OTC Products - Jordan

Jordan

In Jordan, the OTC Products market is forecasted to achieve a remarkable revenue of US$456.50m by the year 2024.
It is anticipated that this revenue will experience a steady annual growth rate (CAGR 2024-2029) of 3.00%, resulting in a market volume of US$529.10m by 2029.
When compared globally, it is noteworthy that the highest revenue will be generated China, with an estimated value of US$74.91bn in 2024.
This demonstrates the substantial market potential and demand for OTC Products market in the country.
Taking into account the population figures, it can be observed that per person revenues of US$40.10 will be generated in Jordan in 2024.
This indicates the significant contribution of the OTC Products market to the economy and the purchasing power of the population.
The demand for OTC products in Jordan has seen a significant increase due to the rising awareness of self-medication and accessibility to pharmacies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Jordan has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Jordan have shifted towards a greater demand for convenience and self-care. Consumers are increasingly seeking products that can be easily accessed without a prescription and can be used to treat common ailments and minor health issues. This shift in preferences is driven by a desire for convenience and cost-effectiveness, as well as a growing awareness of the importance of self-care and preventive healthcare. Trends in the market indicate a growing demand for natural and herbal remedies, as well as a rise in the popularity of vitamins and dietary supplements. Consumers are becoming more conscious of their health and are actively seeking products that are perceived to be more natural and holistic. This trend is in line with global market trends, as consumers worldwide are increasingly opting for natural and organic products. Local special circumstances in Jordan, such as a rapidly growing population and an increasing prevalence of chronic diseases, have also contributed to the development of the OTC Products (Pharmacies) market. The population of Jordan has been steadily increasing, creating a larger customer base for pharmacies. Additionally, the prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has been on the rise, leading to an increased demand for OTC products that can help manage these conditions. Underlying macroeconomic factors, such as a stable economy and a growing middle class, have provided a favorable environment for the growth of the OTC Products (Pharmacies) market in Jordan. The country's economy has been relatively stable in recent years, with steady GDP growth and low inflation rates. This stability has boosted consumer confidence and purchasing power, leading to increased spending on healthcare products. The growing middle class in Jordan has also contributed to the market growth, as this demographic segment has higher disposable incomes and a greater willingness to spend on healthcare. In conclusion, the OTC Products (Pharmacies) market in Jordan is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and self-care, the demand for natural and herbal remedies, the growing population and prevalence of chronic diseases, and the stable economy and growing middle class are all contributing to the growth 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.