Digestives & Intestinal Remedies - Sri Lanka

Sri Lanka

Highlights

In Sri Lanka, the Digestives & Intestinal Remedies market market is projected to generate a revenue of US$23.65m in 2024.
This market is expected to experience a yearly growth rate of 1.07% (CAGR 2024-2029).
When comparing globally, China leads the way in terms of revenue generation, with an estimated amount of US$4.41bn in 2024.
In relation to the total population, per person revenues in Sri Lanka are projected to reach US$1.08 in 2024.
The digestive remedies market in Sri Lanka is witnessing a surge in demand for herbal and natural products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digestives & Intestinal Remedies market in Sri Lanka is experiencing significant growth due to changing customer preferences and increasing awareness about digestive health.

Customer preferences: Customers in Sri Lanka are becoming more health-conscious and are actively seeking products that can improve their digestive health. This shift in preferences can be attributed to the growing awareness about the importance of maintaining a healthy gut for overall well-being. As a result, there is a rising demand for digestive and intestinal remedies in the market.

Trends in the market: One of the key trends in the Digestives & Intestinal Remedies market in Sri Lanka is the increasing popularity of natural and herbal remedies. Customers are gravitating towards products that are made from natural ingredients and are free from artificial additives. This trend is driven by the belief that natural remedies are safer and more effective in promoting digestive health.Another trend in the market is the growing demand for probiotics and prebiotics. Probiotics are live bacteria that promote a healthy gut by restoring the natural balance of bacteria in the digestive system. Prebiotics, on the other hand, are non-digestible fibers that serve as food for the beneficial bacteria in the gut. The increasing awareness about the benefits of probiotics and prebiotics has led to a surge in demand for products that contain these ingredients.

Local special circumstances: Sri Lanka has a rich tradition of using herbal remedies for various health conditions, including digestive issues. This cultural preference for natural remedies has influenced the Digestives & Intestinal Remedies market in the country. Local manufacturers are capitalizing on this preference by developing and promoting herbal products that cater to the specific needs of Sri Lankan consumers.

Underlying macroeconomic factors: The growing middle class in Sri Lanka is driving the demand for Digestives & Intestinal Remedies. As disposable incomes rise, more people are able to afford these products and are willing to invest in their health. Additionally, the increasing urbanization and hectic lifestyles have led to a rise in digestive issues, further fueling the demand for remedies in the market.In conclusion, the Digestives & Intestinal Remedies market in Sri Lanka is witnessing growth due to changing customer preferences, increasing awareness about digestive health, and the influence of local cultural preferences. The market is characterized by a rising demand for natural and herbal remedies, as well as products containing probiotics and prebiotics. The growing middle class and urbanization are also contributing to the market's expansion.

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.