Pharmacy Usual Items - New Zealand

New Zealand

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$892.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.58%, resulting in a market volume of US$1.12bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$169.40 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in New Zealand is experiencing steady growth and development.

Customer preferences: Customers in the Pharmacy Usual Items market in New Zealand have shown a strong preference for convenience and affordability. They value products that are easily accessible and provide good value for money. In addition, customers are increasingly seeking natural and organic alternatives in their usual items, such as skincare and personal care products. This shift in preference is driven by a growing awareness of the potential harmful effects of certain ingredients and a desire for more sustainable and environmentally friendly options.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in New Zealand is the rise of e-commerce. With the increasing popularity of online shopping, more customers are turning to online platforms to purchase their usual items. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products. In addition, the COVID-19 pandemic has further accelerated the growth of e-commerce, as customers have been encouraged to stay at home and avoid crowded places. Another trend in the market is the increasing demand for health and wellness products. Customers are becoming more conscious of their health and are seeking products that promote overall well-being. This includes vitamins and supplements, natural remedies, and products that support a healthy lifestyle. The growing interest in health and wellness is influenced by a number of factors, including an aging population, increasing healthcare costs, and a greater emphasis on preventive healthcare.

Local special circumstances: New Zealand has a unique market for Pharmacy Usual Items due to its geographical location and population size. The country has a relatively small population compared to other countries, which can limit the scale of the market. However, this also presents opportunities for niche and specialized products that cater to specific customer needs. In addition, New Zealand has a reputation for producing high-quality natural and organic products, which can be a competitive advantage in the market.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in New Zealand is supported by several macroeconomic factors. The country has a stable economy and a high standard of living, which enables customers to spend on non-essential items such as skincare and personal care products. In addition, New Zealand has a well-developed healthcare system, which contributes to the demand for healthcare-related products. The government also plays a role in supporting the market through regulations and policies that promote consumer safety and product quality. Overall, the Pharmacy Usual Items market in New Zealand is expected to continue its growth trajectory in the coming years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

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.