OTC Products - Southern Africa

Southern Africa

In Southern Africa, the OTC Products market is projected to generate a revenue of US$2,245.00m in 2024.
This market is expected to exhibit an annual growth rate of 4.47% (CAGR 2024-2029), resulting in a market volume of US$2,793.00m by 2029.
When compared globally, China is anticipated to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
In terms of per person revenues, in Southern Africa, each individual is estimated to generate US$32.05 in 2024.
The demand for OTC products in Southern Africa is rising steadily, driven by increased access to healthcare and growing awareness of self-medication.

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

Market

Region

Region comparison

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Analyst Opinion

The OTC Products (Pharmacies) market in Southern Africa is experiencing significant growth and development. Customers in this region have shown a strong preference for over-the-counter products, driving the expansion of the market. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the growth of the OTC market in Southern Africa. Customer preferences in Southern Africa have played a crucial role in the development of the OTC Products (Pharmacies) market. Customers in this region prefer the convenience and accessibility of over-the-counter products. OTC products allow them to self-medicate for common ailments and minor health issues without the need for a prescription. This preference for self-care and empowerment has led to an increased demand for OTC products in Southern Africa. Trends in the market further support the growth of the OTC Products (Pharmacies) market in Southern Africa. One notable trend is the rising awareness and importance of preventive healthcare. Customers are increasingly seeking OTC products for preventive measures, such as vitamins, supplements, and health monitoring devices. This trend is driven by a growing focus on personal wellness and a desire to maintain good health. As a result, pharmacies in Southern Africa are expanding their OTC product offerings to cater to this demand. Another trend in the market is the increasing popularity of natural and herbal remedies. Customers in Southern Africa are becoming more conscious of the potential side effects of certain medications and are seeking alternative options. This has led to a rise in the demand for natural and herbal OTC products, such as herbal supplements and traditional remedies. Pharmacies are responding to this trend by stocking a wider range of natural and herbal products to meet customer preferences. Local special circumstances in Southern Africa also contribute to the growth of the OTC Products (Pharmacies) market. Limited access to healthcare facilities and healthcare professionals in some areas makes OTC products a convenient and accessible option for customers. Pharmacies serve as primary points of healthcare access for many individuals in the region, making OTC products essential for managing common health issues. Underlying macroeconomic factors, such as population growth and increasing disposable incomes, further drive the development of the OTC market in Southern Africa. As the population continues to grow, the demand for healthcare products, including OTC products, also increases. Additionally, rising disposable incomes enable customers to afford OTC products, leading to higher sales and market growth. In conclusion, the OTC Products (Pharmacies) market in Southern Africa is developing due to customer preferences for convenience and accessibility, as well as local special circumstances and underlying macroeconomic factors. The increasing demand for OTC products for preventive healthcare and natural remedies, coupled with limited access to healthcare facilities, has fueled the growth of the market. As the population continues to grow and disposable incomes rise, the OTC market in Southern Africa is expected to continue its upward trajectory.

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.