nutritional needs.

Trends in the market: One key trend in the Vitamins & Minerals (Pharmacies) market in United States is the growing popularity of natural and organic supplements. Consumers are increasingly seeking out products that are made from natural ingredients and free from artificial additives. This trend is driven by a desire for products that are perceived as healthier and more sustainable. As a result, many manufacturers have responded by introducing natural and organic options to their product lines. Another trend in the market is the rise of personalized nutrition. Consumers are increasingly interested in tailoring their supplement regimens to their specific needs and preferences. This has led to the development of personalized vitamin and mineral packs, which are customized based on individual health goals, lifestyle factors, and genetic data. This trend is driven by a desire for personalized solutions that can address specific health concerns and optimize overall well-being.

Local special circumstances: The United States has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies play a crucial role in the distribution of vitamins and minerals, as they are easily accessible to consumers and often provide personalized advice and recommendations. This makes pharmacies a convenient and trusted source for purchasing supplements. Additionally, the United States has a highly competitive retail landscape, with a wide range of brands and products available to consumers. This creates a vibrant and dynamic market for vitamins and minerals.

Underlying macroeconomic factors: The strong economy in the United States has contributed to the growth of the Vitamins & Minerals (Pharmacies) market. As disposable incomes have increased, consumers have more purchasing power to spend on healthcare products, including vitamins and minerals. Additionally, the United States has a large population, which provides a significant customer base for the market. The country also has a well-established regulatory framework for dietary supplements, which ensures product safety and quality. These macroeconomic factors have created a favorable environment for the growth of the Vitamins & Minerals (Pharmacies) market in United States.

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.