OTC Products - Argentina

Argentina

The OTC Products market in Argentina is anticipated to witness a substantial growth in the coming years.
According to projections, the revenue in this market is expected to reach US$1,039.00m by 2024.
Furthermore, it is estimated that the market will experience an annual growth rate (CAGR 2024-2028) of 3.75%, resulting in a market volume of US$1,204.00m by 2028.
When compared to other countries globally, China is projected to generate the highest revenue in the OTC Products market, reaching a staggering US$74.91bn in 2024.
In terms of per capita revenue, in Argentina, each person is expected to generate US$22.56 in 2024.
This highlights the potential of the OTC Products market in the country and its significance in the overall economy.
"Argentina is experiencing a growing demand for OTC products, driven by an aging population and a greater focus on self-care."

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

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

Customer preferences: Customers in Argentina have shown a strong preference for purchasing over-the-counter (OTC) products from pharmacies. This preference can be attributed to several factors. Firstly, pharmacies in Argentina are widely accessible, with a large number of outlets located throughout the country. This makes it convenient for customers to purchase OTC products without having to travel long distances. Secondly, pharmacies in Argentina are known for their knowledgeable and helpful staff who can provide advice and recommendations on the best OTC products for specific health conditions. This personalized service is highly valued by customers and contributes to their preference for pharmacies as a shopping destination for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Argentina is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative treatments that are perceived to be safer and more natural. This trend is reflected in the growing number of OTC products in pharmacies that are labeled as "natural" or "herbal". Additionally, there has been a rise in the popularity of dietary supplements and vitamins, as customers look to improve their overall well-being. Another trend in the market is the growing demand for OTC products related to skincare and beauty. Customers in Argentina are becoming more interested in taking care of their skin and appearance, and are willing to invest in OTC products that can help them achieve their desired results. This trend is driven by the influence of social media and the increasing emphasis on personal grooming and self-care.

Local special circumstances: One of the unique factors influencing the OTC Products (Pharmacies) market in Argentina is the country's healthcare system. Argentina has a public healthcare system that provides free or low-cost medical services to its citizens. However, this system is often overwhelmed and has long waiting times. As a result, many people turn to pharmacies for minor health issues and rely on OTC products for self-medication. This has contributed to the strong demand for OTC products in pharmacies.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Argentina can also be attributed to the country's improving economy. In recent years, Argentina has experienced economic stability and a growing middle class. This has led to an increase in disposable income and higher consumer spending on healthcare products, including OTC products. Additionally, the government has implemented policies to promote the development of the pharmaceutical industry, which has further supported the growth of the OTC Products (Pharmacies) market.

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.