Key regions: South Korea, Japan, Canada, France, United Kingdom
The Sleep Aids (Pharmacies) market in Portugal is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in Portugal are increasingly seeking sleep aids to address their sleep-related issues. The hectic modern lifestyle, high levels of stress, and the prevalence of technology are contributing to sleep disturbances among the population. As a result, there is a growing demand for sleep aids that can help individuals achieve a restful night's sleep.
Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Portugal is the shift towards natural and herbal sleep aids. Customers are becoming more conscious about the ingredients used in sleep aid products and are opting for natural alternatives. This trend is driven by the increasing awareness of the potential side effects of synthetic sleep aids and the desire for a more holistic approach to sleep health. Another trend in the market is the rise of online sales channels. With the increasing popularity of e-commerce, customers are now able to conveniently purchase sleep aids online. This trend has opened up new opportunities for both local and international sleep aid brands to reach a wider customer base in Portugal.
Local special circumstances: Portugal has a high prevalence of sleep disorders, with a significant portion of the population experiencing insomnia and other sleep-related issues. This local special circumstance has created a favorable market for sleep aids, as individuals seek effective solutions to improve their sleep quality. Additionally, the aging population in Portugal is also contributing to the growth of the Sleep Aids (Pharmacies) market. As people age, they are more likely to experience sleep disturbances, leading to an increased demand for sleep aids among the elderly population.
Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Portugal is also influenced by underlying macroeconomic factors. The country's improving economic conditions and rising disposable incomes have allowed consumers to allocate a larger portion of their budget towards health and wellness products, including sleep aids. This trend is expected to continue as the economy further improves and consumers prioritize their overall well-being. Furthermore, the increasing healthcare expenditure in Portugal is also driving the growth of the Sleep Aids (Pharmacies) market. The government's focus on improving healthcare services and the availability of sleep disorder clinics are creating awareness about sleep health and the importance of seeking appropriate treatment, including the use of sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Portugal is experiencing growth due to changing customer preferences towards natural and herbal sleep aids, the rise of online sales channels, the high prevalence of sleep disorders, the aging population, improving economic conditions, and increasing healthcare expenditure. These factors are driving the demand for sleep aids and creating opportunities for both local and international sleep aid brands in the Portuguese market.
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.
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