OTC Products - Malawi

Malawi

In the year 2024, the projected revenue of the OTC Products market in Malawi is estimated to reach US$24.32m.
It is expected that the revenue will experience an annual growth rate of 2.37% from 2024 to 2029, resulting in a market volume of US$27.34m by 2029.
When compared to other countries globally, China is anticipated to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per capita figures, the revenue generated in Malawi is approximately US$1.13 per person in the year 2024.
"Malawi has seen a growing demand for OTC herbal remedies, with consumers seeking traditional healing methods."

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Malawi has been experiencing significant growth in recent years. Customer preferences in Malawi have shifted towards over-the-counter (OTC) products in pharmacies due to several factors. Firstly, there has been an increasing awareness and emphasis on self-care and self-medication among the population. Consumers are becoming more proactive in managing their own health and are seeking accessible and affordable healthcare solutions. OTC products provide a convenient and cost-effective option for minor ailments and common health issues. Another factor driving the growth of the OTC Products market in Malawi is the limited access to healthcare facilities, especially in rural areas. Many people in these areas do not have easy access to doctors or hospitals, making OTC products a crucial resource for managing their health. Pharmacies, which are more accessible than healthcare facilities, play a vital role in providing these products to the population. Trends in the market indicate a growing demand for OTC products related to preventive healthcare and wellness. Consumers are increasingly seeking products that can help them maintain good health and prevent illnesses. This trend is driven by a desire for proactive healthcare and a shift towards a more holistic approach to well-being. As a result, pharmacies in Malawi are expanding their product offerings to include a wider range of vitamins, supplements, and other wellness products. Local special circumstances in Malawi also contribute to the development of the OTC Products market. The country has a high burden of communicable diseases, such as malaria and HIV/AIDS, which require ongoing management and treatment. OTC products play a crucial role in providing relief for symptoms and supporting the overall management of these conditions. Additionally, the government has implemented policies to promote the availability and affordability of essential medicines, including OTC products, further driving the growth of the market. Underlying macroeconomic factors, such as population growth and increasing disposable income, also contribute to the expansion of the OTC Products market in Malawi. As the population grows, so does the demand for healthcare products and services. Rising disposable income allows consumers to allocate more resources towards their health and well-being, including the purchase of OTC products. In conclusion, the OTC Products market in Malawi is experiencing significant growth due to shifting customer preferences towards self-care and self-medication, limited access to healthcare facilities, and the increasing demand for preventive healthcare and wellness products. Local special circumstances, such as the high burden of communicable diseases and government policies, further contribute to the development of the market. Additionally, underlying macroeconomic factors, including population growth and increasing disposable income, support the expansion of the OTC Products market in Malawi.

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.