Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Northern Africa

Northern Africa

Revenue in the Sleep Aids market is projected to reach US$7.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.39%, resulting in a market volume of US$7.51m 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$0.03 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 Northern Africa is experiencing steady growth due to increasing customer preferences for sleep aids, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Northern Africa are increasingly turning to sleep aids to address sleep-related issues such as insomnia and sleep disorders. The modern lifestyle, with its high stress levels and demanding work schedules, has contributed to a rise in sleep problems among the population. As a result, there is a growing demand for sleep aids in the region.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Northern Africa is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects associated with synthetic sleep aids and are seeking natural alternatives. This trend is driven by a general shift towards natural and organic products in the region. As a result, pharmacies are stocking a wider range of natural sleep aids to cater to this demand. Another trend in the market is the increasing availability of sleep aids in different forms such as tablets, capsules, and herbal teas. This allows customers to choose a form that suits their preferences and needs. Additionally, pharmacies are offering a variety of sleep aid brands, giving customers more options to choose from.

Local special circumstances: Northern Africa has a significant population of older adults who are more prone to sleep-related issues. The aging population in the region has contributed to the increased demand for sleep aids. Pharmacies are catering to this specific customer segment by offering sleep aids that are targeted towards older adults.

Underlying macroeconomic factors: The economic growth in Northern Africa has led to an increase in disposable income among the population. As a result, more people are willing to spend on sleep aids to improve their sleep quality. Additionally, the region is experiencing urbanization and a rise in the middle-class population, which has further contributed to the growth of the Sleep Aids (Pharmacies) market. In conclusion, the Sleep Aids (Pharmacies) market in Northern Africa is growing due to increasing customer preferences for sleep aids, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for sleep aids is driven by the modern lifestyle, the popularity of natural and herbal products, and the aging population. The availability of sleep aids in different forms and the economic growth in the region have also contributed to the market's development.

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.