OTC Products - Mexico

Mexico

Highlights

The OTC Products market in Mexico is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$3.60bn by 2024.
Furthermore, it is anticipated that the market will sustain an annual growth rate of 3.53% from 2024 to 2029, resulting in a market volume of US$4.29bn by the end of the forecast period.
When compared to other countries globally, China is projected to generate the highest revenue in the OTC Products market, with an estimated revenue of US$74.91bn in 2024.
This highlights the significant potential and size of the market China.
In terms of per person revenues, it is estimated that each individual in Mexico will generate approximately US$27.84 in revenue in 2024.
This figure provides insight into the market's economic impact on the population.
The demand for over-the-counter products in Mexico has been steadily increasing, driven by the growing health consciousness among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Mexico has been experiencing significant growth in recent years.

Customer preferences: Mexican consumers have shown a growing preference for over-the-counter (OTC) products due to their convenience and accessibility. With an increasing number of pharmacies and drugstores across the country, consumers have easy access to a wide range of OTC products without the need for a prescription. This has led to a shift in consumer behavior, with many opting for self-medication and seeking OTC products to treat common ailments.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Mexico is the rising demand for health and wellness products. Consumers are becoming more conscious of their health and are actively seeking products that promote well-being. This has led to an increase in the availability of vitamins, dietary supplements, and natural remedies in pharmacies across the country. Another trend is the growing popularity of generic OTC products. Generic products offer similar efficacy to their branded counterparts but at a lower price point. This has resonated with cost-conscious consumers who are looking for affordable options without compromising on quality.

Local special circumstances: Mexico has a large population with a significant proportion of young adults. This demographic is more inclined towards self-care and is open to trying new OTC products. Additionally, the country has a strong cultural belief in the importance of family and community health, which further drives the demand for OTC products.

Underlying macroeconomic factors: Mexico's growing middle class and increasing disposable income have played a significant role in the expansion of the OTC Products (Pharmacies) market. As more people have the means to afford healthcare products, the demand for OTC products has increased. Furthermore, the government's efforts to improve healthcare access and affordability have also contributed to the growth of the OTC market. The implementation of universal healthcare coverage, along with initiatives to promote generic medications, has made OTC products more accessible and affordable for a larger segment of the population. In conclusion, the OTC Products (Pharmacies) market in Mexico is experiencing growth due to customer preferences for convenience and accessibility, the rising demand for health and wellness products, the popularity of generic OTC products, the country's demographic composition, and underlying macroeconomic factors such as the growing middle class and government healthcare initiatives.

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.