OTC Products - Kazakhstan

Kazakhstan

The OTC Products market in Kazakhstan is expected to witness a rise in revenue, projected to reach US$1,436.00m by 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 1.61%, resulting in a market volume of US$1,555.00m by 2029.
When compared globally, China is forecasted to generate the highest revenue in the OTC Products market, with an estimated US$74.91bn in 2024.
Considering the population figures, in Kazakhstan is projected to generate per person revenues of US$72.44 in 2024.
This indicates the potential for significant market participation in the OTC Products market in the country.
The growing demand for OTC products in Kazakhstan is driven by increasing healthcare awareness and a rising middle class.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Kazakhstan has been experiencing significant growth in recent years. Customer preferences have shifted towards self-medication and the convenience of purchasing over-the-counter products from pharmacies. This trend is driven by several factors, including increased awareness and education about health and wellness, a growing middle class, and the expansion of the retail pharmacy sector.

Customer preferences: Kazakhstan has seen a rise in customer preferences for self-medication. This can be attributed to the increasing availability of information about health and wellness through the internet and other media sources. As consumers become more knowledgeable about common ailments and their treatment options, they are more inclined to take charge of their own healthcare and seek out over-the-counter products for relief.

Trends in the market: The OTC Products (Pharmacies) market in Kazakhstan is witnessing a surge in demand for products related to pain relief, cough and cold, digestive health, and vitamins and supplements. These categories are driven by the need for immediate relief from common ailments and the desire to maintain overall health and well-being. Consumers are also showing a preference for natural and herbal remedies, leading to an increase in the availability of such products in pharmacies.

Local special circumstances: Kazakhstan has a rapidly growing middle class, which has contributed to the expansion of the OTC Products (Pharmacies) market. As disposable incomes rise, consumers are willing to spend more on healthcare and wellness products. This has led to an increase in the number of pharmacies across the country, making OTC products easily accessible to a larger population.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Kazakhstan is also influenced by macroeconomic factors such as population growth, urbanization, and government healthcare policies. The country's population is growing, particularly in urban areas, which has led to an increased demand for healthcare products and services. Additionally, the government has implemented policies to improve access to healthcare, including the provision of subsidies for certain OTC products. These factors have contributed to the growth of the OTC Products (Pharmacies) market in Kazakhstan. In conclusion, the OTC Products (Pharmacies) market in Kazakhstan is experiencing growth due to customer preferences for self-medication, the expansion of the retail pharmacy sector, and underlying macroeconomic factors such as population growth and government healthcare policies. As consumers become more health-conscious and seek convenient solutions for their healthcare needs, the demand for over-the-counter products is expected to continue to rise.

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.