OTC Products - Cambodia

Cambodia

The OTC Products market in Cambodia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$259.00m by 2024.
Furthermore, there is an anticipated annual growth rate of 3.06% from 2024 to 2029, resulting in a market volume of US$301.10m by the end of 2029.
When compared to other countries globally, it is worth noting that China is projected to generate the highest revenue in the OTC Products market, with an estimated value of US$74.91bn in 2024.
This showcases the scale and potential of the market China.
To put it into perspective, in Cambodia, the per person revenue generated in the OTC Products market is US$15.13 in 2024.
This figure highlights the economic significance of this market and its contribution to the overall economy of the country.
"The OTC product market in Cambodia is experiencing a surge in demand for traditional herbal remedies and supplements."

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

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Analyst Opinion

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

Customer preferences: Customers in Cambodia are increasingly seeking convenience and accessibility when it comes to purchasing over-the-counter (OTC) products. With the rise of urbanization and the growing middle class, there is a greater demand for OTC products that can be easily obtained without a prescription. Consumers are also becoming more health-conscious and are looking for a wide range of options to address their healthcare needs.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Cambodia is the expansion of retail pharmacy chains. These chains are opening more outlets in both urban and rural areas, making OTC products more accessible to a larger population. This trend is driven by the increasing demand for convenience and the need for trusted sources of healthcare products. As a result, local and international pharmacy chains are investing in expanding their presence in Cambodia. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of smartphones and internet access, consumers are turning to online platforms to purchase OTC products. Online pharmacies offer the convenience of doorstep delivery and a wide range of products to choose from. This trend is particularly appealing to busy urban dwellers who may not have the time to visit physical stores.

Local special circumstances: Cambodia has a relatively young population, with a large proportion of the population under the age of 30. This demographic trend has implications for the OTC Products (Pharmacies) market, as younger consumers are more likely to be tech-savvy and open to trying new purchasing channels, such as online pharmacies. Furthermore, the younger population is more health-conscious and proactive in managing their health, driving the demand for OTC products.

Underlying macroeconomic factors: Cambodia's economy has been growing steadily in recent years, with a strong focus on tourism and manufacturing. This has led to an increase in disposable income and improved living standards for many Cambodians. As a result, consumers have more spending power and are willing to invest in their health and well-being. This has contributed to the growth of the OTC Products (Pharmacies) market in Cambodia. In conclusion, the OTC Products (Pharmacies) market in Cambodia is experiencing growth due to customer preferences for convenience and accessibility, the expansion of retail pharmacy chains, the popularity of online pharmacies, the young demographic profile of the population, and the underlying macroeconomic factors driving increased disposable income. This presents opportunities for both local and international players in the market to cater to the evolving needs of Cambodian consumers.

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.