OTC Products - Latvia

Latvia

The OTC Products market in Latvia is projected to achieve a revenue of US$114.60m in 2024.
Looking ahead, this market is expected to display an annual growth rate of 4.23% (CAGR 2024-2029), leading to a market volume of US$141.00m by 2029.
When compared globally, it is worth noting that the majority of revenue will be generated China, with an estimated revenue of US$74.91bn in 2024.
In terms of per capita revenue, each person in Latvia is anticipated to generate US$63.28 in 2024.
Latvia has witnessed a growing demand for natural and organic OTC products, as consumers prioritize health and wellness.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Latvia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Latvia are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products. This has led to a growing preference for OTC products, as they can be easily purchased without a prescription from pharmacies. Additionally, customers are becoming more health-conscious and are actively seeking preventive healthcare solutions, which further fuels the demand for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Latvia is the growing popularity of natural and herbal remedies. Customers are increasingly opting for products that are perceived to be more natural and have fewer side effects. This has led to an increase in the availability and variety of natural OTC products in pharmacies across the country. Another trend is the rising demand for self-care and self-medication. With increasing awareness and access to information, customers are taking a more proactive approach to their healthcare. They are seeking OTC products that can help them manage common ailments and minor health issues without the need for a doctor's visit. This trend is driving the growth of OTC products in pharmacies.

Local special circumstances: Latvia has a well-developed healthcare system with a high level of accessibility to pharmacies. The country has a large number of pharmacies per capita, making it convenient for customers to access OTC products. Additionally, the government has implemented policies to promote the use of OTC products and self-care, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Latvia have also played a role in the growth of the OTC Products (Pharmacies) market. As people have more money to spend on healthcare and wellness products, the demand for OTC products has increased. Furthermore, the aging population in Latvia has resulted in a higher demand for healthcare products, including OTC products, to manage age-related health issues. In conclusion, the OTC Products (Pharmacies) market in Latvia is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for convenience, natural remedies, and self-care is driving the growth of the market, while the accessibility of pharmacies and government policies further support this growth. The overall economic stability and aging population in Latvia also contribute 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.