Digestives & Intestinal Remedies - Nigeria

Nigeria

Highlights

In Nigeria, the revenue generated in the Digestives & Intestinal Remedies market market in 2024 amounts to US$133.40m.
It is projected that the market will experience an annual growth rate of 11.30% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$4.41bn in 2024.
In terms of per person revenues, in Nigeria generates US$0.58 in 2024.
Nigeria's demand for Digestives & Intestinal Remedies in the OTC Pharmaceuticals market is growing rapidly due to an increase in digestive health issues among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digestives & Intestinal Remedies market in Nigeria is experiencing steady growth due to increasing customer preferences for natural and herbal remedies, as well as the rising incidence of digestive disorders in the country.

Customer preferences: In Nigeria, there is a growing preference for natural and herbal remedies among consumers. This is driven by the belief that natural products are safer and have fewer side effects compared to conventional medications. As a result, there is an increasing demand for digestive remedies that are made from natural ingredients such as herbs and plant extracts. Consumers are also seeking products that are free from artificial additives and preservatives.

Trends in the market: One of the key trends in the Digestives & Intestinal Remedies market in Nigeria is the rising incidence of digestive disorders. Factors such as unhealthy diets, stress, and sedentary lifestyles contribute to the prevalence of conditions like indigestion, bloating, and constipation. As a result, there is a growing demand for products that can provide relief from these symptoms and improve digestive health. Another trend in the market is the increasing availability of over-the-counter (OTC) digestive remedies. OTC products are easily accessible to consumers without the need for a prescription, making them popular among individuals seeking quick relief from digestive issues. This trend is driven by the convenience and affordability of OTC products compared to prescription medications.

Local special circumstances: Nigeria has a rich tradition of herbal medicine, and this plays a significant role in the Digestives & Intestinal Remedies market. Many consumers in Nigeria prefer herbal remedies that have been used for generations to treat digestive disorders. This preference for traditional remedies is influenced by cultural beliefs and practices, as well as the availability of local herbs and plants with medicinal properties.

Underlying macroeconomic factors: The growth of the Digestives & Intestinal Remedies market in Nigeria is also influenced by underlying macroeconomic factors. The country has a large population and a growing middle class, which has led to increased healthcare spending and a higher demand for healthcare products. Additionally, the government is investing in healthcare infrastructure and promoting the use of traditional medicine, which further supports the growth of the market. In conclusion, the Digestives & Intestinal Remedies market in Nigeria is driven by customer preferences for natural and herbal remedies, the rising incidence of digestive disorders, and the availability of over-the-counter products. The market is also influenced by local special circumstances such as the popularity of traditional medicine and the abundance of medicinal herbs. The underlying macroeconomic factors, including a growing population and increased healthcare spending, further contribute to the growth of the market.

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.