OTC Products - Mozambique

Mozambique

The OTC Products market in Mozambique is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$33.78m in 2024.
Furthermore, it is anticipated that the market will experience an average annual growth rate of 7.25% between 2024 and 2029, resulting in a market volume of US$47.94m by 2029.
When compared to global figures, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, reaching a staggering US$74.91bn in 2024.
However, in terms of per capita revenue, in Mozambique is projected to generate US$0.97 per person in 2024.
These numbers highlight the potential and significance of the OTC Products market in Mozambique, showcasing its growth prospects and its contribution to the country's economy.
Mozambique's OTC products market is witnessing a surge in demand for traditional herbal remedies and remedies for common tropical ailments.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Mozambique 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 in the OTC Products (Pharmacies) market in Mozambique have shifted towards self-medication and increased awareness of health and wellness. With the rise of the middle class and increased disposable income, consumers are becoming more proactive in managing their health and seeking convenient and affordable solutions for minor ailments. This has led to an increased demand for over-the-counter products, as consumers prefer to purchase medications and healthcare products directly from pharmacies without the need for a prescription. Trends in the market indicate a growing focus on preventive healthcare and natural remedies. Consumers in Mozambique are increasingly seeking out products that promote overall well-being and provide relief from common ailments such as cold and flu, allergies, and digestive issues. This has led to a rise in the availability and popularity of herbal and alternative medicine products in pharmacies. Local special circumstances also play a role in the development of the OTC Products (Pharmacies) market in Mozambique. The country has a high burden of communicable diseases, such as malaria and HIV/AIDS, which has increased the demand for OTC products related to these conditions. Additionally, Mozambique has a large rural population with limited access to healthcare facilities, making pharmacies a vital source of healthcare products and services for these communities. Underlying macroeconomic factors, such as population growth, urbanization, and increasing healthcare expenditure, have also contributed to the growth of the OTC Products (Pharmacies) market in Mozambique. The country's population is rapidly increasing, and with more people living in urban areas, there is a greater demand for healthcare products and services. Furthermore, the government of Mozambique has been investing in the healthcare sector, leading to improved healthcare infrastructure and increased healthcare spending. In conclusion, the OTC Products (Pharmacies) market in Mozambique is developing due to changing customer preferences towards self-medication and increased awareness of health and wellness. Trends in the market indicate a focus on preventive healthcare and natural remedies, while local special circumstances and underlying macroeconomic factors also contribute to the market's growth. As the country continues to experience population growth and increasing urbanization, the demand for OTC products in pharmacies is expected to continue to rise.

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.