OTC Products - Benelux

Benelux

The OTC Products market in Benelux is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$2,683.00m by 2024.
This represents a substantial increase in comparison to previous years.
Furthermore, it is anticipated that the market will continue to expand at a steady pace, with an annual growth rate (CAGR 2024-2029) of 3.01%.
This growth trajectory is expected to result in a market volume of US$3,112.00m by 2029.
When comparing the revenue generated in Benelux to other countries globally, it becomes evident that China leads the pack.
In 2024, [globalrevenue_currentlayer_yeartoday_maxcountrynameprep] is projected to generate a staggering revenue of US$74.91bn in the OTC Products market.
This highlights the significant market potential that exists China.
In terms of per capita revenue, the figure stands at US$89.28 in 2024.
This indicates that the revenue generated per person in Benelux is relatively low in comparison to the total population.
However, it is important to note that this metric should be interpreted with caution, as it does not account for variations in income distribution or purchasing power among individuals.
The OTC product market in Benelux is experiencing a surge in demand for herbal supplements and natural remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Benelux is experiencing significant growth and development.

Customer preferences: Customers in Benelux have shown a strong preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including the convenience and accessibility of these products. Consumers appreciate the ability to purchase OTC products without a prescription, allowing them to quickly and easily address their healthcare needs. Additionally, the wide range of OTC products available in pharmacies in Benelux caters to the diverse needs and preferences of customers.

Trends in the market: One key trend in the OTC Products (Pharmacies) market in Benelux is the increasing demand for natural and organic products. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and more environmentally friendly. This trend is driving the growth of natural and organic OTC products in the market. Pharmacies in Benelux are responding to this demand by expanding their range of natural and organic options, providing customers with a wider selection to choose from. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of technology and the convenience it offers, more customers in Benelux are turning to online platforms to purchase their OTC products. Online pharmacies provide a convenient and efficient way for customers to access a wide range of products, compare prices, and have them delivered directly to their doorstep. This trend is reshaping the OTC Products (Pharmacies) market in Benelux and is expected to continue growing in the coming years.

Local special circumstances: One special circumstance in the Benelux market is the presence of a strong pharmacy network. Pharmacies in Benelux are well-established and have a long history of providing healthcare services to the local population. This strong network of pharmacies ensures that customers have easy access to OTC products, with a pharmacy often located within close proximity to their homes. This convenience factor contributes to the overall growth of the OTC Products (Pharmacies) market in Benelux.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Benelux is also influenced by underlying macroeconomic factors. The stable and prosperous economy in the region has contributed to the growth of the market. With a high standard of living and disposable income, consumers in Benelux are willing to spend on healthcare products, including OTC products. Additionally, the well-developed healthcare system in the region, with a focus on preventive care and self-medication, further drives the demand for OTC products. In conclusion, the OTC Products (Pharmacies) market in Benelux is experiencing growth and development due to customer preferences for convenience, the increasing demand for natural and organic products, the popularity of online pharmacies, the strong pharmacy network, and the underlying macroeconomic factors. As these trends continue to shape the market, it is expected that the OTC Products (Pharmacies) market in Benelux will further expand in the future.

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.