Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - New Zealand

New Zealand

Revenue in the Sleep Aids market amounts to US$2.23m in 2024. The market is expected to grow annually by 5.10% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$2,103m in 2024).
In relation to total population figures, per person revenues of US$0.42 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

Market

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Analyst Opinion

The Sleep Aids market in New Zealand has been experiencing significant growth in recent years. Customer preferences for sleep aids have shifted towards natural and herbal remedies, driving the demand for these products. Additionally, the increasing awareness about the importance of sleep and the rising prevalence of sleep disorders have also contributed to the growth of the market.

Customer preferences: In New Zealand, there has been a noticeable shift in customer preferences towards natural and herbal sleep aids. Consumers are becoming more conscious about the potential side effects of synthetic sleep aids and are seeking safer alternatives. They are increasingly opting for products that contain natural ingredients such as melatonin, valerian root, and chamomile. This preference for natural remedies is driven by the perception that they are gentler on the body and have fewer adverse effects.

Trends in the market: One of the key trends in the Sleep Aids market in New Zealand is the rising prevalence of sleep disorders. Factors such as stress, busy lifestyles, and technological advancements have led to an increase in sleep-related issues among the population. As a result, there is a growing demand for sleep aids to help individuals achieve better quality sleep. This trend is likely to continue driving the growth of the market in the coming years. Another trend in the market is the growing popularity of sleep tracking devices and mobile applications. These technologies allow individuals to monitor their sleep patterns and receive personalized recommendations for improving sleep quality. The integration of sleep aids with these devices and apps provides a convenient solution for consumers, further driving the demand for sleep aids.

Local special circumstances: New Zealand has a unique natural environment, which has led to the availability of a wide range of natural ingredients that can be used in sleep aids. The country is known for its pristine landscapes and native flora, which are often used in traditional Maori medicine. This has created an opportunity for local manufacturers to develop sleep aids that incorporate these native ingredients, catering to the growing demand for natural products.

Underlying macroeconomic factors: The growing Sleep Aids market in New Zealand can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth, which has resulted in increased disposable income among consumers. This has allowed individuals to prioritize their health and well-being, including investing in sleep aids to improve their quality of sleep. Furthermore, the aging population in New Zealand is also contributing to the growth of the Sleep Aids market. As individuals age, they are more likely to experience sleep-related issues and seek solutions to improve their sleep quality. The increasing elderly population in the country is driving the demand for sleep aids, creating a favorable market environment for manufacturers and retailers. In conclusion, the Sleep Aids market in New Zealand is witnessing significant growth due to changing customer preferences, increasing prevalence of sleep disorders, and the availability of natural ingredients. The market is expected to continue expanding as consumers prioritize their sleep health and seek safer and more effective solutions for better quality sleep.

Methodology

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.