OTC Products - Peru

Peru

The OTC Products market in Peru is expected to witness a significant increase in revenue, projected to reach US$2,014.00m by 2024.
This indicates a promising growth potential within the market.
Furthermore, it is anticipated to maintain a steady annual growth rate (CAGR 2024-2029) of 3.03%, resulting in a market volume of US$2,338.00m by 2029.
In comparison to other countries, China is expected to generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
This indicates the vast market potential and demand within the Chinese market.
When considering the total population figures, it is noteworthy that in Peru, each person generates per-person revenues of US$58.07 in 2024.
This highlights the significance of the OTC Products market within the country and its impact on the overall economy.
Peru's OTC market is witnessing a surge in demand for natural remedies and traditional herbal medicines.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Peru is experiencing significant growth and development.

Customer preferences: Peruvian consumers are increasingly turning to over-the-counter (OTC) products for their healthcare needs. This shift in consumer behavior can be attributed to several factors. Firstly, there is a growing awareness and emphasis on self-care and preventive healthcare among Peruvians. As people become more health-conscious, they are seeking OTC products that can help them manage common ailments and maintain their well-being. Additionally, the convenience and accessibility of OTC products in pharmacies make them a preferred choice for consumers who want quick and easy access to healthcare solutions.

Trends in the market: One major trend in the OTC Products (Pharmacies) market in Peru is the increasing demand for natural and herbal remedies. Peruvian consumers are showing a preference for products that are perceived to be more natural and have fewer side effects. This trend aligns with the global shift towards natural and holistic healthcare solutions. As a result, pharmacies in Peru are expanding their offerings to include a wider range of natural and herbal products to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of smartphones and internet connectivity in Peru, more consumers are turning to online platforms to purchase OTC products. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for consumers. This trend is expected to continue as e-commerce continues to grow in Peru.

Local special circumstances: Peru has a large rural population, and access to healthcare services can be challenging in remote areas. Pharmacies play a crucial role in providing healthcare solutions to these underserved communities. In response to this, pharmacies in Peru are expanding their presence in rural areas, ensuring that essential OTC products are available to the rural population. This expansion is driving the growth of the OTC Products (Pharmacies) market in Peru.

Underlying macroeconomic factors: Peru's improving economy and rising disposable incomes are contributing to the growth of the OTC Products (Pharmacies) market. As people have more money to spend, they are willing to invest in their health and well-being. This increased purchasing power is driving the demand for OTC products in Peru. Furthermore, the Peruvian government has been implementing policies to improve access to healthcare services, including OTC products. This includes initiatives to increase the number of pharmacies in underserved areas and promote the availability of affordable OTC products. These government efforts are creating a favorable environment for the growth of the OTC Products (Pharmacies) market in Peru. In conclusion, the OTC Products (Pharmacies) market in Peru is experiencing significant growth and development due to changing customer preferences, including a preference for natural and herbal remedies, the rising popularity of online pharmacies, and the expansion of pharmacies in rural areas. These trends are supported by underlying macroeconomic factors such as Peru's improving economy and government initiatives to improve access to healthcare services.

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.