OTC Products - Burkina Faso

Burkina Faso

The OTC Products market in Burkina Faso is expected to witness a significant growth in revenue, with projections indicating that it will reach US$146.70m in 2024.
Furthermore, it is anticipated that this market will experience a steady annual growth rate (CAGR 2024-2028) of 5.87%, ultimately resulting in a market volume of US$184.30m by 2028.
When compared to other countries globally, it is worth noting that China is projected to generate the highest revenue in the OTC Products market, with an estimated amount of US$74.91bn in 2024.
In terms of per capita revenue, individuals in Burkina Faso are expected to generate approximately US$6.15 in 2024.
This figure represents the revenue generated by each person within the population.
The OTC products market in Burkina Faso is witnessing a growing demand for traditional herbal remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Burkina Faso has been experiencing significant development in recent years. Customer preferences in the OTC Products (Pharmacies) market in Burkina Faso have been shifting towards a greater demand for self-medication and convenience. This can be attributed to several factors, including an increase in health awareness among the population, a growing middle class with higher disposable incomes, and a desire for quick and accessible healthcare solutions. As a result, consumers are increasingly seeking out OTC products that can help them manage common ailments and minor health issues without the need for a prescription or a visit to a healthcare professional. Trends in the market indicate that there has been a steady growth in the number of pharmacies and retail outlets offering OTC products in Burkina Faso. This can be attributed to the increasing demand for these products and the expanding healthcare infrastructure in the country. Pharmacies are becoming more accessible to consumers, with a greater number of outlets opening in urban as well as rural areas. In addition, there has been a rise in the availability of a wider range of OTC products, including vitamins, supplements, pain relievers, and cold and flu remedies, catering to the diverse needs of the population. Local special circumstances in Burkina Faso have also played a role in the development of the OTC Products (Pharmacies) market. The country has a relatively young population, with a high fertility rate and a growing middle class. This demographic profile has contributed to an increased demand for healthcare products and services, including OTC products. Additionally, Burkina Faso has made significant progress in improving its healthcare system, with a focus on expanding access to healthcare services and improving the availability of essential medicines, including OTC products. Underlying macroeconomic factors have also influenced the development of the OTC Products (Pharmacies) market in Burkina Faso. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and improved living standards. This has resulted in a greater ability and willingness among consumers to spend on healthcare products, including OTC products. Furthermore, the government has implemented policies to promote the development of the pharmaceutical sector, including the OTC market, which has created a favorable business environment for both local and international players. Overall, the OTC Products (Pharmacies) market in Burkina Faso is developing due to changing customer preferences, increasing accessibility of pharmacies, local special circumstances, and underlying macroeconomic factors. As the population becomes more health-conscious and the healthcare infrastructure continues to improve, the demand for OTC products is expected to further increase, providing opportunities for growth in the 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.