OTC Products - Belarus

Belarus

The OTC Products market in Belarus is anticipated to witness a significant increase in revenue, with projections indicating that it will reach US$502.70m by the year 2024.
Moreover, this market is expected to display a steady annual growth rate (CAGR 2024-2029) of -1.66%, resulting in a market volume of US$462.30m by 2029.
When compared on a global scale, it is noteworthy that China is predicted to generate the highest revenue in this market, amounting to US$74.91bn in 2024.
However, in terms of per capita revenue, in Belarus is estimated to generate US$53.17 per person in 2024.
Despite the limited availability of OTC products in Belarus, there is a growing demand for natural remedies and traditional medicines.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Belarus is experiencing steady growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in the OTC Products (Pharmacies) market in Belarus are influenced by several factors. Firstly, consumers in Belarus have shown a growing preference for self-medication and managing minor health issues on their own. This trend is driven by the convenience and accessibility of OTC products, which can be easily purchased without a prescription. Additionally, consumers are increasingly seeking out natural and herbal remedies, as they perceive them to be safer and more gentle on the body. Trends in the market reflect these customer preferences. There is a growing demand for a wide range of OTC products, including pain relievers, cough and cold remedies, digestive aids, and vitamins and supplements. Pharmacies in Belarus are expanding their product offerings to meet this demand, stocking a diverse range of OTC products from both local and international brands. Furthermore, there is a rising trend of online purchasing of OTC products, as consumers appreciate the convenience of having their healthcare needs delivered to their doorstep. Local special circumstances also contribute to the development of the OTC Products (Pharmacies) market in Belarus. The country has a well-established healthcare system, with a high number of pharmacies spread across urban and rural areas. This widespread accessibility to pharmacies ensures that consumers have easy access to OTC products. Additionally, the government plays a proactive role in regulating the OTC market, ensuring that products meet safety and quality standards. Underlying macroeconomic factors further support the growth of the OTC Products (Pharmacies) market in Belarus. The country has experienced stable economic growth in recent years, resulting in an increase in disposable income levels. This allows consumers to allocate a larger portion of their budget towards healthcare and wellness products, including OTC products. Furthermore, the aging population in Belarus contributes to the demand for OTC products, as older individuals often require medications and remedies for chronic conditions and age-related ailments. In conclusion, the OTC Products (Pharmacies) market in Belarus is developing due to customer preferences for self-medication and natural remedies, the growing demand for a wide range of OTC products, the accessibility of pharmacies, proactive government regulation, and underlying macroeconomic factors such as stable economic growth and an aging population. This positive trajectory is expected to continue as consumers prioritize their health and well-being and seek out convenient and accessible healthcare solutions.

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.