Sleep Aids - Mexico

Mexico

Highlights

Revenue in the Sleep Aids market amounts to US$23.94m in 2024. The market is expected to grow annually by 3.53% (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$0.18 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in Mexico has been experiencing steady growth in recent years. Customer preferences for sleep aids have shifted towards natural and herbal remedies, reflecting a global trend. Additionally, the market is also influenced by local special circumstances and underlying macroeconomic factors.

Customer preferences: Mexican consumers have shown a growing preference for natural and herbal sleep aids. This preference is in line with the global trend of seeking natural alternatives to traditional medications. Natural sleep aids, such as herbal teas and essential oils, are perceived as safer and less likely to cause side effects. As a result, there has been an increase in the demand for products that contain natural ingredients and promote relaxation and better sleep.

Trends in the market: The Sleep Aids market in Mexico has seen a rise in the popularity of over-the-counter (OTC) sleep aids. These products are easily accessible and do not require a prescription, making them convenient for consumers. OTC sleep aids often contain ingredients such as melatonin, valerian root, or chamomile, which are believed to help promote sleep. The availability of these products in pharmacies and supermarkets has contributed to their growing popularity. Another trend in the Sleep Aids market in Mexico is the increasing use of sleep tracking devices and apps. These technologies allow individuals to monitor their sleep patterns and identify potential sleep disturbances. Sleep tracking devices and apps provide valuable insights into sleep quality and duration, helping individuals make informed decisions about their sleep habits. This trend is driven by the growing awareness of the importance of sleep for overall health and well-being.

Local special circumstances: Mexico has a high prevalence of sleep disorders, which has contributed to the growth of the Sleep Aids market. Factors such as stress, irregular work schedules, and lifestyle habits can affect sleep quality and lead to sleep disorders. As a result, there is a significant demand for sleep aids that can help individuals improve their sleep and manage sleep disorders.

Underlying macroeconomic factors: The Sleep Aids market in Mexico is also influenced by underlying macroeconomic factors. The country's growing middle class and increasing disposable income have contributed to the growth of the market. As individuals have more purchasing power, they are able to afford sleep aids and invest in their sleep health. Additionally, the aging population in Mexico has also contributed to the growth of the Sleep Aids market. Older adults often experience sleep disturbances and are more likely to seek sleep aids to improve their sleep quality. In conclusion, the Sleep Aids market in Mexico is developing in response to customer preferences for natural and herbal remedies, as well as the increasing use of sleep tracking technologies. Local special circumstances, such as the prevalence of sleep disorders, and underlying macroeconomic factors, such as the growing middle class and aging population, also play a significant role in shaping the market. As the importance of sleep for overall health and well-being continues to be recognized, the Sleep Aids market in Mexico is expected to experience further growth in the coming years.

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.