OTC Products - New Zealand

New Zealand

The revenue in the OTC Products market in New Zealand is estimated to reach US$1,169.00m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.46%, leading to a market volume of US$1,454.00m by 2029.
When compared globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
In terms of per capita figures, each person in New Zealand is estimated to generate revenues of US$221.80 in 2024.
New Zealand is experiencing a growing demand for natural and organic OTC products, as consumers prioritize sustainability and wellness.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in New Zealand has been experiencing steady growth over the past few years.

Customer preferences: Customers in New Zealand have shown a growing preference for OTC products, mainly due to the convenience and accessibility they offer. OTC products are readily available in pharmacies without the need for a prescription, allowing customers to quickly and easily address their healthcare needs. Additionally, customers appreciate the wide range of OTC products available, which cater to various health concerns such as cough and cold, pain relief, and skincare.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in New Zealand is the increasing demand for natural and organic products. Customers are becoming more conscious about the ingredients used in the products they consume and are seeking healthier alternatives. This trend aligns with the global shift towards natural and organic products, reflecting a growing awareness of health and wellness. Another trend in the market is the rising popularity of online pharmacies. With the advancement of technology and the convenience it offers, customers are increasingly turning to online platforms to purchase OTC products. Online pharmacies provide a wide range of products, competitive pricing, and the convenience of doorstep delivery, making them an attractive option for customers.

Local special circumstances: New Zealand has a well-established healthcare system that ensures the accessibility of OTC products to the general population. The country has a network of pharmacies spread across urban and rural areas, making it convenient for customers to access OTC products. Additionally, the government plays an active role in regulating the OTC market to ensure the safety and quality of products available to consumers.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in New Zealand can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth, leading to increased disposable income among consumers. This allows them to spend more on healthcare products, including OTC products. Furthermore, the aging population in New Zealand is contributing to the growth of the OTC market. As the population ages, there is a higher demand for healthcare products and services, including OTC products. This demographic trend is expected to continue in the coming years, further driving the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in New Zealand is witnessing growth due to customer preferences for convenience and accessibility, the increasing demand for natural and organic products, the rise of online pharmacies, the well-established healthcare system, and underlying macroeconomic factors such as economic growth and an aging population.

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.