Sleep Aids - Angola

Angola

Highlights

Revenue in the Sleep Aids market amounts to US$814.00k in 2024. The market is expected to grow annually by 5.11% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$2bn in 2024).
In relation to total population figures, per person revenues of US$0.02 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in Angola is experiencing steady growth, driven by changing customer preferences and increasing awareness about sleep disorders.

Customer preferences: Angolan consumers are becoming more conscious about the importance of a good night's sleep for overall health and well-being. As a result, there is a growing demand for sleep aids that can help improve sleep quality and address common sleep issues such as insomnia and sleep apnea. Customers are increasingly seeking natural and non-habit forming sleep aids, preferring products that are made from herbal or plant-based ingredients. This preference for natural sleep aids is in line with global trends, where consumers are increasingly looking for products that are free from chemicals and have minimal side effects.

Trends in the market: One of the key trends in the Sleep Aids market in Angola is the growing popularity of melatonin supplements. Melatonin is a hormone that regulates sleep-wake cycles, and its supplements are commonly used to treat insomnia and jet lag. The demand for melatonin supplements is driven by their effectiveness in improving sleep quality without causing dependency or addiction. Another trend in the market is the increasing availability of sleep aids in different forms such as capsules, tablets, and herbal teas. This allows customers to choose the format that suits their preferences and needs.

Local special circumstances: Angola has a young population, with a significant proportion of the population being under the age of 30. This demographic factor contributes to the growing demand for sleep aids, as younger individuals are more likely to experience sleep disturbances due to lifestyle factors such as stress, irregular sleep schedules, and excessive screen time. Additionally, the urbanization and modernization of Angola have led to an increase in sedentary lifestyles and higher levels of stress, which can negatively impact sleep quality. These factors create a favorable environment for the Sleep Aids market to thrive.

Underlying macroeconomic factors: Angola's economy has been growing steadily in recent years, leading to an increase in disposable income and purchasing power. This has enabled consumers to spend more on healthcare products, including sleep aids. Furthermore, the healthcare infrastructure in Angola has been improving, with increased access to medical facilities and healthcare professionals. This has contributed to a greater awareness about sleep disorders and the need for appropriate treatment, driving the demand for sleep aids. In conclusion, the Sleep Aids market in Angola is witnessing growth due to changing customer preferences, increasing awareness about sleep disorders, and favorable macroeconomic factors. The demand for natural and non-habit forming sleep aids, such as melatonin supplements, is on the rise. The young population and urbanization in Angola contribute to the growing demand for sleep aids. The improving economy and healthcare infrastructure further support the growth of the Sleep Aids market in Angola.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.