OTC Products - Croatia

Croatia

The OTC Products market in Croatia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$564.90m in 2024.
Moreover, it is anticipated that the market will experience a steady annual growth rate of 5.40% from 2024 to 2028.
This growth trajectory is expected to result in a market volume of US$697.20m by 2028.
When compared globally, it is worth noting that China is set to generate the highest revenue in the OTC Products market, reaching an impressive US$74.91bn in 2024.
In terms of per capita revenue, in Croatia is projected to generate around US$141.70 per person in 2024.
This indicates the potential for substantial revenue generation within the OTC Products market in the country.
The demand for OTC products in Croatia has been steadily increasing, driven by a growing health-conscious population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Croatia has been experiencing steady growth in recent years.

Customer preferences: Croatian consumers have shown a growing preference for over-the-counter (OTC) products in pharmacies. This can be attributed to several factors. Firstly, there is a growing awareness and emphasis on self-care and preventive healthcare among the population. Consumers are increasingly taking responsibility for their own health and seeking out OTC products that can help them manage minor ailments and maintain their well-being. Additionally, the convenience of purchasing these products directly from pharmacies, where trained pharmacists can provide guidance and advice, is also a key driver of customer preference.

Trends in the market: One of the key trends in the OTC Products market in Croatia is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic drugs and are turning to natural alternatives. This trend is reflected in the growing availability of herbal supplements, homeopathic remedies, and natural skincare products in pharmacies across the country. Another trend is the rise of online pharmacies, which offer convenience and a wider range of products to consumers. This has led to increased competition in the market and a shift in consumer behavior towards online purchases.

Local special circumstances: Croatia's aging population is a significant factor driving the growth of the OTC Products market. As the population ages, there is a greater need for products that can help manage chronic conditions and improve overall health. This has led to an increased demand for OTC products such as vitamins, supplements, and medications for conditions such as arthritis and cardiovascular health. Additionally, Croatia's strong tourism industry contributes to the growth of the OTC Products market, as tourists often purchase OTC products for minor ailments and travel-related health issues.

Underlying macroeconomic factors: The stable economic growth in Croatia has contributed to the development of the OTC Products market. As disposable incomes increase, consumers have more purchasing power to spend on healthcare products. Furthermore, the government's focus on healthcare and wellness initiatives has also played a role in driving the market. The implementation of policies that promote preventive healthcare and self-care has led to increased awareness and demand for OTC products. In conclusion, the OTC Products market in Croatia is experiencing growth due to changing customer preferences, including a preference for natural remedies and the convenience of purchasing products from pharmacies. The aging population and the strong tourism industry also contribute to the market's development. Additionally, stable economic growth and government initiatives focused on healthcare and wellness have further fueled the growth of 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.