OTC Products - Lebanon

Lebanon

Lebanon's OTC Products market is expected to achieve a revenue of US$186.60m in 2024.
This revenue is projected to experience a steady annual growth rate (CAGR 2024-2029) of 2.79%, leading to a market volume of US$214.10m by 2029.
When compared globally, the highest revenue will be generated China, amounting to US$74.91bn in 2024.
In terms of per capita figures, each person in Lebanon is estimated to generate a revenue of US$35.75 in 2024.
The OTC Products market offers promising opportunities for growth and development in Lebanon.
The demand for OTC products in Lebanon has seen a significant increase due to the country's strong healthcare infrastructure and growing consumer awareness about self-medication.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Lebanon 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: Customers in Lebanon have shown a growing preference for self-medication and over-the-counter (OTC) products. This can be attributed to several factors, including increased health awareness, convenience, and cost-effectiveness. Many consumers are opting for OTC products as a first-line treatment for common ailments and minor health issues. The availability of a wide range of OTC products in pharmacies has also contributed to this trend, as customers can easily access the medications they need without a prescription.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Lebanon is the growing demand for natural and herbal remedies. Consumers are increasingly seeking alternative and holistic approaches to healthcare, and this has led to a rise in the popularity of natural and herbal products. Pharmacies in Lebanon have responded to this trend by expanding their range of natural and herbal remedies, offering customers a wider choice of options. Another trend in the market is the increasing focus on preventive healthcare. With rising healthcare costs and a growing emphasis on wellness, consumers are taking proactive measures to maintain their health and prevent illnesses. This has led to a higher demand for OTC products that promote overall well-being, such as vitamins, supplements, and preventive medications. Pharmacies are capitalizing on this trend by stocking a variety of preventive healthcare products and providing customers with information on how to maintain a healthy lifestyle.

Local special circumstances: Lebanon has a well-established healthcare system, with a high number of pharmacies per capita. This accessibility to pharmacies makes it convenient for customers to purchase OTC products. Additionally, the country has a strong pharmaceutical industry, which ensures a steady supply of OTC products to meet the growing demand.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Lebanon is influenced by several macroeconomic factors. The country has a relatively stable economy, with a growing middle class and increasing disposable income. This has led to higher healthcare spending and a greater willingness to invest in self-care and preventive healthcare. Furthermore, the government's efforts to improve healthcare infrastructure and promote health awareness have also contributed to the growth of the OTC market. In conclusion, the OTC Products (Pharmacies) market in Lebanon is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The growing demand for self-medication, natural and herbal remedies, and preventive healthcare has driven the expansion of the market. With a well-established healthcare system, a strong pharmaceutical industry, and a stable economy, Lebanon is well-positioned to continue its growth in the OTC 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.