OTC Products - Angola

Angola

The OTC Products market in Angola is anticipated to witness significant growth in the coming years.
According to projections, the revenue in this market is expected to reach US$723.20m by 2024.
Furthermore, there is an estimated annual growth rate of 9.62% (CAGR 2024-2029), which will result in a market volume of US$1,145.00m by 2029.
When compared globally, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, with an estimated value of US$74.91bn in 2024.
In terms of per person revenues, it is predicted that each individual in Angola will generate US$19.13 in 2024.
This figure demonstrates the market's potential and highlights the significance of the OTC Products market in Angola's economic landscape.
Angola is experiencing a growing demand for OTC products due to increasing consumer awareness and a rising middle-class population.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Angola has seen significant development and growth in recent years.

Customer preferences: Angolan consumers have shown a growing preference for OTC products, which can be attributed to several factors. Firstly, there has been an increase in health consciousness among the population, leading to a greater emphasis on self-care and wellness. Secondly, the convenience and accessibility of OTC products have made them a popular choice for minor ailments and common health issues. Lastly, the affordability of OTC products compared to prescription medications has also contributed to their popularity among consumers.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Angola is the expansion of product offerings. Pharmacies are now stocking a wider range of OTC products to cater to the diverse needs of consumers. This includes not only traditional OTC medications but also a variety of health and wellness products such as vitamins, supplements, and personal care items. This trend reflects the increasing demand for holistic healthcare solutions and the desire for a one-stop shopping experience. Another trend in the market is the growing presence of international brands. As Angola opens up to global trade and investment, international pharmaceutical companies are entering the market and introducing their OTC products. This has not only expanded the product range available to consumers but has also raised the standards of quality and efficacy in the market.

Local special circumstances: Angola's healthcare system is still developing, and access to healthcare services can be limited, particularly in rural areas. This has created a greater reliance on self-care and OTC products for the management of common health issues. Additionally, the high prevalence of certain diseases, such as malaria and HIV/AIDS, has also increased the demand for OTC products for prevention and treatment.

Underlying macroeconomic factors: Angola has experienced steady economic growth in recent years, which has contributed to an increase in disposable income and consumer spending. This has allowed more Angolans to afford OTC products and invest in their health and well-being. Furthermore, the government has implemented policies to promote the development of the healthcare sector, including the expansion of pharmacies and the regulation of OTC products. These factors have created a favorable environment for the growth of the OTC Products (Pharmacies) market in Angola. In conclusion, the OTC Products (Pharmacies) market in Angola has experienced significant development and growth due to customer preferences for self-care, the expansion of product offerings, the presence of international brands, local special circumstances, and underlying macroeconomic factors. As Angola continues to develop its healthcare system and improve access to healthcare services, the demand for OTC products is expected to further increase in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.