Sleep Aids (Pharmacies) - Argentina

Argentina

Highlights

Revenue in the Sleep Aids market is projected to reach US$13.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.63%, resulting in a market volume of US$15.14m by 2029.
In global comparison, most revenue will be generated United States (US$1.47bn in 2024).
In relation to total population figures, per person revenues of US$0.29 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids (Pharmacies) market in Argentina is experiencing significant growth and development. Customer preferences for sleep aids have evolved, leading to new trends in the market. Additionally, there are local special circumstances and underlying macroeconomic factors that contribute to the market's development.

Customer preferences: In Argentina, customer preferences for sleep aids have shifted towards natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of traditional sleep aids and are seeking safer alternatives. As a result, there is a growing demand for sleep aids that are made from natural ingredients such as melatonin, valerian root, and chamomile. This preference for natural sleep aids is driven by the desire for a more holistic approach to sleep health.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Argentina is the rising popularity of over-the-counter sleep aids. As consumers become more proactive about their sleep health, they are increasingly turning to pharmacies to purchase sleep aids without a prescription. This trend is driven by the convenience and accessibility of over-the-counter sleep aids, as well as the growing awareness of the importance of getting a good night's sleep. Another trend in the market is the increasing availability of sleep aids specifically targeted towards different age groups. Manufacturers are recognizing that sleep issues can affect people of all ages, from infants to the elderly. As a result, there is a wider range of sleep aids available in pharmacies that cater to specific age groups, such as pediatric sleep aids and senior sleep aids. This trend reflects the growing understanding of the unique sleep needs of different age groups and the demand for tailored solutions.

Local special circumstances: Argentina has a high prevalence of sleep disorders, which contributes to the growth of the Sleep Aids (Pharmacies) market. Factors such as stress, irregular work schedules, and lifestyle habits can all contribute to sleep disturbances. As a result, there is a significant demand for sleep aids in the country. Additionally, the aging population in Argentina is also driving the demand for sleep aids, as older individuals are more likely to experience sleep problems.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability, which can impact consumer purchasing power. During times of economic uncertainty, consumers may be more inclined to prioritize essential purchases over sleep aids. However, as the economy stabilizes, consumers are likely to have more disposable income to spend on sleep aids, leading to market growth. In conclusion, the Sleep Aids (Pharmacies) market in Argentina is developing due to changing customer preferences, such as a preference for natural remedies, and the availability of over-the-counter sleep aids. Local special circumstances, such as a high prevalence of sleep disorders and an aging population, contribute to the market's growth. Additionally, underlying macroeconomic factors, such as economic stability, also play a role in shaping the market.

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.