OTC Products - Burundi

Burundi

The OTC Products market in Burundi is anticipated to witness a significant increase in revenue, projected to reach US$14.77m by 2024.
It is expected to display a steady annual growth rate (CAGR 2024-2029) of 0.46%, leading to a market volume of US$15.11m by 2029.
When compared globally, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per capita revenue, each person in Burundi is estimated to contribute US$1.09 in 2024.
This indicates the level of economic activity within the OTC Products market in the country.
Burundi has seen a growing demand for OTC herbal remedies, driven by a cultural preference for traditional medicine.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Burundi has been experiencing significant growth in recent years.

Customer preferences: Customers in Burundi have shown a growing preference for over-the-counter (OTC) products, such as medications, health supplements, and personal care items. This can be attributed to several factors, including increasing awareness about self-care and the convenience of purchasing these products without a prescription. Additionally, the affordability of OTC products compared to prescription medications has also contributed to their popularity among consumers.

Trends in the market: One of the key trends in the OTC Products market in Burundi is the rising demand for natural and herbal remedies. Consumers are increasingly seeking products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards holistic health and wellness. As a result, pharmacies in Burundi are expanding their product offerings to include a wider range of natural and herbal remedies. Another trend in the market is the increasing availability of generic OTC products. Generic products are often more affordable than branded ones, making them a popular choice among price-conscious consumers. Pharmacies in Burundi are capitalizing on this trend by stocking a larger variety of generic OTC products to cater to the needs of their customers.

Local special circumstances: The OTC Products market in Burundi is also influenced by local special circumstances. For instance, the country has a high prevalence of certain health conditions, such as malaria and respiratory infections. This has led to a higher demand for OTC medications to treat these conditions. Pharmacies in Burundi have responded to this demand by ensuring a steady supply of relevant OTC products.

Underlying macroeconomic factors: The growth of the OTC Products market in Burundi can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has allowed consumers to allocate more of their budget towards healthcare and wellness products. Additionally, the government of Burundi has implemented policies to improve access to healthcare services, which has contributed to the growth of the OTC Products market. These policies include the expansion of healthcare infrastructure and the promotion of self-care as a means to alleviate the burden on the healthcare system. In conclusion, the OTC Products market in Burundi is experiencing growth due to customer preferences for convenience, affordability, and natural remedies. Pharmacies in the country are adapting to these trends by expanding their product offerings and ensuring a steady supply of relevant OTC products. The local special circumstances, such as the prevalence of certain health conditions, also contribute to the growth of the market. Furthermore, underlying macroeconomic factors, such as steady economic growth and government policies, have created a favorable environment for the development of the OTC Products market in Burundi.

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.