OTC Products - Kuwait

Kuwait

The OTC Products market in Kuwait is forecasted to achieve a revenue of US$516.80m by the year 2024.
It is anticipated that the market will experience a steady annual growth rate of 5.01% from 2024 to 2028, resulting in a market volume of US$628.50m by the end of 2028.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
In terms of per capita revenue, in Kuwait is projected to generate US$118.80 per person in the year 2024.
Kuwait's OTC products market is experiencing a surge in 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 Kuwait has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Kuwait have shown a growing preference for self-medication and over-the-counter (OTC) products. This can be attributed to various factors such as convenience, cost-effectiveness, and the increasing availability of a wide range of OTC products in pharmacies. Customers are increasingly seeking quick relief from common ailments and minor health issues without the need for a doctor's prescription. This trend is not unique to Kuwait and is observed in many countries worldwide.

Trends in the market: The OTC Products (Pharmacies) market in Kuwait is witnessing several trends. Firstly, there has been a significant increase in the demand for vitamins, dietary supplements, and herbal remedies. This can be attributed to the growing awareness of the importance of preventive healthcare and the desire to maintain overall well-being. Additionally, there is a rising demand for skincare and beauty products, as customers are becoming more conscious of their appearance and are willing to invest in self-care. Another trend in the market is the growing popularity of online pharmacies. Customers in Kuwait are increasingly turning to online platforms to purchase OTC products due to the convenience and ease of access. Online pharmacies offer a wide range of products, competitive prices, and home delivery options, which appeal to customers who prefer to shop from the comfort of their homes.

Local special circumstances: Kuwait has a well-developed healthcare system, with a high number of pharmacies spread across the country. The government has implemented stringent regulations to ensure the quality and safety of OTC products, which has instilled confidence among customers. Additionally, the presence of a large expatriate population in Kuwait has contributed to the growth of the OTC Products (Pharmacies) market. Expatriates often rely on OTC products for minor health issues, as they may face language barriers or have limited access to healthcare facilities.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Kuwait can also be attributed to underlying macroeconomic factors. Kuwait has a high per capita income and a strong economy, which has led to increased consumer spending power. As a result, customers are more willing to invest in their health and well-being, driving the demand for OTC products. Furthermore, the government's focus on diversifying the economy and promoting the healthcare sector has created a favorable business environment for pharmacies and OTC product manufacturers. In conclusion, the OTC Products (Pharmacies) market in Kuwait is experiencing growth due to changing customer preferences, including a preference for self-medication and online shopping. The market is also influenced by local special circumstances, such as a well-developed healthcare system and a large expatriate population. Underlying macroeconomic factors, such as high per capita income and government initiatives, are contributing to the market's development.

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.