OTC Products - Guatemala

Guatemala

In Guatemala, the revenue in the OTC Products market is projected to reach US$1,019.00m in 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 4.47%, resulting in a market volume of US$1,268.00m by 2029.
When compared globally, it is worth noting that the majority of revenue will be generated China, with a projected revenue of US$74.91bn in 2024.
In relation to the total population figures, it is estimated that per person revenues of US$55.49 will be generated in Guatemala in 2024.
The OTC Products market is an important market in the country's economy.
The demand for herbal remedies in Guatemala's OTC products market is steadily rising due to the country's rich indigenous traditions and cultural beliefs in natural healing.

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

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Analyst Opinion

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

Customer preferences: Guatemalan consumers have shown a growing preference for over-the-counter (OTC) products, which can be purchased without a prescription at pharmacies. This trend can be attributed to several factors. Firstly, OTC products offer convenience and accessibility to consumers, as they can be easily obtained without the need for a doctor's visit. Additionally, the increasing availability of information through the internet and social media platforms has empowered consumers to take a more proactive approach to their health and well-being. As a result, they are more likely to seek out OTC products to address common health issues.

Trends in the market: One of the key trends in the OTC Products market in Guatemala is the growing demand for vitamins and dietary supplements. Guatemalan consumers are becoming more health-conscious and are actively seeking ways to improve their overall well-being. This has led to a surge in the consumption of vitamins and dietary supplements, which are widely available in pharmacies across the country. Another notable trend is the increasing demand for skincare products. As consumers become more aware of the importance of skincare and beauty, they are turning to pharmacies to purchase a variety of skincare products such as moisturizers, cleansers, and anti-aging creams.

Local special circumstances: Guatemala has a large rural population, and access to healthcare services can be limited in some areas. As a result, pharmacies play a crucial role in providing essential healthcare products to these communities. Pharmacies often serve as the first point of contact for individuals seeking medical advice or treatment, especially in remote areas where healthcare facilities may be scarce. This has contributed to the growth of the OTC Products market in Guatemala, as pharmacies serve as a convenient and accessible source for a wide range of healthcare products.

Underlying macroeconomic factors: The steady economic growth in Guatemala has had a positive impact on the OTC Products market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products. Additionally, the increasing urbanization and changing lifestyles have also contributed to the growth of the market. Urban dwellers tend to have busier lifestyles and may prefer the convenience of purchasing OTC products from pharmacies instead of visiting a doctor for minor ailments. In conclusion, the OTC Products market in Guatemala is experiencing significant growth due to customer preferences for convenience and accessibility, as well as increasing health-consciousness among consumers. The demand for vitamins, dietary supplements, and skincare products has been on the rise, driven by a growing awareness of the importance of overall well-being. The role of pharmacies in providing essential healthcare products, especially in rural areas, has further fueled the growth of the market. The steady economic growth and changing lifestyles in Guatemala have also contributed to the increasing demand for OTC products.

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.