OTC Products - Portugal

Portugal

The OTC Products market in Portugal is expected to see significant growth in the coming years.
By 2024, revenue in this market is projected to reach US$625.50m.
This growth is further expected to continue with an annual growth rate (CAGR 2024-2029) of 2.60%, resulting in a market volume of US$711.00m by 2029.
When compared globally, it is worth noting that China is projected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
This showcases the immense scale of the Chinese market in this sector.
In terms of per person revenues, in Portugal is expected to generate approximately US$61.19 per person in 2024.
This metric provides insight into the individual spending power and consumption patterns within the country's population.
Portugal's OTC products market is experiencing a surge in demand for natural remedies and herbal supplements.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Portugal has been experiencing steady growth in recent years.

Customer preferences: Customers in Portugal have shown a growing preference for OTC products, which can be attributed to several factors. Firstly, there is a growing awareness among consumers about the importance of self-care and taking a proactive approach to their health. This has led to an increased demand for OTC products that can help manage common ailments and minor health issues. Additionally, the convenience of purchasing these products directly from pharmacies has also contributed to their popularity.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Portugal is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients in the products they use and are seeking out natural alternatives to traditional medicines. This trend is in line with the global shift towards natural and organic products. Pharmacies in Portugal have responded to this trend by expanding their range of natural and herbal OTC products to cater to the growing demand. Another trend in the market is the rising popularity of online pharmacies. With the convenience of online shopping, more consumers are opting to purchase OTC products online. This trend has been further accelerated by the COVID-19 pandemic, as people have been encouraged to stay at home and minimize physical contact. Online pharmacies offer a wide range of OTC products and provide a convenient and contactless shopping experience for consumers.

Local special circumstances: Portugal has a well-established network of pharmacies, with a high density of pharmacies per capita. This makes OTC products easily accessible to consumers across the country. Additionally, the Portuguese government has implemented policies to promote the use of generic medicines, which has contributed to the growth of the OTC market. Generic OTC products are often more affordable than branded alternatives, making them an attractive option for cost-conscious consumers.

Underlying macroeconomic factors: The growing OTC Products (Pharmacies) market in Portugal can also be attributed to favorable macroeconomic factors. Portugal has experienced steady economic growth in recent years, which has resulted in an increase in disposable income for consumers. This has allowed consumers to spend more on healthcare and wellness products, including OTC products. Furthermore, the aging population in Portugal has also contributed to the growth of the OTC market, as older adults often require OTC products for the management of chronic conditions and age-related health issues. In conclusion, the OTC Products (Pharmacies) market in Portugal is witnessing growth due to customer preferences for self-care, the increasing demand for natural and herbal remedies, the rise of online pharmacies, the accessibility of pharmacies, and favorable macroeconomic factors. These trends and circumstances are likely to continue driving the growth of the market in the coming years.

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.