OTC Products - Zambia

Zambia

The OTC Products market in Zambia is projected to achieve a revenue of US$51.18m in 2024.
This revenue is expected to experience an annual growth rate of 5.86%, leading to a market volume of US$68.05m by 2029.
When compared globally, China is anticipated to generate the highest revenue, amounting to US$74.91bn in 2024.
In terms of per-person revenues, in Zambia is estimated to generate US$2.42 in 2024.
The demand for OTC products in Zambia is steadily increasing due to the growing awareness and accessibility of healthcare solutions.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Zambia has been experiencing significant growth in recent years. Customer preferences have shifted towards self-medication and a greater demand for over-the-counter products. This trend is driven by several factors, including increased awareness of health and wellness, convenience, and affordability. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the OTC market in Zambia.

Customer preferences: In Zambia, there has been a growing preference for self-medication among consumers. This can be attributed to the increased availability of information on health and wellness through various channels, including the internet and social media. As a result, consumers are more informed about common ailments and are seeking OTC products to address their health needs. Furthermore, the convenience of purchasing OTC products without a prescription is another factor driving customer preferences in Zambia. Consumers appreciate the ability to quickly and easily access medications and remedies for minor ailments without having to visit a healthcare professional.

Trends in the market: One of the key trends in the OTC market in Zambia is the increasing demand for vitamins and dietary supplements. As consumers become more health-conscious, there is a growing interest in preventive healthcare and maintaining overall well-being. This has led to a rise in the consumption of vitamins and dietary supplements, which are readily available in pharmacies across the country. Another trend in the market is the growing popularity of herbal and traditional remedies. Many consumers in Zambia have a long-standing cultural belief in the healing properties of traditional herbs and remedies. As a result, there is a strong demand for herbal products in the OTC market.

Local special circumstances: Zambia has a relatively underdeveloped healthcare infrastructure, with limited access to healthcare facilities in rural areas. This has led to an increased reliance on pharmacies as the primary source of healthcare for many Zambians. Pharmacies not only provide OTC products but also serve as a point of consultation and advice for minor ailments. Additionally, the high prevalence of certain diseases, such as malaria and HIV/AIDS, has also contributed to the demand for OTC products in Zambia. Consumers often seek OTC medications to manage the symptoms of these diseases and alleviate discomfort.

Underlying macroeconomic factors: Zambia's growing middle class and improving economic conditions have played a significant role in the development of the OTC market. As disposable incomes increase, consumers have more purchasing power and are willing to spend on healthcare products. Furthermore, the government's efforts to improve healthcare access and affordability have also contributed to the growth of the OTC market. Policies aimed at reducing the cost of healthcare and increasing the availability of essential medicines have made OTC products more accessible to a wider population. In conclusion, the OTC Products (Pharmacies) market in Zambia is experiencing growth due to customer preferences for self-medication, increasing demand for vitamins and dietary supplements, and the popularity of herbal remedies. Local special circumstances, such as limited healthcare infrastructure and the prevalence of certain diseases, further drive the demand for OTC products. Additionally, underlying macroeconomic factors, including the growing middle class and government initiatives, have also contributed to the development of the OTC market in Zambia.

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.