Finland Nutritional Supplements Market Report 2022 to 2030

Finland Nutritional Supplements Market Analysis

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By 2030, it is anticipated that the Finland Nutrition and Supplements market will reach a value of $xx Mn from $801.15 Mn in 2022, growing at a CAGR of xx% during 2022-2030. The nutritional supplements market in Finland is primarily dominated by local players such as Healthia, Pharmia, and Hankintatukku. The market for nutrition and supplements in Finland is primarily driven by an inclination towards better health infrastructure, government regulations and increasing consumer awareness of health and lifestyle. The Finland nutrition and supplements market in Finland is segmented by Type, Product, application, and Distribution Channel.

ID: IN10FION002 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Finland AUTHOR: Dr. Vishwa Modhia

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Finland Nutrition and Supplements Market Analysis Summary

By 2030, it is anticipated that the Finland Nutrition and Supplements market will reach a value of $xx Mn from $801.15 Mn in 2022, growing at a CAGR of xx% during 2022-2030.

Finland is a developed country in Northern Europe that borders the Baltic Sea, the Gulf of Bothnia, and the Gulf of Finland. Finland's political and economic position is favourable. Even in a largely stable and efficient company environment, there is always room for development.

According to 2019 research, 38% of Finnish people reported using vitamin or mineral supplements in the previous 12 months. Multivitamins, vitamin D, and omega-3 fatty acids were the most popular supplements. In 2020, the Finnish government will allocate 8.5 % of its GDP to health. Because of its funding sources at both the national and local levels, the system’s focus on disease prevention, and the decentralised, three-level, publicly supported universal healthcare system, it has been a well-structured healthcare system.

Finland Nutrition and Supplements Market Analysis

Market Dynamics

Market Growth Drivers Analysis

Finland is a desirable trade site due to its skilled labour, high standard of life, and supportive business climate. Aside from concrete improvements such as increased funding and resources, social attitudes about improving their health may have contributed to the success of healthcare in Finland. According to the same study, probiotics are also popular in Finland, with 27 % of Finnish adults reporting using probiotic supplements in the previous 12 months. Probiotic pills are often used to increase the immune system and promote digestive health. Sports nutrition products are becoming increasingly popular in Finland, especially among athletes. These aspects could boost Finland's nutrition and supplement market.

Market Restraints

Relative poverty and population decline are present in Finland. Finland is extremely exposed to foreign economic conditions. After the global COVID-19 epidemic caused the Finnish economy to enter a recession in 2020, a delayed economic recovery is envisaged. These factors may deter new entrants into the Finland nutrition and supplement market.

Competitive Landscape

Key Players

Hankintatukku (FIN)
Finnmax (FIN)
Puhdas (FIN)
Aivo (FIN)
Biomed (FIN)
Puhdistamo (FIN)
Healthia (FIN)
Pharmia (FIN)
GNC
GlaxoSmithKline

Recent Notable Updates

November 2022: Pharmia and Elokuu Luonnontuote have entered into an acquisition agreement in which Elokuu Luonnontuote 's food supplements business is transferred to Pharmia 's ownership. Pharmia 's subsidiary Luonnontuote. Elokuu Luonnontuote 's food supplements business contributes to Pharmia's growth and improves our position as a leading food supplements supplier.

Healthcare Policies and Reimbursement Scenarios

The main regulatory body responsible for overseeing nutrition and supplement regulations in Finland is the Finnish Food Authority (Ruokavirasto). The Finnish Food Authority is responsible for ensuring the safety and quality of food and dietary supplements sold in Finland. This includes setting standards for the composition, labelling, and advertising of food and dietary supplements, as well as conducting inspections and enforcing regulations. In addition to the Finnish Food Authority, the Finnish Medicines Agency (Fimea) is responsible for regulating dietary supplements that are classified as medicines.

The Social Insurance Institution of Finland (Kela) is the primary body in Finland in charge of reimbursing healthcare costs, including some nutritional supplements. Kela runs a national health insurance system that covers a variety of healthcare services including medical examinations, consultations, and treatments, as well as specific nutritional supplements and medical foods. Nutritional supplements must be prescribed by a healthcare expert and used to treat a specific medical ailment or disease in order to be reimbursed.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Nutritional Supplements Market Segmentation

The Nutritional Supplements Market is segmented as mentioned below:

By Product (Revenue, USD Billion):

Sports Nutrition
- Sports Food
- Sports Drinks
- Sports Supplements

Fat Burners
- Green Tea
- Fiber
- Protein
- Green Coffee
- Others (Turmeric, Ginseng, Cranberry, Garcinia Cambogia)?

Dietary Supplements
- Vitamins
- Minerals
- Enzymes
- Amino Acids
- Conjugated Linoleic Acids

Functional Foods
- Probiotics
- Omega-3
- Others

By Consumer Group (Revenue, USD Billion):

Infant
Children
Adults
Pregnant
Geriatric

By Formulation (Revenue, USD Billion):

Tablets
Capsules
Powder
Softgels
Liquid
Others

By Delivery Channel (Revenue, USD Billion):

Chemists/Pharmacists
Direct-to-Consumer Sales
E-commerce

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.

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The main regulatory body responsible for overseeing nutrition and supplement regulations in Finland is the Finnish Food Authority (Ruokavirasto).

The Social Insurance Institution of Finland (Kela) is the primary body in Finland in charge of reimbursing healthcare costs, including some nutritional supplements.

The nutritional supplements market in Finland is primarily dominated by local players such as Healthia, Pharmia, and Hankintatukku.