OTC Products - Belgium

Belgium

In Belgium, the OTC Products market is anticipated to experience substantial growth in the coming years.
According to projections, the market's revenue is expected to reach US$1,214.00m by 2024.
This revenue is expected to increase at an annual growth rate of 2.28% (CAGR 2024-2029), resulting in a market volume of US$1,359.00m by 2029.
In a global context, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, with an estimated revenue of US$74.91bn in 2024.
When considering the population figures, it can be observed that in Belgium, per person revenues of US$103.60 are generated in 2024.
This indicates the significant market potential and consumer demand for OTC Products market in the country.
Belgium's OTC product market is witnessing a surge in demand for natural health supplements and herbal remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Belgium has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Belgium have played a significant role in shaping the OTC Products (Pharmacies) market. Consumers in Belgium have shown a growing interest in self-care and taking charge of their own health. This has led to an increased demand for over-the-counter products that can treat common ailments and minor health issues without the need for a prescription. Customers appreciate the convenience and accessibility of OTC products, as they can be easily purchased at pharmacies without the need for a doctor's visit. Trends in the market have also contributed to the growth of the OTC Products (Pharmacies) market in Belgium. One notable trend is the increasing popularity of natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as being more natural and gentle on the body. This has led to a rise in the demand for OTC products that are derived from natural ingredients and have fewer side effects. Another trend in the market is the growing availability of OTC products online. E-commerce has become increasingly popular in Belgium, and many consumers now prefer to shop for OTC products online. This trend has been accelerated by the COVID-19 pandemic, which has led to an increased reliance on online shopping. Pharmacies in Belgium have responded to this trend by expanding their online presence and offering a wide range of OTC products for purchase on their websites. Local special circumstances in Belgium have also influenced the development of the OTC Products (Pharmacies) market. Belgium has a well-developed healthcare system that provides easy access to pharmacies and healthcare professionals. This has created a favorable environment for the growth of the OTC Products market, as consumers feel confident in the quality and safety of the products available at pharmacies. Underlying macroeconomic factors have also played a role in the growth of the OTC Products (Pharmacies) market in Belgium. The country has a stable economy with a high standard of living, which has contributed to the increased disposable income of consumers. This has allowed consumers to spend more on healthcare products, including OTC products. In conclusion, the OTC Products (Pharmacies) market in Belgium has experienced steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing interest in self-care, the popularity of natural remedies, the rise of e-commerce, the accessibility of pharmacies, and the stable economy have all contributed to the development of the market.

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.