OTC Products - Fiji

Fiji

The OTC Products market in Fiji is expected to witness a significant growth in revenue, reaching US$16.06m in 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 1.59%, which is expected to result in a market volume of US$17.38m by 2029.
When compared to other countries globally, China is projected to generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
In terms of per capita revenue, in Fiji is estimated to generate approximately US$17.03 per person in 2024.
This figure takes into account the total population of the country.
In Fiji, the demand for traditional herbal remedies and natural wellness products in the OTC market is on the rise.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Fiji is experiencing significant growth and development in recent years.

Customer preferences: Fijian consumers have shown a growing preference for over-the-counter (OTC) products, such as medicines, personal care items, and health supplements. This can be attributed to several factors. Firstly, the convenience of purchasing OTC products from pharmacies allows consumers to access healthcare products without the need for a prescription or a visit to a doctor. Secondly, the affordability of these products compared to prescription medications makes them more accessible to a wider population. Lastly, the increasing awareness of self-care and preventive healthcare has led to a greater demand for OTC products.

Trends in the market: One of the key trends in the OTC Products market in Fiji is the expansion of product offerings in pharmacies. Pharmacies are now stocking a wider range of OTC products, including vitamins, supplements, and natural remedies. This trend is driven by the increasing demand for alternative and complementary medicines. Additionally, pharmacies are also providing more personalized services, such as medication counseling and health consultations, to cater to the evolving needs of consumers. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and the increasing use of smartphones, consumers are now able to purchase OTC products online, which provides them with greater convenience and accessibility. Online pharmacies also offer a wider range of products and competitive pricing, attracting a larger customer base.

Local special circumstances: Fiji is a small island nation with a dispersed population, which poses unique challenges for the healthcare system. The limited availability of healthcare facilities and healthcare professionals in remote areas makes it difficult for individuals to access prescription medications. As a result, OTC products have become a preferred choice for many Fijians, as they provide a convenient and accessible solution for their healthcare needs.

Underlying macroeconomic factors: The growing OTC Products market in Fiji can be attributed to several underlying macroeconomic factors. Firstly, the steady economic growth in Fiji has resulted in an increase in disposable income, allowing consumers to spend more on healthcare products. Secondly, the aging population in Fiji has led to a higher demand for OTC products, as older individuals often require medications and health supplements for their well-being. Lastly, the government's focus on promoting self-care and preventive healthcare has created a favorable environment for the growth of the OTC Products market. In conclusion, the OTC Products (Pharmacies) market in Fiji is developing rapidly due to customer preferences for convenience, affordability, and accessibility. The expansion of product offerings, the rise of online pharmacies, and the unique circumstances of Fiji's healthcare system are driving the growth of this market. Additionally, underlying macroeconomic factors such as economic growth, an aging population, and government initiatives are also contributing to the development of the OTC Products market in Fiji.

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.