Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - New Zealand

New Zealand

Revenue in the Sleep Aids market is projected to reach US$1.71m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.35%, resulting in a market volume of US$1.74m by 2029.
In global comparison, most revenue will be generated in the United States (US$1,473.00m in 2024).
In relation to total population figures, per person revenues of US$0.32 are generated in 2024.

Key regions: United States, Germany, Australia, India, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in New Zealand is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in New Zealand are increasingly seeking sleep aids to address their sleep-related issues. Factors such as stress, work pressure, and lifestyle changes have led to a rise in sleep disorders among the population. As a result, there is a growing demand for sleep aids in pharmacies. Customers are looking for effective and safe solutions to improve their sleep quality and overall well-being.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in New Zealand is the shift towards natural and herbal sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that are free from synthetic chemicals and have minimal side effects. This trend is driven by the growing popularity of natural remedies and the increasing awareness of the potential risks associated with long-term use of pharmaceutical sleep aids. Another trend in the market is the availability of sleep aids in different forms such as tablets, capsules, and herbal teas. This allows customers to choose the form that suits their preferences and needs. Additionally, there is a growing demand for sleep aids that are easy to consume and have a fast-acting effect, as customers want quick relief from their sleep problems.

Local special circumstances: New Zealand has a high prevalence of sleep disorders, with a significant portion of the population experiencing difficulties in falling asleep or staying asleep. This has created a favorable market for sleep aids in pharmacies. Moreover, the aging population in New Zealand is also contributing to the growth of the market, as older adults are more prone to sleep disturbances and often seek sleep aids to improve their sleep quality.

Underlying macroeconomic factors: The growing market for sleep aids in New Zealand can be attributed to several underlying macroeconomic factors. The country has a stable economy with a high standard of living, which allows individuals to prioritize their health and well-being. Additionally, the increasing awareness about the importance of sleep and its impact on overall health has led to a greater demand for sleep aids. Furthermore, the presence of a well-established pharmacy network across the country ensures easy access to sleep aids for customers. In conclusion, the Sleep Aids (Pharmacies) market in New Zealand is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for natural and herbal sleep aids, availability of different forms of sleep aids, high prevalence of sleep disorders, and a stable economy are driving the market forward. As the awareness about the importance of sleep continues to grow, the market is expected to expand further 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.