OTC Products - Morocco

Morocco

The OTC Products market in Morocco is expected to achieve a revenue of US$1,680.00m by 2024.
This projection indicates a steady growth rate of 2.75% annually from 2024 to 2029, resulting in a market volume of US$1,924.00m by 2029.
When compared to other countries globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
In terms of per capita revenue, in Morocco is anticipated to generate US$43.96 per person in 2024.
This metric provides insight into the average revenue generated by each individual in relation to the total population.
"Morocco's OTC product market is witnessing a surge in demand for traditional herbal remedies and natural skincare products, reflecting a growing preference for holistic health and wellness solutions among the population."

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Morocco has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences: Moroccan consumers have shown a growing preference for OTC products, driven by factors such as increasing health awareness and a desire for self-medication. The convenience and accessibility of OTC products in pharmacies have made them a popular choice among consumers. Additionally, the affordability of these products compared to prescription medications has also contributed to their popularity.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Morocco is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic medications and are seeking alternative options. This has led to a rise in the availability and sales of natural and herbal OTC products in pharmacies. Another trend in the market is the expansion of the product range offered by pharmacies. In addition to traditional OTC medications, pharmacies in Morocco are now offering a wider range of health and wellness products, including vitamins, supplements, and personal care items. This diversification of product offerings is aimed at meeting the evolving needs and preferences of consumers.

Local special circumstances: Morocco has a well-established healthcare system, with a strong network of pharmacies across the country. These pharmacies play a crucial role in the distribution of OTC products, providing easy access to consumers. The government has also implemented regulations to ensure the quality and safety of OTC products sold in pharmacies, further enhancing consumer trust in these products.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Morocco can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products, including OTC medications. Furthermore, the government has been actively promoting the use of OTC products as a cost-effective solution to minor health issues. This has resulted in increased awareness and demand for these products among consumers. Additionally, the expansion of the healthcare infrastructure, including the establishment of new pharmacies, has also contributed to the growth of the OTC Products (Pharmacies) market in Morocco. In conclusion, the OTC Products (Pharmacies) market in Morocco is developing due to customer preferences for convenience and affordability, trends such as the demand for natural and herbal remedies, the expansion of product offerings in pharmacies, local special circumstances such as a well-established healthcare system, and underlying macroeconomic factors including economic growth and government initiatives.

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.