OTC Products - Benin

Benin

In Benin, the revenue in the OTC Products market is estimated to reach US$212.90m in 2024.
The market is expected to experience an annual growth rate of 5.56% from 2024 to 2029, resulting in a market volume of US$279.10m by 2029.
When compared globally, China is projected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per person revenues, in Benin, each individual is expected to generate US$15.12 in 2024.
The demand for OTC products in Benin is steadily increasing due to a growing awareness of self-care and a preference for easily accessible healthcare options.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Benin is experiencing steady growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Benin are driving the growth of the OTC Products (Pharmacies) market. Consumers in Benin are increasingly seeking convenience and accessibility when it comes to healthcare products. They prefer to purchase over-the-counter products from pharmacies rather than visiting doctors or hospitals for minor ailments. This preference for self-medication is contributing to the growth of the OTC Products (Pharmacies) market in Benin. Trends in the market are also playing a significant role in its development. The increasing urbanization and changing lifestyles in Benin have led to a rise in health-consciousness among the population. People are becoming more aware of preventive healthcare and are actively seeking OTC products to maintain their well-being. This trend is driving the demand for OTC products in the market. Local special circumstances in Benin are also influencing the growth of the OTC Products (Pharmacies) market. The lack of access to healthcare facilities in rural areas has led to an increased reliance on pharmacies for basic healthcare needs. Pharmacies in Benin are often the first point of contact for individuals seeking healthcare advice and products. This has created opportunities for pharmacies to expand their product offerings and cater to the growing demand for OTC products. Underlying macroeconomic factors are also contributing to the growth of the OTC Products (Pharmacies) market in Benin. The country's growing economy has led to an increase in disposable income among the population, enabling them to spend more on healthcare products. Additionally, the government's focus on improving healthcare infrastructure and services has created a favorable environment for the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Benin is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenience and accessibility, changing consumer lifestyles, lack of access to healthcare facilities in rural areas, and the country's growing economy are all contributing to the growth 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.