Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Lebanon

Lebanon

Revenue in the Pharmacy Usual Items market is projected to reach US$1.67m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.61%, resulting in a market volume of US$1.54m by 2029.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$0.32 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

Market

Region

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Currency

Analyst Opinion

The Pharmacy Usual Items market in Lebanon has been experiencing significant growth in recent years.

Customer preferences: Customers in Lebanon have shown a strong preference for purchasing their usual pharmacy items from local brick-and-mortar stores. This is partly due to the cultural importance placed on personal relationships and face-to-face interactions in Lebanon. Customers prefer to consult with pharmacists in person and receive personalized advice and recommendations. Additionally, customers value the convenience of being able to immediately access their desired products without waiting for delivery.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Lebanon is the growing demand for natural and organic products. Customers are increasingly seeking out products that are free from harmful chemicals and have minimal environmental impact. This trend is driven by a growing awareness of health and wellness, as well as a desire to support sustainable and ethical practices. Pharmacies in Lebanon have responded to this trend by expanding their product offerings to include a wider range of natural and organic options. Another trend in the market is the increasing popularity of online pharmacies. While brick-and-mortar stores remain the preferred channel for purchasing usual pharmacy items, online pharmacies have gained traction in recent years. This can be attributed to the convenience and accessibility offered by online platforms. Customers can now browse and purchase their desired products from the comfort of their own homes, and have them delivered directly to their doorstep. Online pharmacies also provide customers with a wider selection of products, as they are not limited by physical shelf space.

Local special circumstances: One of the unique aspects of the Pharmacy Usual Items market in Lebanon is the strong influence of traditional medicine. Traditional remedies and herbal supplements are still widely used and trusted by many customers in Lebanon. This preference for traditional medicine is deeply rooted in the country's history and cultural practices. As a result, pharmacies in Lebanon often carry a wide range of traditional remedies alongside modern pharmaceutical products.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in Lebanon can be attributed to several macroeconomic factors. The country has a relatively high population density, which creates a large customer base for pharmacies. Additionally, Lebanon has a well-developed healthcare system, with a high level of access to healthcare services. This, coupled with a growing middle class and increasing disposable incomes, has contributed to the rising demand for usual pharmacy items. In conclusion, the Pharmacy Usual Items market in Lebanon is experiencing growth due to customer preferences for local brick-and-mortar stores, the increasing demand for natural and organic products, the popularity of online pharmacies, the influence of traditional medicine, and underlying macroeconomic factors such as population density and 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.