Sleep Aids (Pharmacies) - Mexico

Mexico

Highlights

Revenue in the Sleep Aids market is projected to reach US$11.89m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.82%, resulting in a market volume of US$13.66m 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$0.09 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids (Pharmacies) market in Mexico has been experiencing steady growth in recent years. Customer preferences for sleep aids have been influenced by various factors, leading to an increase in demand for these products. Additionally, there are local special circumstances in Mexico that contribute to the development of the market. Furthermore, underlying macroeconomic factors have also played a role in shaping the market trends.

Customer preferences: Customers in Mexico have shown a growing interest in sleep aids due to the increasing awareness of the importance of sleep for overall health and well-being. Sleep disorders and difficulties in falling asleep have become more prevalent, leading to a higher demand for sleep aids. Moreover, the stressful and fast-paced lifestyle in urban areas has also contributed to sleep problems among the population. As a result, individuals are seeking effective solutions to improve their sleep quality, leading to a rise in the consumption of sleep aids.

Trends in the market: One of the prominent trends in the Sleep Aids (Pharmacies) market in Mexico is the preference for natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of pharmaceutical sleep aids and are turning to natural alternatives. This trend is driven by the growing interest in holistic health and wellness. As a result, there has been an increase in the availability and sales of natural sleep aids in pharmacies across Mexico. Another trend in the market is the introduction of innovative sleep aid products. Manufacturers are constantly developing new formulations and delivery methods to cater to the evolving needs of customers. This includes products such as sleep sprays, melatonin-infused beverages, and sleep-promoting supplements. These innovative products are gaining popularity among consumers who are looking for convenient and effective ways to improve their sleep.

Local special circumstances: Mexico has a large population, and the prevalence of sleep disorders and difficulties is relatively high. This creates a favorable environment for the growth of the Sleep Aids (Pharmacies) market. Additionally, the availability of sleep aids in pharmacies across the country makes it convenient for customers to access these products. The competitive pricing and promotional activities by pharmacies also contribute to the market development.

Underlying macroeconomic factors: The growing middle-class population in Mexico has increased disposable incomes, allowing individuals to spend more on healthcare products, including sleep aids. Furthermore, the aging population in Mexico is also driving the demand for sleep aids, as older adults are more prone to sleep disorders. The increasing urbanization and changing lifestyles have also contributed to the market growth, as urban dwellers are more likely to experience sleep problems due to factors such as work-related stress and exposure to technology. In conclusion, the Sleep Aids (Pharmacies) market in Mexico is developing due to customer preferences for sleep aids, including natural and innovative products. Local special circumstances, such as the high prevalence of sleep disorders and the availability of sleep aids in pharmacies, further contribute to the market growth. Underlying macroeconomic factors, such as the growing middle-class population and aging population, also play a role in shaping the market trends.

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.