OTC Products - Ivory Coast

Ivory Coast

In Ivory Coast, the revenue in the OTC Products market is projected to reach US$872.70m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 5.50%, resulting in a market volume of US$1,081.00m by 2028.
When compared globally, it is important to note that China is expected to generate the most revenue, reaching US$74.91bn in 2024.
In terms of per person revenues, in Ivory Coast generates US$29.48 in 2024.
The demand for OTC healthcare products in Ivory Coast is rapidly growing due to increasing consumer awareness and a growing middle class.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Ivory Coast is experiencing significant growth and development. Customer preferences in the OTC Products (Pharmacies) market in Ivory Coast are driven by several factors. Firstly, there is a growing demand for accessible and affordable healthcare products. With limited access to healthcare facilities in many parts of the country, consumers rely heavily on pharmacies to meet their healthcare needs. OTC products provide a convenient and cost-effective solution for common ailments and minor health issues. Secondly, there is a rising awareness of the importance of self-care and preventive healthcare. Consumers are increasingly taking proactive measures to maintain their health and well-being. This includes purchasing OTC products such as vitamins, supplements, and personal care items. The convenience and ease of access offered by pharmacies make them the preferred choice for purchasing these products. Trends in the OTC Products (Pharmacies) market in Ivory Coast reflect the broader global trends in the healthcare industry. One such trend is the increasing popularity of natural and herbal products. Consumers are becoming more conscious of the ingredients in the products they use and are seeking natural alternatives to traditional pharmaceuticals. This has led to a growing demand for herbal remedies and traditional medicines in the OTC market. Another trend in the market is the growing presence of international brands and products. As the economy in Ivory Coast continues to grow, multinational companies are expanding their operations in the country. This has resulted in a wider range of OTC products being available to consumers. International brands are often associated with higher quality and efficacy, which appeals to consumers seeking reliable healthcare solutions. Local special circumstances in Ivory Coast also influence the development of the OTC Products (Pharmacies) market. The country has a relatively young population, with a significant proportion of the population under the age of 25. This demographic trend contributes to the demand for OTC products, as younger consumers are more likely to rely on self-care and preventive healthcare. Additionally, the government of Ivory Coast has implemented policies to promote the development of the healthcare sector. This includes initiatives to improve access to healthcare services and enhance the quality of healthcare products. These policies create a favorable environment for the growth of the OTC Products (Pharmacies) market. Underlying macroeconomic factors also play a role in the development of the OTC Products (Pharmacies) market in Ivory Coast. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income. As consumers have more purchasing power, they are able to afford a wider range of healthcare products, including OTC items. In conclusion, the OTC Products (Pharmacies) market in Ivory Coast is witnessing growth and development driven by customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The demand for accessible and affordable healthcare products, the rising awareness of self-care and preventive healthcare, the popularity of natural and herbal products, the presence of international brands, the young population, government policies, and economic growth all contribute to the positive trajectory 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.