OTC Products - Baltics

Baltics

Highlights

In Baltics, the OTC Products market is expected to generate a revenue of US$872.40m by 2024.
This projection indicates a steady growth rate of 4.16% annually from 2024 to 2029, resulting in a market volume of US$1.07bn by 2029.
When compared globally, it is worth noting that China is the leading market for OTC Products market, with a projected revenue of US$74.91bn in 2024.
Considering the population figures, the per person revenue in Baltics is estimated to be US$149.90 in 2024.
This metric provides an insight into the distribution of revenue in relation to the population size.
The demand for OTC products in the Baltics has been steadily increasing, driven by a growing awareness of self-care and access to a wide range of health and wellness products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Baltics has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Baltics have shifted towards a more holistic approach to health and wellness. Consumers are increasingly seeking out products that promote overall well-being and preventive care, rather than simply treating specific ailments. This has led to a growing demand for natural and organic products, as well as vitamins, supplements, and other wellness-focused items. Additionally, consumers are becoming more conscious of the ingredients in the products they use and are seeking out options that are free from harmful chemicals and additives. Trends in the OTC Products (Pharmacies) market in Baltics reflect the global shift towards e-commerce and digitalization. Online pharmacies have gained popularity, offering convenience and a wider range of products to consumers. This trend has been further accelerated by the COVID-19 pandemic, as more people turned to online shopping for their healthcare needs. In addition, pharmacies in Baltics are increasingly focusing on providing personalized services and expert advice to differentiate themselves in the market. This includes offering consultations with pharmacists, health screenings, and tailored product recommendations based on individual needs. Local special circumstances in the Baltics, such as the aging population and increasing healthcare costs, have also contributed to the development of the OTC Products (Pharmacies) market. As the population ages, there is a growing need for products that address age-related health issues, such as joint pain, cognitive decline, and cardiovascular health. Pharmacies in the region have responded to this demand by expanding their range of products in these areas. Additionally, the rising cost of healthcare has led many consumers to seek out OTC products as a more affordable alternative to prescription medications. Underlying macroeconomic factors, such as economic growth and increasing disposable incomes, have supported the growth of the OTC Products (Pharmacies) market in Baltics. As the economy has improved in recent years, consumers have had more money to spend on healthcare and wellness products. This has driven demand for OTC products, as consumers are increasingly willing to invest in their health and well-being. Overall, the OTC Products (Pharmacies) market in Baltics is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize holistic health and wellness, seek out personalized services, and navigate the digital landscape, pharmacies in the region are adapting to meet these needs and capitalize on the growing market opportunities.

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.