OTC Products - Central Africa

Central Africa

In Central Africa, the projected revenue in the OTC Products market is estimated to reach US$1,311.00m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 7.23%, resulting in a market volume of US$1,733.00m by 2028.
When compared globally, China is anticipated to generate the highest revenue in the OTC Products market, with a projected revenue of US$74.91bn in 2024.
In terms of per person revenues in Central Africa, it is projected to be US$0.00 in 2024.
This figure represents the revenue generated per individual based on the total population.
Central Africa's OTC product market is witnessing a surge in demand for traditional herbal remedies.

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

Market

Region

Region comparison

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Analyst Opinion

The OTC Products (Pharmacies) market in Central Africa is experiencing significant growth and development.

Customer preferences: Customers in Central Africa have shown a growing preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including the convenience of purchasing OTC products without a prescription, the increasing awareness and availability of these products, and the affordability compared to prescription medications. Additionally, customers in Central Africa have become more proactive in managing their health and are seeking accessible solutions for common ailments.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Central Africa is the increasing demand for vitamins and dietary supplements. This can be attributed to the growing awareness about the importance of maintaining a healthy lifestyle and the desire to prevent common health issues. Customers are increasingly turning to OTC products such as multivitamins, probiotics, and herbal supplements to support their overall well-being. Another trend in the market is the rising popularity of natural and herbal remedies. Customers in Central Africa are becoming more interested in traditional medicine and are seeking natural alternatives to conventional pharmaceutical products. This trend can be attributed to cultural beliefs and the perception that natural remedies have fewer side effects. As a result, pharmacies in Central Africa are expanding their range of natural and herbal products to cater to this growing demand.

Local special circumstances: Central Africa is a region with diverse cultural and linguistic backgrounds. This diversity presents both opportunities and challenges for the OTC Products (Pharmacies) market. Pharmacies need to cater to the specific needs and preferences of different communities within the region. This includes offering products in different languages, understanding cultural beliefs and practices related to health, and tailoring marketing strategies accordingly.

Underlying macroeconomic factors: The development of the OTC Products (Pharmacies) market in Central Africa is also influenced by underlying macroeconomic factors. Economic growth and rising disposable incomes have contributed to an increase in healthcare spending. As customers have more purchasing power, they are able to afford OTC products and are willing to invest in their health and well-being. Additionally, improvements in infrastructure and healthcare facilities have made OTC products more accessible to customers in remote areas. In conclusion, the OTC Products (Pharmacies) market in Central Africa is experiencing growth and development driven by customer preferences for convenience, affordability, and proactive health management. The market is witnessing trends such as the demand for vitamins and dietary supplements, as well as the popularity of natural and herbal remedies. Pharmacies in Central Africa need to adapt to the diverse cultural and linguistic backgrounds of the region, while also considering the underlying macroeconomic factors that contribute to the market's growth.

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.