Sleep Aids - New Zealand

New Zealand

Highlights

In New Zealand, the revenue generated in the Sleep Aids market market in 2024 amounts to US$2.23m.
It is projected that the market will experience an annual growth rate of 5.04% (CAGR 2024-2029).
However, when compared globally, the United States generates the highest revenue with US$2.10bn in 2024.
Taking into consideration the total population figures, the per person revenue in New Zealand is US$0.42 in 2024.
New Zealand's Sleep Aids market is experiencing a growing demand for natural and herbal remedies due to increasing consumer preference for holistic wellness solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids market in New Zealand has been experiencing significant growth in recent years. Customer preferences for natural and non-addictive sleep aids, along with the increasing prevalence of sleep disorders, have been driving this trend. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.Customer preferences in New Zealand have shifted towards natural and non-addictive sleep aids. Consumers are becoming more conscious of the potential side effects and risks associated with traditional sleep medications, leading them to seek alternative options. Natural sleep aids, such as herbal supplements and aromatherapy products, have gained popularity as they are perceived to be safer and have fewer negative effects on the body. This preference for natural sleep aids is in line with global trends, as consumers around the world are increasingly seeking natural and holistic solutions for their health concerns.The increasing prevalence of sleep disorders in New Zealand has also fueled the growth of the Sleep Aids market. Sleep disorders, such as insomnia and sleep apnea, affect a significant portion of the population and can have a detrimental impact on overall health and well-being. As awareness about the importance of sleep health grows, more individuals are seeking solutions to improve their sleep quality. This has created a demand for a wide range of sleep aids, including over-the-counter medications, sleep tracking devices, and relaxation techniques.Local special circumstances, such as New Zealand's natural environment and cultural practices, have also influenced the Sleep Aids market. The country's beautiful landscapes and outdoor activities attract tourists from around the world. However, adjusting to a new time zone and unfamiliar surroundings can disrupt sleep patterns, leading travelers to seek sleep aids to help them adjust and get a good night's rest. Additionally, the indigenous Māori culture in New Zealand places importance on holistic health practices, including the use of natural remedies for various ailments, including sleep disorders. This cultural influence has further contributed to the demand for natural sleep aids in the market.Underlying macroeconomic factors, such as the growing healthcare industry and increasing disposable income, have provided a favorable environment for the development of the Sleep Aids market in New Zealand. The country's healthcare system is well-developed and provides access to a wide range of healthcare services, including sleep clinics and specialized sleep disorder treatments. This infrastructure supports the growth of the Sleep Aids market by ensuring that individuals have access to diagnosis and treatment options for their sleep disorders. Additionally, the increasing disposable income of New Zealanders has allowed consumers to invest in their health and well-being, including purchasing sleep aids to improve their sleep quality.In conclusion, the Sleep Aids market in New Zealand has been growing due to customer preferences for natural and non-addictive sleep aids, the increasing prevalence of sleep disorders, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand as consumers prioritize sleep health and seek solutions to improve their sleep quality.

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.