OTC Products - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue of the OTC Products market is anticipated to reach US$635.00m by 2024.
Looking ahead, it is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of -3.20%, leading to a market volume of US$539.70m by 2029.
When compared globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
In terms of per capita figures, in 2024, the revenue generated per person is estimated to be US$28.93.
The demand for OTC products in Sri Lanka is surging due to the increasing awareness and preference for self-medication among the population.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: Customers in Sri Lanka have shown a growing preference for over-the-counter (OTC) products due to their convenience and accessibility. OTC products are widely available in pharmacies across the country, making them easily accessible to consumers. This has led to an increase in demand for OTC products, as customers prefer to self-medicate for minor ailments and common health issues.

Trends in the market: One of the key trends in the OTC Products market in Sri Lanka is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, they are seeking ways to improve their overall well-being. This has led to a rise in the consumption of vitamins and dietary supplements, which are readily available in pharmacies. Additionally, there has been a growing trend of consumers purchasing OTC products online, as e-commerce platforms provide a convenient and hassle-free shopping experience.

Local special circumstances: Sri Lanka has a well-established healthcare system, with a large number of pharmacies spread across the country. This widespread availability of pharmacies has contributed to the growth of the OTC Products market. Furthermore, the country has a high literacy rate, which enables consumers to make informed decisions about their healthcare needs and choose the appropriate OTC products.

Underlying macroeconomic factors: The growing middle-class population in Sri Lanka has contributed to the expansion of the OTC Products market. As disposable incomes increase, consumers are willing to spend more on healthcare products, including OTC products. Additionally, the aging population in the country has created a demand for OTC products that cater to age-related health issues. In conclusion, the OTC Products market in Sri Lanka is experiencing significant growth due to customer preferences for convenience and accessibility. The increasing demand for vitamins and dietary supplements, as well as the rise of e-commerce, are key trends in the market. The widespread availability of pharmacies and the high literacy rate in Sri Lanka contribute to the growth of the market. The growing middle-class population and aging population are underlying macroeconomic factors that drive the demand for OTC products in the country.

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.