OTC Products - Cameroon

Cameroon

In Cameroon, the revenue in the OTC Products market is projected to reach US$316.40m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.06%, resulting in a market volume of US$386.10m by 2029.
When compared globally, China is expected to generate the most revenue in the OTC Products market, reaching US$74.91bn in 2024.
In relation to the total population figures in Cameroon, per person revenues of US$10.76 are generated in 2024.
Cameroon's OTC products market is witnessing a surge in demand for traditional herbal remedies among its population.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Cameroon has been experiencing significant growth in recent years. Customer preferences for over-the-counter products have played a major role in driving this trend. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Cameroon have shifted towards self-medication and the use of over-the-counter products. This can be attributed to several factors. Firstly, there is an increasing awareness among consumers about the benefits and availability of OTC products. This has led to a growing demand for these products, as consumers are more inclined to take charge of their own health and well-being. Another factor driving customer preferences is the convenience and accessibility of OTC products. Pharmacies in Cameroon have expanded their product offerings to include a wide range of OTC products, making them easily accessible to consumers. This has made it more convenient for consumers to purchase these products without the need for a prescription or a visit to a healthcare professional. In addition to customer preferences, there are several trends in the OTC Products (Pharmacies) market in Cameroon. One such trend is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the potential side effects of pharmaceutical drugs and are seeking alternative options. As a result, there has been a growing demand for natural and herbal OTC products in the market. Another trend is the rise of e-commerce in the OTC Products (Pharmacies) market. Online pharmacies have gained popularity in Cameroon, offering consumers the convenience of purchasing OTC products from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. Local special circumstances in Cameroon have also contributed to the development of the OTC Products (Pharmacies) market. The country has a growing middle class population with increasing disposable income. This has led to a higher demand for healthcare products and services, including OTC products. Additionally, the government has implemented policies to promote the growth of the pharmaceutical sector, which has further stimulated the market. Underlying macroeconomic factors have also played a role in the development of the OTC Products (Pharmacies) market in Cameroon. The country has experienced steady economic growth in recent years, leading to an increase in consumer spending power. This has resulted in higher demand for healthcare products, including OTC products. In conclusion, the OTC Products (Pharmacies) market in Cameroon is developing due to customer preferences for self-medication and convenience, as well as the trends of natural and herbal remedies and the rise of e-commerce. Local special circumstances, such as the growing middle class population and government policies, have also contributed to the market's growth. Additionally, underlying macroeconomic factors, such as economic growth and increased consumer spending power, have played a role in 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.